What is Marketpay Checkout?
Marketpay Checkout is solution jointly developed by SOCIALPAY, domiciled in C/ Tellinaires 24, Esc. A 3ª 2ª, 08850 Gavà (Barcelona), SPAIN, with CIF nº B-66766700. It is based on Marketpay, a software management platform from SOCIALPAY, and the payment services of Marketpay.
Marketpay Checkout enables an adequate control over transactions and payment flows completed by users within the client’s platform. It allows the client to process payments via credit card or wire transfer, while holding in his capacity of Payment Entity and Escrow Agent, the funds of transactions until the release of these funds based on the application of escrow logic rules. These escrow payment rules shall be pre-defined and agreed between the seller and the buyer prior to the transaction.
What is an escrow payment?
An escrow payment is a mechanism to secure the sale of an article or service for both seller and buyer. This is achieved by adding a step into the sale process by placing the funds of the transaction into a third-party account, called escrow account, rather than buyer paying out the funds directly to the seller.
The use of an escrow account (also called escrow wallet) creates a completely secure form of payment. The buyer’s payment is placed on a third party deposit account (escrow account) giving the seller the security that the money is real and that he or she shall be paid out when delivering the purchased items or services as agreed with the buyer.
The money on the escrow account is only transferred to the seller’s account when the buyer receives the purchased product/service and confirms that everything is correct. In case there is a defect or the product is not the correct one, the buyer would recover the money and the seller, the product. This process via an escrow account eliminates any risk in online purchases and sales.
Since the money is only transferred to the seller’s account once the buyer receives the purchased product/service and confirms that everything is correct, there is only possibility of return within 48 hours after the confirmation of the correct delivery or provision of the service by the buyer. In this case, the buyer must contact our customer service, either through the contact form on our website, or through the e-mail [email protected]
Why am I required to identify myself with my mobile phone?
To protect you and the transaction, Marketpay Checkout follows KYC regulation requiring the identification of the parties involved with to the following scenarios in mind:
To access to our full legal notice, please, click here