Merchant refers to Seller during the Transaction.
Customer refers to Buyer during the Transaction.
User refers to both Seller & Buyer.
Transaction refer to the transaction between User.
Escrow refer to Prepay escrow service.
Inspection period refer to period (24 hours) where buyer need to examine the merchandise/domain(s) after receipt.
At times Prepay transactions (escrow) can have issues, whether it be goods damaged enroute, goods not arrived or the items not being as describe when they arrive. If there is a disagreement when using Prepay service, you’re supported by Prepay customer service who is available to provide dispute resolution. This ensures that both parties can negotiate and effectively resolve their dispute.
In the event of where transaction is not successful or cancelled by any party, Buyer or Depositor will be refunded minus prepay service fee. However, if the transaction going well, no transaction fee imposed to Buyer or Depositor.
The process for the dispute resolution is a formal process, so both buyer and seller receive the support from the neutral escrow agent (Prepay) so that their transaction can be revoked and funds and terms be agreed upon during the dispute process.
- Rejecting the goods / service If a buyer receives the goods and is unhappy with the items which not as described in description(description in shortlink or prepay payment form) within inspection period, they are within their right to return the merchandise by him or herself and request for the funds to be returned. During the resolution process, both parties have 48 hours of arbitrations upon dispute case opened by buyer. After this time, the case is closed and the refund will be made to the buyer after shipment has been successfully shipped back to seller.
- Returning the goods to the seller If goods or services are rejected by the buyer, the fee for the escrow service is non-refundable. When the buyer rejects the item, they agree to promptly return the goods to the seller, and the buyer is liable for all shipping and insurance costs during the return process.
- Seller confirms the goods have been returned once the goods have been shipped and returned by the buyer to the seller, a number of steps need to be confirmed ahead of the funds being released. The seller should acknowledge the receipt of the goods and a receipt of shipment should be received by the escrow service to prove that the goods have been returned.
- Once goods are returned, the payment minus escrow fees are returned to the buyer as the transaction has taken place and an escrow agent has been engaged throughout the process.
While rejecting of shipped goods is not common, this service allows further protection for buyers and sellers in the transaction should goods or services be received and notes as not as per transaction agreement in the description mentioned above.
Fees are set based on the value of the item, and buyers and sellers can purchase and transact with ease. Throughout the process, Prepay.my hold the payment until the goods are approved, adding an extra layer of support and confidence to the buying and selling process.
Recommended way to defend yourself against scammer when using Prepay
- We are highly recommended our users to do a video recording before shipping(Seller) and before receiving the goods(Buyer). We regard video recording as the highest evidence to prove users claim during dispute.
- Pictures are also usefull as well apart from video recording. However, user should not do any editing including crop on the image taken which could compromise the originality of the image.
- Prepay fraud-detection system will be used to arbitrate the evidence against the claim by users.
Prepay.my adds an additional layer of safety to your online transaction so you can buy and sell with 100% confidence. To find out more about how you can be protected by dispute resolution during your escrow transaction, speak with the Prepay team today.