Locatory.com, part of Avia Solutions Group and an aviation IT company primarily acting as an aircraft parts locator has 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.
Secure payments are ensured by Escrow.com which was integrated with Locatory.com’s platform in the beginning of April, marking a new start of reduced risk payments online. Escrow.com declares that it has already safely processed over US$3 billion in transactions.
“Locatory.com’s partnership with Escrow.com provides secure online transactions, without chargebacks for Locatory.com’s users”, said 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,” claimed Dainius Meilunas, CEO of Locatory.com.
The five-step procurement process includes the 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.