PayProff Launches Escrow Services amid Gaining Danish Payments License

PayProff announced on Tuesday that the company received a payments license from the Danish FSA, Finanstilsynet, last June and is launching its escrow services across the country.

The platform was created in 2019 by AUTOproff, a Danish used car trading platform, for its own needs of payment options. However, escrow services turned out to be in demand for industries across Europe, which is fairly a new practice in the continent.

“PayProff’s mission is to create trust between two parties and to increase the security of transfers for various items and services,” said PayProff’s CEO, Constantin Jørgensen.

With the launch, the services of the company are now available to individuals and companies in Denmark.

Securing Online Trade

Escrow services provide payment security during an online transaction. It acts as a third-party platform and receives the payment in advance from the buyer before the delivery of the product or service by the seller. It then releases the payment to the seller, thus providing protection against online fraud.

“We help buyers and sellers avoid conflicts caused by the fear of being scammed and bring safe exchanges into e-commerce,” Jørgensen added.

“With PayProff, the buyer and seller no longer have to worry about whether the money or the item should be sent first or whether they will receive the item or the money at all.”

PayProff has partnered with Luxembourg-headquartered Banking Circle, a B2B banking service provider for the safekeeping of funds.

“Buyers no longer have to worry about whether they will get their money back if the company they are working with goes bankrupt or if the item they have bought is faulty, and sellers no longer have to worry about getting paid for their item or their service,” the official press release added.