FAQ

Frequently Asked Questions

Frequently asked questions

Frequently asked questions

General Questions

ProtectPay is a trusted third-party service that holds and regulates payment between two parties associated with a given exchange. ProtectPay ensures that the transaction is carried out according to the agreed terms and conditions.

ProtectPay helps make transactions more secure by keeping the payment in a safe & secure vault which is discharged when all terms of understanding between buyer and seller are met as managed by ProtectPay. Transacting parties are notified at all stages of a transaction, thereby eliminating any uncertainty. ProtectPay extensively verifies each payment and ensures peace of mind transactions and in case of disputes, ProtectPay mediates solely based on facts and evidences provided by both parties.

ProtectPay is a trusted third-party that collects, holds and disburses funds when both buyer and seller are satisfied. Transacting on ProtectPay is a five-step process. Buyer & Seller agree to terms. Buyer deposits fund to ProtectPay’s vault. Seller ships product/service to buyer. Buyer receives product/service & approves. Protectpay releases fund to Seller. It’s very simple & it’s that secure.

One-off Transactions

Transactions where entire payment is disbursed from ProtectPay’s vault to the seller once the terms of agreement are met and buyer confirms satisfaction. For eg,

Secure P2P Market Place Payments- Protectpay enables peer-to-peer transactions in total confidence regardless of geography
Secure B2C Payments- Buy or rent services confidently by removing delays and uncertainty with our improved fraud protection
Secure C2B Payments- Sell services/products with our total transparent secure payment solution

Milestone Transactions

Transactions are broken down into different phases. For every phase, different agreements are attached to each payment for each phase and payment for each milestone is disbursed from vault once the terms of each milestone have been met. For eg,

Fully Digital Real Estate Payments- ProtectPay’s unique solution streamlines property transaction process and enables a hassle free real estate experience.
Freelancer- Pay for services to freelancer by removing delays and uncertainty in milestone transactions

Transaction Setup

Either buyer or seller can initiate transactions. In case of buyer, initiate fund transfer to seller and ProtectPay verifies their credentials. And in case of sellers, initiate fund transfer request to buyer and Protectpay verifies their credentials. After transaction is created, both buyer and seller agree on terms. Funds are then transfered to ProtectPay’s vault and are held securely untill buyer confirms satisfaction.

Either buyer or seller can initiate transactions. In case of a buyer, initiate fund transfer to seller and ProtectPay verifies their credentials. And in the case of sellers, initiate fund transfer request to buyer, and Protectpay verifies their credentials. After a transaction is created, both buyer and seller agree on terms. Funds are then transferred to ProtectPay’s vault and are held securely until the buyer confirms.

ProtectPay is a trusted third-party that collects hold and disburses funds when both buyer and seller are satisfied. ProtectPay extensively verifies the credentials of both buyer and seller to ensure that you are not scammed.

Transacting on ProtectPay will take only minutes for a buyer to add money to ProtectPay’s vault. Buyer and seller agree to terms and once the terms are met, the inspection period is open for the buyer to confirm satisfaction or raise a dispute. On confirming satisfaction, funds are instantly transferred from ProtectPay’s vault to the seller. Disbursal/reversal of amount from vault takes time in case of disputes. ProtectPay teams mediate disputes based on facts and evidence provided by both parties.

Payment Process

ProtectPay gives the buyer and seller the right to decide who pays the fees for the transaction. Either buyer/seller can pay 100% of the ProtectPay’s fees or the buyer and seller can select paying fees equally. For the buyer, the fees is included in the total transacting amount to be added to ProtectPay’s vault and for the seller, the fees is deducted when funds are disbursed from the ProtectPay’s vault.

ProtectPay is a trusted third-party that collects hold and disburses funds when both buyer and seller are satisfied. ProtectPay extensively verifies the credentials of the seller to ensure that you are not scammed. Buyer and seller agree to terms while creating transactions. Once the terms are met, on product/service delivery, the inspection period is open for the buyer to confirm satisfaction or raise a dispute. Until buyer satisfaction, funds are held secured in the ProtectPay’s vault.

Do you have any questions

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