3 Flexible Transaction Types
Fair Trader provides easy options to ensure equal fairness is provided to both parties involved n the transaction. Fair Trader enables the buyer and seller to select either a trusted source or a registered mediator to settle any disputes.
1. Registered Mediator
This type of transaction carries the least amount of risk as the Mediator decision can be easily appealed and reviewed by a Mediator Supervisor.
2. Friend / Mentor
Another way to resolve any conflicts is to select a trusted and honest source for both parties. However, this transaction has no Supervisor Appeal option.
3. Two Party Only
Both Buyer and Seller may be good friends and decide to settle their deputes in person. However, this transaction has the most risk
Low Risk
1. Registered Mediator Transaction
This type of transaction carries the least amount of risk as the Mediator decision can be easily appealed and reviewed by a Mediator Supervisor.
In this example, an Australia Importer of goods selects a Chinese mediator that is familiar with Chinese trade laws, freight procedures, taxes, and quality control.
The Australian importer deposits the funds to the factory with the mediator selected. The Chinese mediator will inspect the goods and loading into containers before releasing the payment.
The Chinese factory wallet will show payment has been deposited and will be released upon date of delivery of the contract. The Factory can now buy parts needed to complete the order.
2. Friend / Mentor Transaction
Another way to resolve any conflicts is to select a trusted and honest source for both parties. However, this transaction has no Supervisor Appeal option.
Both the seller and buyer decide to select a mutual friend as a mediator to settle any disputes between the parties. The mutual friend is also a fellow Fair Trader and is well trusted by both parties.
This field can be used by any trusted source who is not an approved mediator by the Fair Trader Community.
This person can also be a rabbi, a priest or a Muslim cleric. Therefore Fair Trader can easily operate.
High Risk
3. Two Party Only Transaction
Both Buyer and Seller may be good friends, or have dealt with each of other for many years. They both decide to settle their deputes in person instead of involving a third party or a mediator.
This transaction carries the most risk and unless both parties agree, the funds will stay frozen.