FAQ
Frequently asked questions
How Veraloop by Agave Networks protects the money, checks the material and charges for a completed deal.
Money and protection
Who holds the money?
A licensed escrow partner holds the buyer's money. Veraloop never holds it. It is released in stages, only when each step is confirmed.
When does the supplier get paid?
In stages, as each step is confirmed: on recorded loading, on shipping documents and on delivery. The exact stages are set in your contract.
What if the supplier never ships?
If the supplier misses the contracted dates, any money still held goes back to the buyer.
Material and grading
What if the grade is wrong?
Every grade is checked against the contract before money is released. If there is a dispute after delivery, it is handled under the dispute terms in your contract.
How accurate is the AI grading?
Over 99% accurate in testing for metal type. Grades steel scrap with 93% accuracy. Estimates contamination within about 4 percentage points. Results from testing. Accuracy varies with conditions; every grade is checked against the contract.
Using Veraloop
What do I need as a supplier?
A phone, a 4G camera at loading (we help you set it up) and export-grade material ready to ship.
Which materials and markets do you cover?
Steel scrap first, such as HMS 1&2. UK yards selling to buyers in India and other markets. More materials and routes follow.
Is Veraloop live now?
Early access is open. Your first deal is run with our team. Tell us about your trade and we contact you within 2 working days.
Fees
What does it cost?
Early access is free. When you trade, Veraloop charges a small fee per completed deal. We will confirm the exact fee before you sign any contract. No hidden charges.
Company
Who is behind Veraloop?
Veraloop is a product of Agave Networks Limited, a UK company backed by Innovate UK. Our team has traded scrap metal between the UK and India and builds the verification technology in-house.