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Spendacoin Escrow Service & Buyer Protection
In an effort to make Spendacoin a Safe Market Haven for Buyers and Sellers alike we have put in place an Escrow Service for Buyers and Sellers that may have some as an added protection for the Items that are being sold on it’s platform and deter scams and fraud.
It should be noted that scams, fraud or suspicious behavior from anyone transacting or doing business on Spendacoin will be immediately banned and reported to the respectable legal authorities.
What is Escrow?
Escrow is in essence a trust where a third party gets in involved and sees to it that the two parties engaged in an agreement or transaction both keep to their responsibilities regarding an object or service. The party acting as the Escrow agent will hold an object, document, currency or any combination of those, that must be passed from one party to the other once certain conditions are met. One the parties both execute and complete their parts of the obligations and notify the Escrow agent that they are both satisfied then the Items being held are released.
Here is how Escrow works on Spendacoin.
Once a Buyer and a Seller consummate a deal for an Item either party may request that the transaction be handled through The Spendacoin Escrow Service.
After the price for the Item including any Shipping and Handling fees is agreed upon within 72 hours the Buyer sends the funds directly to Spendacoin to be placed on hold in an Escrow account.
Spendacoin notifies the Seller that the funds have arrived and the Seller then has 72 hours to send the Item to the Buyer. The Seller must notify the Buyer and Spendacoin when the Item has shipped.
Once the Buyer receives the Item, and is completely satisfied, the Buyer notifies both the Seller and Spendacoin and the funds being held in Escrow are released and forwarded to the Seller within 24 hours.
Refunds or Credits
In the event an Item is received that is not what it was described to be, non-working, damaged or otherwise the Buyer has the right to claim an adjustment or refund within the allotted amount of time that the Seller declares in his or her description which is usually 72 hours after the Item is received. At that point Spendacoin will continue to hold the funds in Escrow until a resolution is reached between the two parties.
In the event a credit must be issued to the Buyer then that amount of the funds that are agreed upon will be returned to the Buyer and the remaining balance will be forwarded to the Seller.
In the event of a total refund the funds remain in Escrow and Buyer must make arrangements to return the Item to the Seller. Once the Seller receives the returned Item the funds are returned to the Buyer.
Escrow Handling Fees
In order to use The Spendacoin Escrow Service a Handling Fee of 1% of the selling price (excluding any Shipping and Handling costs will be added to the cost of the Item(s) being purchased. This Fee will automatically be borne by the party that initiates the request for the Escrow Service or may be mutually agreed upon between both parties to share the expense or pass the obligation to the other party. In the event that the Seller bears the Escrow Fees then that amount is deducted from the funds that are being held in Escrow. In the Event the Buyer bears the Fees of the Escrow Service that amount must be added to the purchase price of the Item(s) only and forwarded to Spendacoin along with any Shipping and Handling costs if there are any.
Escrow Handling Fees are non-refundable.
Choice of Currency
The pricing on Spendacoin is all based on the US Dollar. Purchases can be made with a number of Cryptocurrencies or US Dollars. The currency to use for a transaction to purchase an Item should be agreed upon between both parties before the sale is finalized. In the event one party would like to change form of currency it would like to use for the payment it must be agreed upon with the second party or the original currency agreed upon must be used. Once the currency being used is agreed upon and the funds are sent to The Spendacoin Escrow Service they cannot be converted to anyother currency. It must remain in its original form beginning to end.
Disputes & Legal
Spendacoin will act as an arbitrator between the two parties should a dispute arise. Spendacoins responsibility will be to act solely as a neutral party and serve to find a reasonable solution for both parties that is acceptable. Spendacoin cannot legally intervene in disputes. Any legal actions that may arise must be dealt with directly between the two parties involved. Should a legal matter arise Spendacoin will make available documents, information and/or correspondence related to a dispute to the proper authorities upon written request.
If you have any questions regarding The Spendacoin Escrow Service or our Buyer Protection Policies please contact us