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Safefunds is easy and intuitive to
use, absolutely free to buyers and inexpensive to sellers. All members can be
either buyers or sellers and either can start the transaction.
The transaction is originated by either being entered from scratch or by being copied
in from a prototype transaction. The prototypes are time savers for repetitive
and similar transactions. The exact details of the offer are included. When
complete an email is sent to the trading partner and the transaction appears in
his list in red signifying a response is required.
The buyer and seller may continue to negotiate until they both agree exactly to
the terms and conditions of the transaction. Because the transaction is
specified in detail, the possibility of the buyer not receiving exactly what he
expects is eliminated.
When buyer and seller both agree, the transaction is set and funds are reserved
from the buyer’s account in favor of the seller. In the case where the buyer
has not yet deposited the funds in his Safefunds account, the transaction is
put into a pending status until the buyer funds the transaction. Funds may be
deposited by electronic banking transfer, wire transfer, or paper check.
With the transaction funded, the seller is notified to deliver the goods
purchased or render the service agreed upon. When the buyer has received the
goods or service, the buyer releases the reserved funds and the transaction is
complete. The seller may also request the release of the funds upon completion
of delivery.
Members may withdraw available funds from their account at anytime. There is no
requirement for any specific balance to be kept. Funds requested may be
directly transferred to the member’s account via the electronic banking system in
the U.S. or via regular check anywhere. There is no withdrawal fee.
What if the buyer believes the goods or services were misrepresented? The buyer
may initiate a dispute. A dispute freezes the transaction funds while buyer and
seller negotiate a solution. The solution may include a price adjustment, a
replacement or exchange, or a complete refund. By joining Safefunds, all
members agree to negotiate in good faith.
If buyer and seller cannot agree on a resolution, Safefunds examines the
positions of the parties and arbitrates the solution. Safefunds will utilize
all necessary means to reach a solution satisfactory to both parties including
expert inspection and expert valuation. In every case either the transaction is
completed at a fair price or, in the case of goods, the items are returned to
the seller and the funds to the buyer.
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