Buyer transaction Status
Understanding the Escrow Transaction Process: A Buyer's Perspective
Last updated
Understanding the Escrow Transaction Process: A Buyer's Perspective
Last updated
The Smartlink Escrow system serves as the mediator, assuring both parties get what they're promised.
Let's walk through a typical transaction scenario, spotlighting the different stages and the advantages for the Buyer.
🔹 1. INITIALIZED
What it means: This is the starting point of your transaction. You've selected a product or service, and you've initiated the payment using crypto.
Benefit: The escrow system ensures your payment is secure and will only be released when specific conditions are met.
🔹 2. DELIVERING
What it means: The product or service is on its way to you! The withdrawal period has ended, marking the estimated delivery timeframe.
Benefit: No need to worry about payment disputes. Your funds are safe in escrow until you're satisfied with your purchase.
🔹 3. INSPECTION
What it means: Once the delivery date arrives, the transaction enters the inspection period. This crucial phase allows you, the Buyer, to thoroughly inspect the delivery.
Benefit: If the product isn't as described, or if there's any issue, you have the power to hold the funds, request a settlement, or proceed to arbitration.
🔹 4. INSPECTION EXTENDED
What it means: Sometimes, you might need extra time for inspection. In such cases, the period can be extended.
Benefit: Offers you flexibility and ensures you are 100% content before finalizing the transaction.
🔹 5. COMPLETED
What it means: You're satisfied with the delivery! Either you've accepted the product/service, or the inspection period has naturally concluded.
Benefit: The funds are released to the Merchant, signaling a successful and trusted transaction.
🔹 6. CANCELLED
What it means: The transaction has been called off by either you or the Seller.
Benefit: A straightforward exit if both parties mutually decide not to proceed.
🔹 7. SETTLEMENT REQUEST
What it means: In instances where there's a slight disagreement or misunderstanding, a settlement request can be initiated.
Benefit: This allows for a middle-ground resolution without escalating to full-blown disputes.
🔹 8. SETTLED
What it means: Both parties have agreed to the terms of the settlement, and the transaction reaches a mutual conclusion.
Benefit: A peaceful and mutually beneficial resolution ensures a positive buying experience.
🔹 9. ARBITRATION
What it means: In the rare event of significant disagreements, the funds can be transferred to an Arbitrator's wallet.
Benefit: An unbiased third-party will step in to ensure a fair resolution, guaranteeing your interests are protected.
With Smartlink's Escrow system, your purchase journey is reinforced with layers of trust, transparency, and protection. Enjoy a seamless buying experience, every time!
