A young entrepreneur, Mohammed Mansoor started his career at the age of 14 when he was working in his uncle’s retail store. Mohammed has successfully executed several small business plans that helped him with saving some money and sustaining himself. At the end of 2018, he decided to buy a new car with the money he has saved and he gathered close to $15.000.
However, he did not know that he ran into people that are con-artists, who in fact, scammed him and sold him a stolen car. Later on, Mohammed discovered that these scammers pulled off scams on a lot of people before ultimately vanishing. This unfortunate experience opened his eyes and Mohammed did not waste any more time. Right away, he started researching about various scams in various industries.
After finding out what professional scammers can do to people, Mohammed decided to try and put an end to these kinds of scams and he decided to create an application that will allow people to pay with escrow payments for in-person and online transactions. A couple of weeks later, he joined a team of professional developers after talking with them about his idea of creating a DepositApp.
What is DepositApp?
DepositApp is a smartphone application that allows escrow payment service in order to reduce the risks of fraudulent transactions. The aim of this application is to protect the person making any form of payment, whether it is a service, a physical product, or an online purchase. The goal is to make a safe community where there will be no need for people to be scared or skeptical about making online purchases. If you are willing to support this interesting and useful project, you can visit Kickstarter.
How to use the application
You will be able to make transactions if the user and other individuals:
- Download the application to their smartphone
- Agree on the same terms
- Provide proof of any agreement violation
With this app, you can make almost any type of payment, including real estate, service, vehicle purchases, online transactions, loan and down payments, as well as deposit payments.
DepositApp versus PayPal
Compared to PayPal’s service, the DepositApp also offers:
- Escrow options
- In-person and online transaction, while PayPal only offer online transactions
- Users can make their own terms of payment
For an application like this, one of the biggest challenges is to build trust and reach more people. The creator of this application envisioned that this app is commonly used in various ways and the real challenge is to educate people about the use of the application and how it can influence and change our lives. Once that is achieved, the application will move to the next phase which is credibility. Of course, it takes a lot of marketing efforts and time for any peer-to-peer payment company in order to build trust with the users. Hence, the creators of this application want to help people make safe transactions.