Paying strangers for big purchases is difficult.
Do you pay with cash? Most people don’t like walking around with that much money. Do you make a bank transfer? That might take more time and involve more fees than you bargained for.
Pete Janes is the Founder & CEO at Shieldpay, a company specializing in digital escrow accounts that help remove the danger of large transactions with strangers.
A lot of private marketplaces leave buyers and sellers to their own devices, and as a result there is a large fraud rate. As high as 12%! Shieldpay was born when a friend of Pete had his car stolen via a fraudulent purchase back in 2016.
Pete knew this was a large problem that needed to be solved. He also knew it had implications for the real estate world. And that this type of transaction was applicable for international payments as well!
In this episode of Payments Innovation, Pete talks to us about Shieldpay’s method, the vetting process, their advantage over competition, real estate transactions, and the future of his company.