Customers will select to use Trustomer platform by first reviewing both The Reckoning and the Test-time. If they feel the merchant is making a worthwhile offering in both The Reckoning percentage and the Test-time, they can choose to select Trustomer in the checkout as their payment method.
Over and above the direct benefit to the customer, the Trustomer Platform will be collecting data on customers’ payment habits. A customer who habitually pays the minimum Reckoning will be flagged as a poor payer and this data can be valuable.
The normal transaction process using a credit card takes place, but the difference is that not all the money is immediately released to the merchant. A pre-nominated portion, The Reckoning, is held in escrow for the pre-nominated test time.
At the end of the Test-time, the customer is sent an electronic form asking them to decide, based on their experience of the product/service, how much of the Reckoning they choose to release or retain.
Typical Example.
- A merchant offers a chef’s knife for sale on her website. The RRP is $100. The merchant extends a 30% Reckoning and a Test-time period of 14 days.
- The customer accepts the offer and purchases the Trustomer platform. By selecting Trustomer at the checkout, the customer is taken over to the Trustomer website, where the transaction securely takes place (similar to Paypal).
- The merchant receives $70 (less charges) immediately. $30 is channelled into a holding account.
- 12 days after the purchase, the customer is sent an email that contains an electronic form for them to complete.
- The customer is asked how the knife performed based on how it was described.
- In this instance the customer is happy with the knife but feels that it wasn’t as sharp as the website promised so, instead of releasing the full amount of The Reckoning, they release 70% or $21 back to the merchant, retaining $9 for themselves, thus only paying $91 for the knife believing this was its real value.
- The customer writes a review, which will be displayed on the trustomer.com.au website and can also be displayed on the merchant website.