How SAFEFUNDS Works -
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 transaction form provides a detailed description of the offer.
When completed, an email is sent to the other 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. Safefunds does not set any conditions for the transaction.
and seller set their own
terms for all aspects of the transaction.
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 does
not have a sufficient credit balance 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
When the transaction is funded, the seller is notified
to deliver the goods purchased or render the service
agreed upon. When the buyer is satisfied that the conditions for payment have been met,
the buyer tells Safefunds that the transaction
is complete and the funds become available in the seller's account. The seller may also request
the payment whenever the conditions of the agreement are satisfied.
Members may withdraw available funds from their account
at anytime. There is no requirement for any specific
balance to be kept.
Money may be withrawn by electroninc funds transfer to U.S. bank accounts or sent by paper check to U.S. addresses. Members
outside of the United States receive their funds by international bank wire.
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.