Locatory.com, an aviation IT company primarily acting as an aircraft parts locator, launched secure online payments for its spare aircraft parts trading platform. The new service allows all members of Locatory.com’s aircraft parts marketplace not only to search, but also to order, pay and ship aircraft parts – everything in one place. Secure payments are ensured by Escrow.com.
Escrow.com was integrated with Locatory.com’s platform in the beginning of April, which marked a new start of reduced risk payments online. The company is known as the leading provider of secure online payments and online transactions management, it has already safely processed over US$3 billion in transactions.
“If you have anything of value to sell or purchase online, like aircraft spare parts, you would want to make sure the transaction will absolutely go through. Locatory.com's partnership with Escrow.com provides secure online transactions, without chargebacks for Locatory.com's users”, says Matt Barrie, CEO of Escrow.com.
“With growing demand as well as supply for various aircraft parts, buyers and sellers deal with highly varying prices and purchase conditions, which frequently create uncertainty, in turn leading to fear and sometimes even withdrawal of the deal. As partnering with new and unknown companies is unavoidable in this fast-paced industry, support customers by providing clear rules, procedures and guarantees is crucial,” claims Dainius Meilunas, CEO of Locatory.com.
With a 5-step procurement process by Escrow.com, provision of payment guarantee is now available to Locatory.com’s clientele. These steps include buyer’s and seller’s agreement on terms of transaction (price, shipping information, etc.), submission of the payment and its verification, shipment of the aircraft part, thereafter, its acceptance or rejection. The final step - payment transfer – proceeds only if buyer accepts the spare part, thus, payment security is maximized.
“Losing a spare part because the buyer didn’t pay, or paying for the spare part, which is never delivered, unfortunately, happens in some cases. This makes both, suppliers and buyers, dissatisfied and most importantly, unwilling to take risks next time. That is why we have chosen to support our clients with secure payment transactions. We want our community to feel safe and warranted about their deals on the marketplace. Escrow.com is one of the leading providers of such services, including automated transaction solutions system that can be easily integrated with our online marketplace,” adds Dainius.
Locatory.com is a part of Avia Solutions Group family – an international, publicly traded aviation holding company with over 20 subsidiaries worldwide.