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The answers to your questions about payment processing are right here.
Please note that escrow payment can only be offered if the seller is located in the business territory of our escrow agent. For more information, please see here. If the seller is not located in the business territory of our escrow agent, only payment by bank transfer is possible.
When an escrow procedure is used, the money transfer is handled "in trust" via a third and neutral party (escrow agent). This third party ensures that the money is not paid out to the seller or service provider until the goods have been transferred and inspected and are also in the agreed condition. Conversely, the seller is protected against the buyer making a chargeback or not paying at all despite delivery of the goods or service. The involvement of an escrow agent thus increases the proper processing of the purchase as well as the agreed payment, and effectively protects against fraud.
Escrowed settlement is the safest payment method and avoids upfront financial risk for all parties involved.The trust-based payment process takes place step by step, thereby preventing you from being left with no money or goods at the end of the day or paying for something that you did not order or commission. With an escrow agent, you can be sure that your contract partner endeavors to carry out the basic business quickly and to your satisfaction.
When you hand over your vehicle in person, you do not have to make a detour to your bank to withdraw cash and transport it from A to B - you just pay on delivery quickly and easily with one click.
Added value for sellers:
You do not have to take any financial advance risk. The buyer or customer pays the agreed price (also partial or partial payments possible) before you ship the vehicle. Once the money has been deposited into the escrow account, the buyer won't receive the money without your consent.Yes, sellers also have the option to allow payment by bank transfer. However, it is ultimately the buyers who then decide how they would like to pay.
Suppose sellers are located outside the area covered by our escrow agent PAYLAX. In that case, the escrow service can unfortunately not be offered. In this case, only bank transfer payments can be made. Commissions must then also be paid to HeartBids by bank transfer. A detailed list of the countries in which Paylax offers its service can be found here.
Anti-money laundering regulations require that private buyers with a transaction amount of € 100,000.00 or more (including commission) must always present proof of the source of funds. For commercial buyers, evidence of the source of funds is mandatory from a transaction amount of € 500,000.00 (incl. commission) and above. OPP automatically approaches the buyers.
Our escrow agent Paylax and their payment service provider OPP may request proof of the source of funds from our buyers at any time. The proof of source of funds is used to document how the buyers got the financial resources to purchase the vehicle. This is a necessity resulting from laws to prevent money laundering. If proof of the source of funds is required, OPP will contact the buyers directly and provide the relevant form. There is no need for you to be proactive.
Should there be any queries from financial regulators regarding individual transactions, we try to clarify all issues before it is necessary to approach our customers. Nevertheless, it may happen from time to time that our customers are asked to provide proof of source of funds anyway.
Private buyers are obliged to present proof of source of funds if the transaction amount exceeds € 100,000.00 (incl. commission). For commercial buyers, submitting proof of source of funds is mandatory for transaction values of € 500,000.00 (incl. commission) and above. OPP will automatically approach the buyers in these cases as well.You can delete your Paylax account from your Paylax profile.
Your account can only be deleted once all your escrow payments have been completed and your Paylax balance has been paid out. If you still have ongoing escrow payments, they must be completed first.The escrow process works as follows:
1. After a sale, Paylax requests the buyer to pay the vehicle value in addition to the buyer's commission into the escrow account.
2. Paylax will inform the seller immediately after the money is deposited.
3. Once the seller ships the vehicle (in which case they should send proof to the buyer) or has handed over the vehicle to the buyer, they must confirm this by clicking on the confirmation button.
4. After the seller confirms the shipment or handover, a 14-day payout period starts. The buyer is obliged to release the money as soon as they have received the vehicle and it matches the seller's description. Suppose the seller does not release the money even though they have received the vehicle and it matches the description. In that case, the money will be automatically paid to the seller after 14 days.
5. Suppose the vehicle is not as described or does not arrive at the buyer. In that case, the money will remain in the escrow account until an agreement or, in the worst case, legal clarification is reached.
Please make sure you enter the right payment reference and that the escrow receives the correct amount. Otherwise, your payment cannot be attributed and will be returned to you.
Please make sure you enter the right payment reference and that the correct amount is received by the escrow. Otherwise your payment cannot be attributed and will be returned to you.
When the vehicle has been delivered as agreed, the buyer is required by the terms and conditions to release the escrow payment immediately. To do this, please go to the detailed view of your escrow payment and click on the button "Release money".
Alternatively, you can access and release the escrow payment via the payment link sent to you by Paylax.
You and your business partner will be informed directly about the release and completion of the escrow payment.When you have shipped or handed over the vehicle, you can confirm this in the detail view of the escrow payment in your Paylax account. Upon confirmation, the inspection period will start. The inspection period is 14 days by default.
After this period expires, the money is automatically forwarded to the seller. The buyer can object to the payout by accessing the payment link and clicking the "Stop" button.
After the automatic payout is stopped, the money will not be forwarded until the buyer releases the money or the buyer accepts to cancel the escrow payment.
Don't worry - the buyer will not get the deposited money without your consent.
If the buyer stops the automatic payout, the money will not be forwarded until the buyer releases the money or accepts termination of the escrow payment.
If no agreement is reached with the buyer, the money remains safely in the escrow account until a legal decision is made, as HeartBids and our escrow agent Paylax do not interfere with the underlying transaction. This protects you, the seller, from non-payment fraud and reduces your upfront risk.
The willingness alone to process payment through an escrow service underscores the seriousness and seriousness of the parties involved.Please contact the seller directly if there is something wrong with the vehicle or if you have not received a delivery. If the seller does not respond to your requests, you can inform Paylax. Paylax will try to get in contact with the seller and ask them for a statement. If Paylax does not receive a response within 14 days, Paylax will refund you the deposited amount. If the recipient gets back to Paylax within these 14 days and states a reasonable reason why a refund should not be made, the money will remain safely in the escrow account until an agreement has been reached.
Note: HeartBids and our escrow agent Paylax take no sides and do not interfere in the underlying transaction or the contractual relationship.
Most importantly, our trustee will ensure that funds are not withdrawn or charged back without your consent.
Please keep in mind that in the fewest cases, it is fraud. The willingness to handle the transaction via an escrow agent alone underlines the seriousness and integrity of the parties involved.
If you still suspect fraud, we recommend the following procedure:
1. If not already done, please contact the other party and describe the problem.
2. Try to find a mutually acceptable solution.
3. If you do not reach an agreement, please check your legal steps and talk to a lawyer or the police on this matter.
4. If the counterparty does not respond to your problem report and provide a statement within 14 days, please write to our escrow agent at service@paylax.com
5. Paylax will try to get in contact with the seller and ask them for a statement. If Paylax does not receive a response within 14 days, Paylax will refund you the deposited amount. If the recipient gets back to Paylax within these 14 days and states a reasonable reason why a refund should not be made, the money will remain safely in the escrow account until an agreement has been reached.
HeartBids, as well as our trustee Paylax, are not able to review complaints remotely or to make decisions about the funds based on statements made by the parties (buyer or seller). Paylax, as an escrow agent, is bound to protect the interests of both parties and is not authorized to release or reverse users' funds without their consent.