Transaction Overview
Providing innovation, security and easy options to resolve conflict between buyer and seller, even in complex technical transactions.
No involvement of mediator required
As majority of cases settle without a dispute most Fair Trader transactions will resemble this example. In this example the buyer and seller complete the transaction without involving a mediator and resolve all issues among themselves.
The seller in this transaction could have stopped the automatic release of payment if the service was delayed. When the service was delivered as per agreement, the seller would then release the payment.
No Mediation Required
Both the buyer and seller of goods / services were satisfied with the outcome and were able to resolve any issues among themselves.
Mediator has been asked to step in
Unfortunately there are times where people will disagree and a mediator will be required to resolve the conflict between both parties. It is good to know that a skilled person can come to your assistance to ensure fairness is maintained at all times.
The mediator will review the case and may ask one party to compensate or make good on the original promises. The mediator cannot withdraw the funds or transfer them to another wallet. The only options available to the mediator is to forward or reverse the transaction. Either party can appeal the decision made by the mediator and ask for the Community Supervisor to review the case.
Mediator has been asked to step in
Fair Trader will provide safe transactions, and other innovative options not currently being offered on leading Payment Gateways.
Purchase of product or service, no dispute
No Mediator required as both buyer and seller able to settle all disputes among themselves and complete the transaction:
1
Invoice sent to Buyer
Seller sends an invoice with completion date and mediation options selected.
2
Invoice reviewed / funds transferred
The buyer of services reviews the invoice and the terms and conditions and the date when the goods / services will be delivered and transfers the funds.
3
Payment Deposit Confirmation
Seller receives confirmation that the funds have been deposited. Seller can commence with confidence knowing payment will be made upon date the work is completed.
4
Halt payments
The Buyer has the ability to halt payment and stop the clock countdown if there are problems with the service or if the service is delayed.
5
Payment released
Buyer receives the services and is satisfied with the quality. The payment is released and transferred into Sellers wallet.
6
Blockchain is updated
The blockchain is updated with successful transaction and both parties trust scores are adjusted.
Mediator has been asked to step in
The following example can apply to both Registered Mediators as well as a Friend / Mentor option, where a trusted source by both parties is used instead of a registered mediator. The Supervisor review options will apply to Registered Mediators only.
1
Buyer stops transaction
Buyer stops the clock of the transaction as the goods or service has not been delivered according to original agreement.
2
Invoice reviewed / Funds transferred
The Seller is notified that payment has been halted. Both parties try to resolve the conflict but cannot come to an agreement and request the Mediator to review the case. Either party can request mediators assistance.
3
Mediator requests
Mediator requests information from both parties to complete assessment.
4
Party amendment instructions
The mediator may instruct either party to make amends or provide a discount. In complex transactions, the mediator may visit the site to conduct an audit if it is required. Whilst a friend / mentor may provide a free service the registered mediator will charge a small fee for resolving the conflict.
In import / export and construction services a site visit can save thousands of dollars of legal fees or faulty workmanship and resolve the situation quickly.
5
Pending decision
The mediator makes a decision pending the outcome of investigations and actions taken by both parties to resolve the conflict
6
Mediator forwards or reverses transaction
The mediator either forwards or reverses the transaction. The block chain is updated with the outcome and everyone trust score is updated. If there is no appeals against the mediator’s decision the Fee For Service will be paid to the Mediator.
