What is a Solid Trust Pay account?

“Solid Trust Pay” is an online payment system. However, the company writes its name as “SolidTrust Pay.” Anyone familiar with PayPal will understand the SolidTrust Pay business model. It offers a method of paying online without giving your credit card or bank details to unknown persons. It is also a method for one person to send money direct to a SolidTrust Pay account holder.

Intermediary

When you send money to a SolidTurst Pay member, you do not send it to their bank account. The receiver may choose to extract the balance of their account into their real-world bank account, but if they do not, they can only spend the money online. SolidTrust Pay acts as an intermediary between members, switching money from one member’s account to another. Members can make “card to card” payments to other members using the system.

External interaction

SolidTrust Pay would not attract customers if they could only get money in and out of their account by interacting with other members of the same system, so SolidTrust Pay has to enable a mechanism for people to send and receive money from external sources. This includes the necessity of building up credit in account by transferring money into it from a bank account. Also, members need to transfer money out of a SolidTrust Pay account into their account. Alternatively, members can transfer money in and out of their SolidTrust Pay account from or onto their debit or credit card.

Non-members

Non-members can feed money into the system without having an account. This enables merchants to process credit and debit card payments through the SolidTrust Pay system even if the payer is not a SolidTrust Pay member. The system also provides a International funds transfer program, although this requires the mediation of an agency for non-members to receive cash.

Accepted payments

You can use SolidTrust Pay for payments in Pounds Sterling, US Dollars, Canadian Dollars, Australian Dollars, New Zealand Dollars or Euros. You cannot pay into SolidTrust Pay with a debit or credit card from Bangladesh, Egypt, Pakistan, the Philippines or Romania. SolidTrust Pay does not allow account to merchants with adult content, dating, gambling, lottery or casino websites. You cannot receive payment for sales of pharmaceuticals, firearms or tobacco within the SolidTrust Pay system.

Payroll functions

SolidTrust Pay offers a method to pay employees by making available a “payroll card.” Rather than transferring money to employees’ bank accounts, their cards are credited with the amount of their wages.

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About the Author

Stephen Byron Cooper began writing professionally in 2010. He holds a Bachelor of Science in computing from the University of Plymouth and a Master of Science in manufacturing systems from Kingston University. A career as a programmer gives him experience in technology. Cooper also has experience in hospitality management with knowledge in tourism.

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