Search Results for "escrow"

• What is Auction.ph's Escrow System?

  The Escrow System is unique to Auction.ph. Escrow is the process after a successful bidding or buying, which is an essential service for the security of transactions between buyer and seller to facilitate payment and receipt of purchase money. It is provided for the purpose of protection of every member, and for trust and safety of mutual members’ transactions, so Auction.ph cannot be a proxy or any buyers or sellers throughout this service.

  See also: Escrow Agreement.

   

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• Why is there a User Agreement, Privacy Policy and Escrow Agreement?

  The User Agreement, Privacy Policy and Escrow Agreement are legal documents that specify the relationship between you and Auction.ph. They aim to set goals regarding auction and selling and other added services from Auction.ph Corporaton in relation to the rights and duties between the Company and members, observance, procedure, responsibility and so on. They are the basic agreements between the Company and a member with regards to using service.

  See also: User Agreement, Privacy Policy, Escrow Agreeement

   

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• When do the provisions in the User Agreement, Privacy Policy and Escrow Agreement take effect?

  The Agreements are effective when a member agrees to them upon registration.

   

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• What is Auction.ph’s ESCROW SYSTEM?

  Auction.ph offers its members with an ESCROW SYSTEM, which serves as an intermediary and support for transactions between buyers and sellers upon closing of an auction or any type of buying and selling method.

  Its main objective is to increase the level of safety and convenience of transactions among members.

  How It Works:

  1. Buyer and Seller agree to use Auction.ph’s Escrow Service
     To avail of Auction.ph’s Escrow Service, one has to be a registered member. Upon registration, prospective members will be asked to conform to the Escrow Agreement , whereby the terms of the Escrow Service are stipulated. Once registered members (buyer and seller) conclude a successful transaction, they may already avail of Auction.ph’s Escrow Service.
  2. Buyer pays Auction.ph
     After a successful transaction (either auction, shopping, cooperative buying or bargains), buyer is requested to pay the full amount of the item/s to Auction.ph. The buyer may choose any of the following payment methods:
     • Internet Banking
     • Credit Card (soon to be available)
     • E-money
     • Bills Payment

     When payment is received, it will be verified and secured by Auction.ph. After payment is secured, Auction.ph will notify the seller (through e-mail) to ship the item/s to the buyer, giving him the buyer’s shipping details.

     Buyer has seven (7) days upon end of auction or selling transaction to settle payment of item/s with Auction.ph. If after seven (7) days, Auction.ph does not receive payment, transaction is considered cancelled.

     Links:

     • Internet Banking
       Buyer may choose to remit from any of the participating banks under Auction.ph’s bank consortium partners:
       
       

       Megalink (The PORT)

       1. Asia Trust Bank
       2. Bank of Commerce
       3. Development Bank of the Philippines
       4. Insular Savings Bank
       5. International Exchange Bank
       6. Keppel Monte Bank
       7. Maybank
       8. Union Bank

     Bancnet Online

     1. Allied Bank
     2. China Banking Corporation
     3. China Trust Bank
     4. Citystate Savings Bank
     5. PB Com
     6. Philtrust Bank
     7. RCBC
     8. RCBC Savings Bank
     9. Standard Chartered Bank

     Each of the internet banking options has different transaction fees. For Megalink, Php 20.00 per transaction will be charged while Php 8.00 per transaction for Bancnet Online.

     • Credit Card
       This payment facility will soon be available to Auction.ph members.
     • E-money
       E-money is cyber-money which is used exclusively like real money on Auction.ph as: payments for purchases, called E-money 1 or the cashable type; or as payment also for purchases, service fees for auction and other selling services of the Company, called E-money 2 or non-cashable type.
     • Bills Payment
       You can also choose this payment method in paying your bills in Auction.ph. There are two collection channels available for you – Over-the-counter (OTC) and the Automated Teller Machine (ATM) through any RCBC Branches and ATM.
  3. Seller ships the item/s
     

     Upon confirmation of payment from buyer, Auction.ph sends notification to seller to ship the item/s, using preferred shipping company or another reliable logistics company.

     Seller sets who pays for shipping, however, Auction.ph only covers item payment in its Escrow Service. A different arrangement should be made between the buyer and the seller regarding payment of shipping fees. Also, seller must confirm delivery in the website and provide tracking information (if any), to serve as reference to the buyer. If an item requires no shipping, this step is not necessary.

     The confirmation period given to buyer (7 days) will not begin until buyer confirms receipt of the item. In cases where item is not received, buyer may appeal to Auction.ph regarding non-receipt of the item. For further details, see Item Not Received Policy.

  4. Buyer confirms purchase of the item/s
     

     When the buyer clicks ‘BUY’ button in the My Auction > Buying > Delivered, item payment is reflected in the seller’s Virtual account. In which case, the disbursement process shall be initiated by the seller.

     Buyer rejects the item or requests for an exchange of the item

     If the buyer rejects or requests for an exchange of the item, he should do so by contacting the seller immediately and by posting the request in the website for reference. In this case, remittance of the purchase money to the seller shall be suspended. Charges for returning item/s, such as shipping charges, should be paid by the person who caused the return of the goods.

     When buyer returns a purchased item to the seller, he must make sure that it is packed and sent safely. The seller who received the returned item should confirm refund in the website. In which case, necessary actions shall be taken such as: refunding all of the item payment, canceling the payment with credit card (if available) and giving notice of processing of the refund. The seller shall be responsible for all the damages or incidents from the delay of confirming receipt of the returned item.

     Buyer can request for refund of the purchase money by presenting evidence of sending returned item from 10 days after sending it. In such case, refund will be made within two (2) days after the cut-off period for payment processing. However, the refund can be suspended when seller appeals non-receipt of the returning item. In such case, refund will only be processed when buyer presents documentary evidence of arrival to the seller of the returned item.

     When there is a conflict among sellers, buyers, and logistics company regarding delivery, all concerned parties shall negotiate to resolve such conflict. The Company assumes no responsibility for such conflict.

  5. Auction.ph pays the Seller
     Payout requests (minimum of P500.00 in Virtual Account Balance) shall be processed within three (3) business days from date of request. Funds shall be credited to sellers’ bank accounts within the specified period. At this moment Auction.ph can transfer funds to RCBC and Union Bank accounts only. No transaction fees will be paid. Also, the seller must own the bank account.
     
     Functions and Features of the Escrow System:
     • Acts as intermediating payment (payment, remittance, refund)
     • Providing various payment methods
     • Making fee collection simple and easy
     • Automating payment confirmation process
     • Automating shipping request transmission
     • Custom E-money system
     What are the benefits?
     • Prompt auction / transaction closing
     • Reduced payment time
     • Reduced errors in payment confirmation, remittance and refund processes
     • Reduced overall lead time
     How buyers are protected:
     • Remittance of payment to seller only upon buyer’s confirmation of purchase
     • Refund upon buyer’s request and seller’s approval
     How sellers are protected:
     • Requested to ship item/s to buyer only upon confirmation of payment
     • Refund upon buyer’s request and seller’s approval

   

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• Rules of the Escrow Service
  1. Escrow service is provided for the purpose of protection of every member, and for trust and safety of mutual members' transactions; Auction cannot be a proxy for any buyers and sellers throughout this service.
  2. Interest on the purchase money kept in trust during the progress of the escrow service shall be regarded as service cost and members cannot claim on return and refund any interest, etc.
  3. Charges from the remittance of purchase money shall be paid by members.
  4. Auction can limit to provide escrow service at a part or whole of the items registered:
  • by a seller who is suspected or confirmed to abuse escrow service to violate any law, public order or public morals.
  • due to any accidents or causes not otherwise provided by the escrow service.

  See also: User Agreement.

   

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