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SafePay

 

  • Introduction: ChinaBBB SafePay System
    Overview:
            Our SafePay system involved an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party (ChinaBBB)  receives and disburses money and/or documents for the transacting parties, with the timing of such disbursement by the third party dependent on the fulfillment of contractually-agreed conditions by the transacting parties.

            In addition,  an account established by the  ChinaBBB under the provisions of  the contractual agreement, for the purpose of holding funds on behalf of the parties (both the buyer and the seller) or some other person until the consummation or termination of a transaction.

            Similarly such trust account held against payee’s name or unique identification for record keeping and report of such disbursement will be provided to the payee of transaction summary of  the payment obligations according to the contractual agreement…in other words, placing money in the control of an independent third party (ChinaBBB)  protects both buyer and seller in a transaction.

    SafePay Process:
             ChinaBBB has designed step by step process and workflow to ensure that both parties have clear understanding of SafePay and with ultimate goal of enhancement of smooth transaction activities. Please see the attached workflow process of the Safepay.

    The Value Proposition of SavePay for the Parties:
     

           1.   Payee ( the Buyer/Client)

            a.Protection for payment remittances according to contract

            b.Proper accountability of funds disbursement and usage of funds are explicitly for the purpose intended

            c.Product verification and quality satisfaction according to the specified requirement s before payment  authorization for fund release

            d.Equitable recourse if not satisfied with the final product delivery

           2.    Receiver ( the Seller/Vendor)

            a.Protection for goods production and  delivery according to contract

            b.Timely payment of outstanding receivable according to schedule and procedures

            c.Value added service and intangible “vote of confidence” on vendor’s capability and dependability to deliver as agreed upon.

            d.Independent dispute resolution between the parties in the transaction (if need arises)
     

    Summary:
           ChinaBBB SafePay provides peace of mind for both parties involved a transaction whereby offering protection of payments for the goods delivered by the vendor, and quality product received by the client in accordance with agreed upon contractual requirements by all parties while providing fair and equitable dispute resolution according to the stated and outlined process.
     


  • Date:2013-03-12
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