What is Secure Payment?
Ever paid a deposit for a service and never heard from that supplier again? Sound familiar? Introducing Secure Payments on Versofy.com. Pay for your service in full and we hold the money until you give us the green light to release the funds. If the supplier doesn’t pitch or complete the job, no worries, you will get your money back in full.
How it works:
You will pay the full amount of the invoice upfront, through our secure payment gateway.
The supplier is notified that the money has cleared and they can start work.
We safeguard the funds and all documentation that has been uploaded onto the site until both parties are satisfied that the terms of the transaction have been met and only then do we release the funds to the Seller. The funds are kept secure until the correct goods or service have been delivered from the Seller to the Buyer. It’s that simple!
A typical Example:
John wants a new deck, he is happy with quote received from Just Decks (PTY) Ltd and they come to an agreement on the cost and terms of the installation. John pays the full invoice amount through Versofy. Just Decks get notified and can proceed with the work.
3 Scenarios can happen:
- Just Decks completes the job to John’s satisfaction. John gives us the go ahead to release the funds. John is happy because he has his new deck. Just Decks is happy because they have been paid in full in a timely fashion.
- Just Decks doesn’t start the work. John gets his money back in full. He is happy that he never paid them a deposit.
- Just Decks completes the work, but not to Johns satisfaction. John and Just Decks enter into a dispute and negotiate a solution. If an agreement cannot be met, the dispute will go into arbitration and be adjudicated by an independent arbitrator to resolve the matter quickly and justly.
Benefits to the client:
Guarantee your money, the supplier doesn’t get any payment until you are satisfied with the job.
Benefits to the Supplier:
Guarantee your payment. So long as you perform the work you were contactracted to do, you will receive payment as soon as the work has been complete. No more risk of not being paid, or being paid late.
Who facilitates these payments and disputes?
In order to offer this escrow facility we use a 3rd party service provider TradeSafe (www.tradesafe.co.za). TradeSafe is an authorised Third Party Payment Provider with the Payment Association of South Africa (PASA) with license number SP001191 in terms of SARB Directive 1 of 2007. [Verify their membership here]
Why do you need my bank details?
We need both parties bank details in order to make a trade, reason being so that we can refund the client in the case of a dispute, or pay the supplier for a completed job.
What happens if there is a disagreement between the client and supplier?
If there is a dispute between the two parties, TradeSafe facilitate the negotiations on their platform. For example, if the Plasma you bought has a scratch on it, you can negotiate the price downwards. Conversely, if you bought a boat and you received a motorcycle, you can lodge a dispute and negotiate any possible scenario that will be suitable for yourself.Remember, the funds are still in trust. If you cannot resolve the dispute, parties can choose arbitration whereby an independent arbitrator will adjudicate the matter quickly and justly.
What happens if the job is complete but the client never gives the greenlight to release the funds?
Every trade has an Expected Completion Date (ECD) which is set by the user, the ECD is date which we expect the transaction to be completed. In essence, it is the date where the Buyer is compelled to either accept or reject the goods or services he/she has received from the Seller.
If there is inaction from the Buyer at this date, despite numerous attempts from TradeSafe to establish a rationale from the Buyer for the inaction, TradeSafe may deem this as an acceptance on the Buyer’s part which may authorise TradeSafe to release the funds to the Seller.
Have more questions? Feel free to have a look at the TradeSafe FAQs for a detailed explanation of the ins and outs of the service: https://tradesafe.co.za/page/frequently-asked-questions