If you work in marketing, merchandise is typically defined as products that can be purchased or sold for use in the home, personal, commercial, or wholesale markets. If you’re in the business of selling Clothes or apparel, home products, or any other type of merchandise, you can order huge quantities from worldwide wholesalers and suppliers. Purchasing and transactions in this scenario necessitate the use of an escrow agent to assure the transaction’s security. Buying items online can be stressful and costly, so making sure you’re protected during the transaction process is crucial not only for your business, but also for your peace of mind as a supplier.
What is an escrow?
Escrow is a legal concept describing a financial instrument whereby an asset or escrow money is held by a third party on behalf of two other parties that are in the process of completing a transaction.
With an escrow payment, the Seller will only receive the funds when the Buyer has received and accepted the products and/or services that are part of the transaction. However, the Seller knows they will receive payment because Pact Pay is holding the funds on their behalf.
What is Pact Pay?
Pact Pay is a mobile escrow service that serves as a middle man in online transactions. Pact Pay holds funds in transactions until all conditions have been meet! Pact Pay can assist you in making secure online purchases and sales of a wide range of goods and services. When dealing with unknown parties, pact pay provides invaluable peace of mind.
When to use an escrow service?
When doing business online! Regardless of how expensive the transaction is, you should always use an escrow to ensure your safety. So, if you want to pre-order a pair of sneakers from an Instagram vendor for your birthday, you should use an escrow service! Use an escrow if you need to hire a freelancer to build a website worth $500k (investor!) to ensure you get your money’s worth!
With Pact Pay, when purchasing goods from around the world, buyers can be confident that their purchases will be received and inspected before money is released. There are no more payment or shipping concerns, and purchasers can be confident that they are getting the same level of protection as if they were buying in person.
How does Pact Pay work?
The escrow process is simple and allows parties from both ends of the sale to enjoy a smooth and stress-free experience while the transaction is taking place.
- Buyer and seller agree to terms . The buyer / client initiates a transaction. After creating an account on the Pact Pay app, all parties agree to the terms of the transaction.
- Arrange a contract using Escrow that includes all of the terms and conditions.
- All of the disclosures (relevant information) must be approved.
- The merchandise / service is delivered to the buyer.
- The buyer receives the goods.
- The customer inspects the goods.
- Payment is released once all goods have been confirmed, and all parties have completed the transaction process. (If something goes wrong open a dispute! — We will show you how to do this in a sec)
Service Charge
When you sign up for Pact, there is no service charge on your transactions for your first month on the platform. Subsequently, our service charge is as little as 2%
Creating and Managing Disputes
If you have a problem whilst using our platform, you can create a dispute. Creating a dispute will pause all transactions that are ongoing until the dispute has been resolved. This means money won’t be released until the resolution of the dispute.
When the Buyer returns the goods to the Seller and the Seller rejects the returned goods, a dispute arises. Or when a client refuses to accept a job or is dissatisfied with the work, and the Freelancer believes the client has violated their initial agreement. It is not considered a dispute if the Buyer returns the goods and the Seller accepts the returned goods. The dispute process begins the day one of the transacting parties declares an ongoing transaction to be a dispute. When the transaction and grace period are over, it is not possible to create a dispute.
To create a dispute;
- Go to the transaction history tab and select an ongoing transaction.
- Click on it and then click on the button to create a dispute.
- Automatically, the system freezes the transaction and notifies both parties.
- This gets to us immediately and a customer rep reviews the condition and emails both parties on the next steps to take.
Side Benefits of using Pact Pay
Apart from keeping you safe online, we also want to make it simple for you to conduct transactions at the speed of light! So we created Pact Wallets! Pact Wallet allows you to send and receive payments for goods and services in style and at lightning speed. Payments from escrow transactions are released into users’ Pact wallets, and users can send funds for free to other Pact users or to their associated payout accounts!
Using a licensed escrow service facilitated by a trusted third party for your merchandise sale allows you to transact in a secure and safe manner. During the movement of items from seller to buyer, Escrow acts as a neutral third party, guaranteeing that both parties are safeguarded at all times. Pact Pay is a Symfonia Technologies product that is currently in private beta. To gain early access to the application, visit pactpay.co!
