FAQ

A: Sellers pay a 15% final value commission fee on completed transactions.

A: Yes. Sellers are charged $10 per active listing. This fee may be waived at certain times for promotional purposes.

A: Buyers pay a 4.4% TrustAp secure transaction fee.

A: No. All platform and escrow fees are clearly disclosed between our Terms of Service, FAQ page, Listing pages, and Checkout page.

A: Petro-Exchange utilizes TrustAp to securely hold buyer funds until the transaction is completed in accordance with the established transaction timeline. 

A: Funds are released after buyer inspection approval or automatically after 26 days if no dispute is filed. 

A: Yes. If the item is delivered, inspected, no compaints are raised, and the buyer marks the transaction as complete, funds may be released prior to Day 26. 

A: Escrow reduces fraud risk, chargebacks, and payment exposure for both buyers and sellers, particularly in high-value B2B transactions. 

A: Disputes are handled through TrustAp’s resolution process. 

A: Shipping arrangements are coordinated directly between buyer and seller. Sellers may specify shipping terms, pickup requirements, or freight details within their listing. Petro-Exchange does not arrange, manage, or insure shipments. 

A: No. Buyers and sellers may use third-party freight providers of their choice.  

A: FOB Shipping Point means that once the goods are loaded onto the carrier at the seller’s location, responsibility and risk transfer from the seller to the buyer. At that point, the buyer assumes liability for the goods during transit and is generally responsible for freight costs, insurance, and any loss or damage that occurs after pickup.   

A: FOB Destination means the seller retains responsibility and risk for the goods until they are delivered to the buyer’s specified location. The seller remains liable for the goods during transit, and the buyer assumes responsibility only after delivery is complete. Depending on the agreed terms, freight costs may be included or charged back to the buyer. 

A: Freight cost responsibility depends on the specific terms agreed between buyer and seller. Under FOB Shipping Point, buyers typically assume freight costs once goods leave the seller’s location. Under FOB Destination, sellers may cover freight costs or include them in the pricing. Regardless of cost handling, the FOB designation determines when liability and risk transfer.  

Shipping Terms Disclaimer: 

FOB designations and freight terms are determined solely by the buyer and seller. Petro-Exchange does not provide shipping, freight, or logistics advice and is not responsible for errors, misunderstandings, or disputes arising from the selection of shipping terms. Users are responsible for ensuring that all freight designations accurately reflect their intended allocation of cost and risk. 

A: Freight terms, including FOB designation, must be clearly specified within the listing or agreed upon between buyer and seller prior to shipment.   

A:

• Buyer payment timing: Immediate for standard checkout purchases; up to 5 days to remit payment for accepted offers or negotiated transactions.
• Seller delivery or buyer pickup window: Seller must ensure delivery within 14 days after payment is secured, or the buyer must complete pickup within 14 days for buyer pickup transactions.
• Buyer inspection window: Buyer has 7 days to inspect the item once it arrives at the buyer’s designated destination.
• Seller payout window: Funds are released after buyer approval or automatically once the 7-day inspection period expires if no complaints have been raised. Sellers are required to set up a Trustap account in order to receive payment. 

A: Yes. Petro-Exchange is designed to provide a controlled secondary channel for excess inventory and petroleum-related business assets.

A: Yes. Petro-Exchange reserves the right to remove any listing that does not align with platform standards or applicable policies. 

A: No. Petro-Exchange is a marketplace platform and does not take possession of, inspect, or guarantee listed items. All items are sold directly between buyer and seller, and responsibility for condition, representation, and accuracy rests with the seller. 

A: The platform is currently limited to U.S.-based businesses and users. 

A: Yes. Sellers must create a TrustAp account in order to receive escrow payments. Instructions are provided during onboarding and sellers are directed during the transaction timeline via the Petro-Exchange dashboard and related e-mails. 

A: Click “Register” in the top right corner of the website and complete the account setup process.

A:

• Escrow-backed transactions
• Defined inspection periods 
• Identity verification through TrustAp
• Structured transaction timelines 

A: Petro-Exchange utilizes Avalara to support sales tax compliance, including verification of applicable tax exemption certificates. Petro-Exchange currently collects and remits sales tax in Iowa only. Sales tax obligations in additional jurisdictions will be evaluated and implemented if and when tax nexus is established, consistent with applicable law. 

Disclaimer: Tax laws vary by jurisdiction and may change over time. While Petro-Exchange utilizes Avalara to support sales tax compliance where required, each user remains solely responsible for determining and fulfilling their individual tax obligations. Petro-Exchange does not provide tax, legal, or accounting advice. 

 

A: Select your item and complete the checkout process. 

A: Buyers may submit offers on Fixed Price items if the seller has enabled the “Make Offer” feature. Sellers may accept, reject, or counter any offer received.