Merchant transaction Status
Understanding the Escrow Transaction Process: A Merchant's Perspective
Last updated
Understanding the Escrow Transaction Process: A Merchant's Perspective
Last updated
As a Merchant, you want to ensure your efforts and services get the value they deserve. The Smartlink Escrow system, acting as a neutral third party, ensures that every transaction is conducted securely, with the interests of both parties at the forefront.
Let’s delve into the transaction stages, focusing on the benefits for you as a Merchant.
🔹 1. INITIALIZED
What it means: The buyer has shown interest in your product or service and has initiated the payment via cryptocurrency.
Benefit: You get a notification of intent, ensuring you that the funds are secured in escrow, creating a layer of financial security for your sale.
🔹 2. DELIVERING
What it means: With the payment secured, you can confidently proceed with dispatching the product or providing the service. The transaction is in its delivery phase.
Benefit: This phase assures you that the buyer has committed, allowing you to fulfill your end without hesitation.
🔹 3. INSPECTION
What it means: The buyer has received the delivery and is in the phase of reviewing it.
Benefit: Provides an opportunity for you to demonstrate the quality and accuracy of your product/service, potentially leading to positive reviews and repeat business.
🔹 4. INSPECTION EXTENDED
What it means: The buyer requests additional time to evaluate the product/service.
Benefit: It ensures the buyer thoroughly vets the product/service, which can result in better satisfaction rates.
🔹 5. COMPLETED
What it means: The buyer is satisfied with the purchase, signaling the successful conclusion of the transaction.
Benefit: The secured funds are released to you. A completed status signifies not only a successful sale but also a satisfied customer – a win-win!
🔹 6. CANCELLED
What it means: The transaction has been terminated either by the buyer or by you.
Benefit: If there are insurmountable issues or mutual disagreement, this offers a clear termination point without lingering uncertainties.
🔹 7. SETTLEMENT REQUEST
What it means: A middle-ground solution is sought if there's a minor disagreement or discrepancy.
Benefit: This mechanism provides an opportunity for amicable resolution, often preserving the merchant-customer relationship.
🔹 8. SETTLED
What it means: Both you and the buyer have reached a consensus, concluding the transaction on mutual terms.
Benefit: Ensures you're part of the resolution process, safeguarding your interests.
🔹 9. ARBITRATION
What it means: In case of a major dispute, the funds are transferred to an Arbitrator.
Benefit: A neutral third party assesses the situation, ensuring fairness and adherence to agreed-upon terms.
Leveraging Smartlink’s Escrow system, you, as a Merchant, are fortified with multiple layers of security, clarity, and transparency. Elevate your business's reputation and foster lasting customer relationships with every seamless transaction!
