The entire process is smooth and relies on both the Buyer and the Seller proactively managing the transactions through portal prompts. Let’s look at an example:
Amanda from Victoria wants to buy a car from Jeremy in Queensland for $25,000. Having done the pre-purchase inspection, Amanda is keen to proceed, but is worried about losing her money and wants to eliminate the risk of being scammed, so chooses to use iPayd.
- Either Amanda or Jeremy can initiate the transaction on IPayd.com, create the asset and enter $25,000 as the purchase price. (let’s assume that Amanda initiates the transaction).
- Jeremy will get an invite email when Amanda enters his email address into the iPayd platform.
- Jeremy joins iPayd and confirms the purchase price at $25,000. They both agree that the transaction fees will be split evenly.
- Amanda transfers the money into the unique iPayd vault using the account information provided for this specific transactions and Jeremy receives a confirmation that the funds have been received. In most cases this will happen instantly unless Amanda’s bank account is not NPP enabled (New Payments Platform), which means it will take a day or two for funds to clear into our bank account.
- Depending on the arrangements, the transaction will either involve shipping or it won’t. If this is a face-to-face transaction, then Jeremy will handover the car and mark it as “Delivered”, whilst Amanda will have to click “Accept” through the iPayd portal. The money will be instantly released to Jeremy.
- If Amanda has arranged for shipping, then Jeremy will follow Amanda’s instructions and ship the car off, marking it as “Shipped”. Once Amanda receives the car, she will need to mark it as “Received”. This will start the “Inspection Period” during which Amanda will have to either “Accept” the car or “Reject” it. When she clicks “Accept”, the transaction is finalised and the money is released to Jeremy immediately.