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Guarantee Payment
Describe:
it is a payment method
between two Vcash E-wallets for e-commerce transactions in which the amount of payment will be guaranteed by VinaPay.
When seller and buyer both confirm transaction successfully, the guarantee amount will be transferred to the seller’s
Vcash E-wallet. And if the transaction fails, the guarantee amount will be transferred back to buyer’s Vcash E-wallet.
- Step 1: buyer chooses products/services on classified websites, televisions, radio and other
channels where seller provided his mobile phone number which is also his Vcash E-wallet.
- Step 2: The buyer negotiate the seller about guarantee payment option – the buyer then can use
guarantee payment option in Vcash E-wallet.
- Step 3: Seller receives a SMS from VinaPay confirming payment from Buyer and then deliver products -
Transaction is successful, guarantee amount will be transferred to Seller account.
Benefits:
- For buyer: This payment solution helps control risk and fraud, guarantee buyer’s interests after
payment.
- For seller: Seller feels secure to deliver products while he surely know that buyer made the
payment.
Regulations of information providing and dispute resolution:
- When involving guarantee payment transaction, buyer has to provide full, accurate description of seller’s products. This information will be verified and considered to be the basis for arbitration of disputes between buyer and seller. VinaPay only settles disputes in case of having clear description of the products and solves the dispute within the scope of available information.
- inaPay settles dispute only when the transacted products are tangible, physical touchable ones. VinaPay will not be responsible when the buyer purchases intangible, digital data, service products…
- In case of dispute, VinaPay will charge for the cost of settlement, the wrong party will pay fee. Those cases which information is not specified will not be responsibility of VinaPay. Two parties should conduct negotiation by themselves, guarantee money will only be transferred to the seller or buyer’s account when two parties agree with resolution and confirm with VinaPay.
- After identifying the wrong party, the amount of money equal to transaction value will be transferred into the other’s Vcash e-wallet within one working day.
- VinaPay will not intervene when the buyer has confirmed that the transaction is successful.
- All complaints and disputes will be in compliance with the terms of regulations.
Regulations of accumulated point:
- Buyer and seller when joining into guarantee payment transaction are assessed through accumulated point. Information about the accumulated point will be displayed during the transaction process between buyer and seller so that they can decide to continue transaction by themselves.
- With each successful transaction, buyer and seller will be added one point.
- After the seller accepts the suggested payment solution, for any reason seller is unable to deliver products; therefore the transaction is cancelled, the seller is subtracted 2 points.
- With each dispute transaction, the wrong player will be subtracted 5 accumulated points.
- With each transaction, parties who are unable to settle dispute afer one month will be subtracted two accumulated points.
Fee:
| Object | Transaction Status | Fee | | Buyer | Successful transaction | 1% * transaction value (minimum 5,000 VND, maximum 50,000 VND) |
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