Get Rid of Payment Risks
Sell Products and Services by Safe Escrow
When to Use Escrow?
Get paid by Escrow to Get Rid of Payment Risks
Selling to a New Customer
Selling "Made to Order" Products
Expanding to New Markets
Letter of Credit Issues
How Escrow Works
Our online Escrow service is safe, easy to use, and fast
Seller Creates the Escrow Contract Online
Buyer and Seller negotiate the contract offline. Seller initiates the Escrow contract online
Buyer Pays into Trustshare Escrow
Buyer reviews the contract and transfer the funds to Trustshare Escrow
Seller Delivers and Requests Payment
As funds are deposited in Escrow, Seller can ship and request release of funds
Buyer Releases Funds or Disputes Delivery
Buyer releases the funds from Escrow to Seller or disputes the delivery
Escrow's Benefits
Seller
- Payment guaranteed for successul deliveries
- Buyer's funds are locked into a safe Escrow*
- Buyer cannot withdraw funds from Escrow
- Can test new buyers and channels safely
- Disputes are solved in a predefined, fair, way
Buyer
- Pays Seller for successful deliveries only
- Funds deposited at reputable Banks*
- Escrow funds reserved for the contract**
- Can test new suppliers safely
- Can dispute unsuccessful deliveries
* Central Bank of Lithuania (EUR) • Community Federal Savings Bank USA (USD) • Barclay's UK (GBP) ** Funds in Escrow cannot be accessed neither by Projectmaterials or Trustshare. Funds can be either transferred to Seller or refunded to Buyer
Pricing?
1% Flat Fee !
Paid by Seller at Payout · No other fees apply
Who are We?
An innovative, yet experienced, Swiss player in the project materials industry
Projectmaterials is the brand name of Envestis SA, a company located in Lugano Switzerland (Swiss Trade Registry number CHE-339.253.743).
The company has been active in the trading of materials for projects since 2010, via its operational subsidiaries.
In 2014, we decided to launch a knowledge base for piping products which is now the world’s most visited website in the industry. Our initiative has been incubated by the Start-up Incubator of the University of Lugano since 2016.
We have launched an online Escrow service – in cooperation with a trusted and globally licensed provider of fintech services (Trustshare) to minimize the frictions existing between Buyers and Sellers operating in the industry, SME especially.
Project incubated by Università della Svizzera Italiana (USI)
Who is Trustshare?
An UK Fintech company revolutionizing global B2B payments
Trustshare Limited is a company registered in England and Wales (No. 12650826) at 71-75 Shelton Street, London, United Kingdom, WC2H 9JQ.
Trustshare Limited (Firm reference number 902866) is an agent of PayrNet Ltd which is an Electronic Money Institution authorised by the FCA under the Electronic Money Regulations 2011 (EMR’s) with Firm Reference Number 900594.
Trustshare UAB is a subsidiary of Trustshare Limited registered in Lithuania (No. 305668309) at Zalgirio g. 90-100, Vilnius, Lithuania, LT-09303 and registered as an agent with the Central Bank of Lithuania with authorisation code LB001994.
For Products, Equipment, and Services
You can use Escrow to sell products, equipment, and services
Products
Equipment
Services
Products
Pipes
VALVES
FITTINGS
FLANGES
GASKETS
STRUCTURAL STEEL
INSTRUMENTS
Equipment
PRESSURE VESSELS
INDUSTRIAL Boilers
SKID MOUNTED SYSTEMS
Control SYSTEMS
PUMPS
MOTORS
COMPRESSORS
Services
ENGINEERING
MANUFACTURING
MACHINING
FABRICATION
INSPECTION
R&D DEVELOPMENT
CONTRACTING
Frequently Asked Questions
Seller
We charge a 1% flat fee on Seller. The fee is calculated on the total contract value (example: if the contract is worth 10.000 EUR, the total Projectmaterials’ s fee is 100 EUR). Fees are deducted at payout.
No other costs are charged to Sellers, and Buyers.
As a Seller delivers the contract, the Buyer has 15 days to decide whether to release the funds in Escrow or to dispute the delivery.
If Buyer decides to release the funds, Seller receives the payment within 24 hours. We do not hold payments after releases by Buyers.
Yes, Buyer can dispute the delivery if they believe the Seller has not fulfilled their obligations stated in the contract. Disputes are raised online and shall be documented with evidences and proofs.
The dispute is solved by the Arbitrator agreed between the parties in the contract, which can be one of these 3 entities:
- Projectmaterials (marketplace)
- A Third Party inspector (like SGS, Lloyds’, Cotecna) to be nominated by Projectmaterials
- A trusted third party nominated by the parties in the contract
The Arbitrator decides on the dispute quickly, fairly, and in a binding manner. The decision can be:
- Funds paid back to Buyer
- Funds transferred to Seller (in case the Arbitrator decides that the Seller has delivered the contract according to the terms)
- Funds partly refunded to Buyer and partly paid to Seller
Disputes are cleared within 30 days with a binding decision. If a party is not satisfied with the resolution, they can always initiate an independent legal action.
When a Seller creates an Escrow contract online, the exact scope of delivery and all the ancillary terms shall be specified. We have implemented a detailed contract form to help Buyers and Sellers specify all terms and agreements and minimize “grey areas”.
Buyers can dispute a delivery if any of the terms stated in the contract has not been respected by the Seller (example quantity, quality of the goods, insufficient documentation, improper certification, etc).
It is therefore critical that contracts are clearly written and complete with all relevant information. The contract is the only basis for the Arbitrator to decide upon possible disputes.
Disputes are solved within 30 days. Longer times may occur in case a TPI Inspector has to intervene to ascertain the evidences. In any case, it is our goal to help parties come to a fair, quick and proper resolution of any dispute that may arise.
The latest shipment date in the contract is critical. If a Seller fails to respect the latest shipping date, Buyer is entitled to open a dispute and be eligible for a refund. In any case, Buyer and Seller can agree about a postponement of the latest delivery date offline. As a Seller, make sure that any agreement with the Buyer that amends the contract is well documented.
When a contract states that disputes will be solved by a Third Party Inspector, Projectmaterials will hire an available agency (SGS, Lloyd’s, Cotecna, and similar) on behalf of the parties. Projectmaterials will charge the cost of the TPI to the party that looses the dispute.
Sellers must undergo Trustshare’s KYB (Know your Businesses) and AML (anti-money laundering) checks before receiving any payment. KYC and AML checks are mandatory to ensure the service is not misused for illicit activities. Such checks are executed online and take less than 10 minutes.
As a general rule, all contracts on Projectmaterials are subject to the Terms and Conditions of the International Chamber of Commerce – latest edition. Buyer and Sellers can agree on other terms, and shall make explicit reference to the applicable terms in such a case.
Yes, of course! You can contact us at any time using the online chat you see at the bottom right of your screen. Otherwise you can always send an email to [email protected] or call us directly.
Buyer
Our service is totally free for Buyers.
To start a new contract, the Buyer has to make a transfer to a bank account held at one of Trustshare’s Partner Banks.
The specific Beneficiary Bank depends on the currency of the contract:
- EUR: The Central Bank of Lithuania (a state owned bank)
- GBP: Barclays Bank (a private international bank)
- USD: Community Federal Savings Bank (a private US Bank)
The beneficiary of the accounts is always Trustshare Limited (not Projectmaterials, not the Seller or any other third party).
We can provide lawful Escrow service via our Partner Trustshare Limited. Trustshare is authorized to execute Escrow transactions and payment services in 184 countries.
Trustshare Limited is a company registered in England and Wales (No. 12650826) at 71-75 Shelton Street, London, United Kingdom, WC2H 9JQ. Trustshare Limited (Firm reference number 902866) is an agent of PayrNet Ltd which is an Electronic Money Institution authorised by the FCA under the Electronic Money Regulations 2011 (EMR’s) with Firm Reference Number 900594. Trustshare is a registered eMoney provider as an EMD agent of Payrnet LTD, their FCA register number is 902866.
Trustshare UAB is our subsidiary registered in Lithuania (No. 305668309) at Zalgirio g. 90-100, Vilnius, Lithuania, LT-09303 and registered as an agent with the Central Bank of Lithuania with authorisation code LB001994
Buyer’s funds are deposited in ring-fenced and insolvency-proof bank accounts managed by the Trustshare’s Partner Banks.
Projectmaterials never receives Buyer’s funds on its own accounts, nor can dispose of Buyer’s funds (except when solving disputes as Arbitrator named by the parties).
Funds in Escrow accounts can be either transferred to the Seller (when Buyers “Release Funds” for completed/accepted deliveries) or refunded back to Buyers (in case of disputes ruled in favor of Buyers).
Funds for contracts in EUR are deposited at the Central Bank of Lithuania, which is backed by the Lithuanian State and the European Union.
Funds for contracts in GBP and USD are deposited at Barclays and CFSB USA respectively, which are private banks subject to regulation and control in their jurisdictions but not-risk free as any bank in the world. In any case, deposits at private banks are covered by state-managed insurance programs.
No, Buyers do not receive interests on the funds deposited in Escrow. At the same time, Buyers are not charged any cost for opening or closing accounts.
Buyers that receive non-compliant deliveries can raise a dispute on Projectmaterials. The dispute is solved by the Arbitrator agreed between the parties in the contract, which can be one of these 3 entities:
- Projectmaterials (marketplace)
- A Third Party inspector (like SGS, Lloyds’, Cotecna) to be nominated by Projectmaterials
- A trusted third party nominated by the parties in the contract
The Arbitrator decides on the dispute quickly, fairly, and in a binding manner. The decision can be:
- Funds paid back to Buyer
- Funds transferred to Seller (in case the Arbitrator decides that the Seller has delivered the contract according to the terms)
- Funds partly refunded to Buyer and partly paid to Seller
Disputes are cleared within 30 days with a binding decision. If a party is not satisfied with the resolution, they can always initiate an independent legal action.
A Buyer can open a dispute if the Seller has not fulfilled the contract terms in total or partly. Disputes are raised online on Projectmaterials; Buyer has to provide evidences that will be examined by the Arbitrator to settle the issue.
Disputes are solved within 30 days. Longer times may occur in case a TPI Inspector has to intervene to ascertain the evidences. In any case, it is our goal to help parties come to a fair, quick and proper resolution of any dispute that may arise.
When a contract states that disputes will be solved by a Third Party Inspector, Projectmaterials will hire an available agency (SGS, Lloyd’s, Cotecna, and similar) on behalf of the parties. Projectmaterials will charge the cost of the TPI to the party that looses the dispute.