Review Time
This is a little known gem of a service.I used its escrow service to secure my payment in a transaction, and I am glad I did.As a buyer, for a tiny fee I can ensure I get the goods or service i was promised or my money back.Have also used it for selling, where for a tiny fee to guarantee I get paid 100%.
I've used Transpact as an escrow service for domain name sales for 5+ years and always found them to be superb. The support is quick and responsive.They like to dot every "i" and cross every "t" and are sticklers for detail in terms of paperwork - but this is for everyone's benefit.The fees are very reasonable. The website's a bit clunky but it's the service that counts.
My experience with Transpact was entirely positive and I recommend them to anyone looking for an efficient and properly vetted escrow service.I was initially nervous about putting my trust into an online escrow service that I had heard little about, but my concerns were allayed once I discussed my requirements with the team. I had Transpact's rules explained to me clearly and all my questions were answered in full and with plenty of patience. I can only imagine that the less positive comments here are from people that do not understand Transpact's legal requirement to carry out due diligence on transactions and abide by UK anti-money laundering legislation. I would be worried about using an escrow service without this level of rigour!
Our small extension was close to our neighbour's house, so we had to have a mandatory third-party wall agreement with them.Their surveyor tried to get us to use their escrow agent - costing over a hundred pounds !Transpact.com offered the same service for £2.99 !And unlike the rip-off service (who were unregulated), Transpact.com are FCA authorised.Don't fall for rip-off surveyor escrow services.
The design and user experience of the website need a bit of a refresh, but the service and team are absolutely brilliant!The whole process is maybe a little bit slower than other escrow providers but that due to the authentication via your bank account, which I would argue makes it more secure while delaying things slightly.Did I mention the incredibly low and fixed fee!? What a breath of fresh air for the domain industry where providers charge 10-20% sometimes.I would highly recommend Transpact!
I was approached by fraudsters, looking to sell me an investment.They seemed so genuine and so reliable.I insisted that I make payment through an escrow service, and nominated Transpact.com.That was the last I saw or heard from the fraudsters.I might well have lost a lot of money if I had not taken this step.Be really careful - the scammers are so persuasive.
RESPONSE TO TRANSPACT:I do appreciate the apology and acknowledgement of Transpact's failure in this case. That being said, regarding your statement claiming that my review statements were "incorrect and defamatory", I'm sorry but I fully disagree and am happy to provide additional context for my statements. RE: Customer support runaround1. You claim in your reply that you all kept me "informed repeatedly", however that is inaccurate as I was the one constantly reaching out to Colin for status updates, and when I didn't, I would hear nothing back. There was no proactive followup with me from Transpact's end. 2. Maybe it was a lack of attention to the details from Colin to my answers, but he would re-ask the same questions over and over to me (e.g. did I provide the correct payment information, stating anti-fraud hold or an anti-money laundering hold as the potential issue even though I mentioned that I had already talked to my bank and they confirmed it was not the case from their end)3. There just was a general lack of transparency - You all could have included me on CC directly on the communications with your bank as I had requested, rather than the shell game back and forth communication where we lose a day each way due to timezones.Looking at the facts, it sure seems like a runaround:1. The initial transfer was supposed to have completed on 1/25/2021, but didn't complete until 2/5/2021 and only after much follow-up from my end. 2. Throughout all of that, Colin kept asking the same questions despite my explicit answers, and seemed to just be doing finger pointing at me despite the issue being on your / HSBC's end, and denying my requests to just hop on a call or joint email together with the bank.3. The issue of the extra fee mistakenly taken out from my payment was raised on 2/5/2021, and has yet to be resolved despite multiple follow-ups from my side and same frustrating behavior of asking the same questions again and just saying the same excuse that this has never happened before.4. According to you all, it was supposed to be resolved in a "few days" on 3/2/2021, yet that didn't happen and there were no follow-ups from your end.5. Ultimately, it's resorted to me having to follow up numerous times again with Colin since the issue seemed to have been forgotten and there were no updates without my proactive reach out. 6. Finally got the reimbursement for the missing $25 on 5/13/21 (~4 months late). No accounting for my wasted time and effort, or accrued interest during that time.RE: "they will take it extra fees that are not disclosed clearly" - Let me clarify that statement:1. It was confusing to have an option in the contract for designating who was paying the fees, when in fact that person wasn't actually paying ALL of the additional fees (e.g. large payment fees which were technically disclosed on the Additional Charges subpage, but not clear in Fee Calculator price that they would be deducted from the payee side regardless of whether you set the payer to pay all fees).2. The additional fees were not explicitly listed on the contract summary page.3. For the verification payment that is initially required (even for the receiver), revise your email to state that it's non-refundable. The automated email states "Some banks will not allow payments below $1.00. If this is true in your case, please instead pay us $1.01, and we will repay the excess to you after receipt." That is false as I never got repayment.RE: "Don't trust them" - None of the above reflects a trustworthy or high quality service company in my mind. A trustworthy company that puts the customer first would:1. Try to make some effort to make things right from their side other than just blaming it on HSBC and no additional compensation for the wasted time and effort on my behalf as well. In theory, there even should even have been accrued interest for the held / delayed funds which I doubt I'll see any of.2. Promptly taking responsibility and resolving the issue initially without subjecting the customer to the run around (e.g. transfer via other route as my SWIFT transfer to you all for the initial verification conveniently went through without any issues)3. Be transparent - For instance, for the payment email and webpage, it'd be good to show the actual real-time status or at least explicitly mention that it may take a couple days to show up rather than making it seem like the payment transfer was truly completed.Unfortunately, this whole experience has been utterly frustrating, disappointing, and unprofessional. ----------ORIGINAL REVIEW: Such an awful experience. Don't trust them, they will take it extra fees that are not disclosed clearly and still get it wrong! Customer support just gives you the ring around after.
First time I have posted on Trustpilot.Please forgive me if I get this wrong.But I just wanted to thank Transpact.com for the wonderful service they gave me.The people at Transpact really care about their customers, and work to ensure they are safe in their transactions.In my case, they went out of their way to encourage me to ensure that the escrow conditions I set and agreed were properly suitable for my case - and it is that that saved me.Thanks you Transpact.
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