FAQ

FAQ

Main parts of FAQ:

Process

How does online escrow work?

Online escrow is a four-step process:

  • Buyer and Seller agree terms and create a deal
  • Buyer transfers money to MySafeTrade.com secure account
  • Seller sends goods or provides service
  • Buyer checks the quality of goods or service and MySafeTrade.com releases money to Seller

It protects the Seller by verifying funds and protects the Buyer by allowing inspection of the merchandise before funds are disbursed.

How long does the escrow process take?

It depends upon :

  1. The inspection period agreed upon by both parties
  2. The Buyer's payment method
  3. Delivery time from Seller to Buyer
  4. Seller's selected disbursement option. Generally, most escrow purchases can take from five to 20 days

How does MySafeTrade.com protect me?

With MySafeTrade.com, every step in your transaction is verified with proven tracking and verification procedures.

How Buyers are protected:

  • MySafeTrade.com tracks and verifies delivery of the shipped merchandise.
  • The Seller isn't paid until the Buyer accepts the merchandise, or the agreed upon inspection period expires.

How Sellers are protected:

  • MySafeTrade.com verifies delivery of merchandise to the Buyer via the online trackable shipping that the Seller provides to MySafeTrade.com.
  • The Seller is notified to ship after MySafeTrade.com verifies good funds.

When should I use MySafeTrade.com?

The services offered through MySafeTrade.com support most online transactions. Typically, our customers use our service when the Buyer and Seller are unknown to each other, for purchases made on auction sites, classified ad sites, business-to-business e-commerce sites, and online merchants.

How do I check the status of my transactions?

Although we offer email support, the safest way to check the status of your transaction is to sign onto our secure site.

After signing in, you can access your transaction summary page where you can view the progress of all your active MySafeTrade.com transactions.

How do I change transaction details and terms?

Changes can be made on the transaction detail screen after signing onto MySafeTrade.com only when the status is waiting for you to agree.

If you are waiting for the other party to agree, only that party has access to the "modify" button. Once both parties have agreed to the terms, they must email their change requests to support@MySafeTrade.com. Changes after the terms have been agreed to must have the consent of both the Buyer and the Seller; and cannot supersede our general escrow instructions.

How do Buyers or Sellers cancel transactions?

Prior to the agreement of terms by both parties, the Buyer or Seller can cancel the transaction by clicking the cancel button on the transaction detail screen.

After both parties have confirmed transaction details in the Agreement phase, either party may cancel the transaction, only if MySafeTrade.com has not received the Buyer's funds, by sending an email request to support@MySafeTrade.com. After funds are secured, the cancellation of a transaction can only be done by MySafeTrade.com after notifying both parties.

Can I use your service for a real estate transaction?

No, MySafeTrade.com is not licensed to handle real property transactions. This includes transactions involving deeds or timeshare ownership sales.

If I have any questions about the product, do I contact MySafeTrade.com?

No. MySafeTrade.com is a neutral third-party that protects both the Buyer and Seller to ensure the transaction is processed. We have no knowledge about what is actually being sold. In most cases, MySafeTrade.com has a very limited relationship with either party. If the Buyer has any questions, they should contact the Seller directly.

Does MySafeTrade.com provide services for all merchandise?

No. There are certain transactions that we do not support which include but are not limited to: munitions or firearms, timeshare ownership, real property (real estate), and currencies.

In addition, we may, at our sole discretion, refuse to complete any transaction that we have reason to believe is unauthorized or made by someone other than you; may violate any law, rule or regulation; or if we have reasonable cause not to honor it.

Please see our Terms of Use for more information.

When are funds released by the Buyer?

MySafeTrade.com may release funds to the Seller after the Inspection Period has ended. The Inspection Period is agreed upon by both parties and commences once the Buyer confirms receipt or MySafeTrade.com confirms delivery of merchandise.

In the event the transaction closes without involvement from the Buyer, a notice may be sent to the Buyer. Funds are released to the Seller the same or next business day after successful completion of a transaction and upon verification by MySafeTrade.com.

How do Sellers get paid?

MySafeTrade.com may release funds to the Seller after the Inspection Period has ended. The Inspection Period is agreed upon by both parties and commences once the Buyer confirms receipt or MySafeTrade.com confirms delivery of merchandise.

In the event the transaction closes without involvement from the Buyer, a notice may be sent to the Buyer. Funds are released to the Seller the same or next business day after successful completion of a transaction and upon verification by MySafeTrade.com.

What is an Inspection Period, when does it start, and how long does it last?

The Inspection Period is the specified amount of time agreed upon by both parties in which the Buyer may examine the merchandise after receipt.

The time frame selected for the Buyer must be agreed upon by all parties at the beginning of the transaction. The Inspection Period begins when the Buyer marks the item as received, or MySafeTrade.com verifies or receives confirmation that the merchandise or service has been delivered. The Buyer must accept or reject the goods within this period. If the Buyer has rejected and returned the merchandise, the Seller will be provided with a five day inspection period to examine the returned merchandise.

Buyers and Sellers should make sure the inspection period provides adequate time for any authentication and/or appraisal process that may be necessary to complete the transaction.

How should I ship merchandise?

To enable MySafeTrade.com to protect all parties, MySafeTrade.com requires that merchandise be sent via a method of shipping that allows online tracking and insurance. The party shipping the item can only ship to the address provided on MySafeTrade.com's site for the other party. Please see below a list of our approved carriers:

Shipping Companies:

DHL Worldwide Express

  • URL: www.dhl.com
  • Phone: 1-800-225-5345
  • Online Tracking: Yes

Federal Express

United Parcel Services

  • URL: www.ups.com
  • Phone: 1-800-742-5877
  • Online Tracking: Yes

United States Postal Service - (Express Mail Only)

  • URL: www.usps.com
  • Phone: 1-800-222-1811
  • Online Tracking: Yes

When does the Seller ship the items?

The Seller is notified by MySafeTrade.com to ship the items once we verify the payment from the Buyer is secured in the escrow account.

Who pays for shipping?

When the Seller creates a deal Seller determines who will pay for shipping.

If the Buyer returns an item, who pays for shipping?

As specified in the escrow terms, if the Buyer rejects the merchandise, Buyer is required to pay for return shipping fees.

Payment

Who is responsible for paying the escrow fees to MySafeTrade.com?

When you agree on the price and delivery method for your escrow transaction using MySafeTrade.com, you will also have the option to specify who pays the escrow fee. You can select 'Buyer', 'Seller', or '50% Buyer / 50% Seller'.

Where do I send my payment?

Your payment should be sent only after you select the payment method available on your transaction screen. Please see Payment Options for more information:

Credit Card
Available only on US Dollar transactions

  • We currently accept VISA, American Express, Master Card, Discover, JCB, Union Pay, Carte Bancaire, Diners Club.
  • Credit card payments are subject to an additional Payment Processing Fee of 2.9%+30¢ per successful card charge and have a maximum allowable amount of $20,000 USD, and are subject to MySafeTrade.com approval.
  • Your total amount paid in the last 6 months via credit card should not exceed $5,000 USD (where you are the buyer).
  • The total amount paid to you in the last 6 months via credit card should not exceed $20,000 USD (where you are the seller).
  • Buyer payments submitted to MySafeTrade.com by credit card, while guaranteed secured to our trust account, are subject to a mandatory three business day hold for funds to fully clear to our account. By law, MySafeTrade.com is prevented from releasing funds until they have fully cleared. We apologize for any delay or inconvenience, and will release funds the first business day funds are available.

MySafeTrade.com may refuse to allow a credit card as payment for any reason at our sole discretion. Any rejection of credit card as a form of payment is not necessarily determined by information provided by the cardholder. We apologize if we are unable to accept a credit card payment for your transaction.

As the Buyer, what happens to my money when I send it to MySafeTrade.com?

Your funds remain in our secured escrow non-interest bearing trust account until the transaction concludes.

How does MySafeTrade.com protect against fraud?

MySafeTrade.com takes several steps to protect both the Buyer and Seller against fraud:

  1. All payments by the Buyer are verified as "good funds" before the Seller is instructed to ship.
  2. All shipments are tracked to ensure the Seller shipped and the Buyer received the merchandise.
  3. If the merchandise is fraudulent, it gives the Buyer the chance to return it to the Seller without funds being released.

How long does it take for Sellers to be paid?

Typically, funds are disbursed the same or next business day following the completion of the transaction.

Seller's should always use a shipping company that allows online tracking to the Buyer's address provided by MySafeTrade.com to ensure quick release of funds at the close of the transaction.

When a Buyer uses a credit card for payment, there is a three business day hold before funds reach our trust account and can be sent to the Seller. This is a requirement that Buyer’s funds must be in the escrow account before being released.

Who pays for currency conversion rates?

The Buyer and Seller accept all responsibility in regard to gains or losses due to currency conversion rates while the funds are held in escrow.

Can I send multiple payments for one transaction?

No, this option is not available with credit card. You can only make one payment per one transaction.

Security

Are international sales or purchases allowed?

Yes. We offer online escrow services Worldwide.

How does MySafeTrade.com protect against fraud?

MySafeTrade.com takes several steps to protect both the Buyer and Seller against fraud:

  1. All payments by the Buyer are verified that funds actually received by MySafeTrade.com before the Seller is instructed to ship.
  2. All shipments are tracked to ensure the Seller shipped and the Buyer received the merchandise.
  3. If the merchandise is fraudulent, it gives the Buyer the chance to return it to the Seller without funds being released.

Are services offered through MySafeTrade.com safe?

Definitely. You and your transaction are protected every step of the process, thanks to our stringent logging, tracking, and verification procedures.

Is it safe to give my credit card information?

Your credit card information is stored in a highly secure 128-bit encrypted server, making it impossible for anyone to obtain your credit card information. The encrypted credit card information is sent over a secure line to your credit card company's systems.

Where do I find your privacy policy?

Click here to read our privacy policy.

Is sending my personal information over the Internet safe?

Yes. Even though there have been widespread reports of Internet fraud in the past few years, the reports attribute most of the fraud to card information stolen the old fashioned way: by telemarketers, from mailboxes, and at places of purchase, such as restaurants and stores. In most cases, credit card information used on websites is seen by fewer eyes than the same information used at your local restaurant, thus fraud occurs less between a legitimate consumer and a merchant.

Should I insure the shipment?

Yes, all shipments, domestic and international, must be insured for the item's full value. Failure to insure the item for its full value means assumption of liability in the event the merchandise is damaged or lost. If shipment is sent to the Buyer, the Seller must insure the shipment. On the other hand, the Buyer is responsible for insuring the return shipment.

Returns

How does the Buyer decline or reject items sent by the Seller?

During the online Inspection Period, the Buyer would click on "Reject" on the Transaction Detail Screen.

At that point, the Buyer is responsible for returning shipment to the Seller using a trackable shipping method. The Buyer's refund is processed only after the Seller confirms receipt and acceptance of the returned items in the same condition it was sent.

How does the Buyer decline some of the items sent by the Seller?

The Buyer will need to click the "reject" button on the transaction screen during the Inspection Period. Once rejected, the Buyer can contact the Seller directly to ask if the Seller will allow the Buyer to return partial merchandise. If the Seller agrees, MySafeTrade.com will need to be notified of the agreement. MySafeTrade.com will then send amendment emails to both parties. MySafeTrade.com will make the adjustments and give instructions after the Buyer and Seller have replied to the amendment email.

What if the Buyer does not like the items?

The Buyer has the Inspection Period (a length of time agreed to by both parties) to accept the items. If dissatisfied, the Buyer must return the items to the Seller. Once the Seller has received the items and confirmed that they are in satisfactory condition, MySafeTrade.com will release the funds back to the Buyer. In any case, on return, the Buyer is responsible for escrow fees, return shipping fees, and original shipping fee if the Buyer agreed to pay. The escrow fee and any original shipping fees will be taken out of the original payment made to MySafeTrade.com.

What if the Buyer forgets to accept or decline the items online at MySafeTrade.com?

MySafeTrade.com will release funds to the Seller at the end of the Inspection Period, as long as the Buyer has not declined the merchandise and MySafeTrade.com has verified the Buyer's receipt.

Please note that MySafeTrade.com does reserve the right to send a notice if the Inspection Period is started and ended without the Buyer's participation.

What if there is a disagreement during the transaction? What is dispute resolution?

Once the Seller rejects the returned merchandise/domain(s) on the MySafeTrade.com site (considered the Dispute Date), the Buyer and Seller have 14 calendar days (considered the Negotiation Period) to resolve their dispute.

If the Buyer and Seller have not resolved the dispute within the 14 day Negotiation Period, the Buyer and Seller are provided a second 14 day period (considered the Arbitration Commencement Period). During the 14 day Arbitration Commencement Period, the Buyer and Seller are required to start dispute resolution - an arbitration process administered by arbitrators from American Arbitration Association, JAMS Arbitration or net-ARB.com.

If MySafeTrade.com has not received proof of binding arbitration from the Buyer or Seller by the end of the Arbitration Commencement Period, MySafeTrade.com is authorized to close the transaction and refund the Buyer, less any MySafeTrade.com fees.

Please see the Terms of Use for more information.

What if the items are damaged during shipping?

In the event you receive damaged merchandise, the receiver (Buyer or Seller) should first log onto MySafeTrade.com and create complain. Next, the receiver must immediately report the damage to the shipping company and to the sender. This is because some shipping companies have a time restriction within which such a claim can be filed for compensation. The two parties must promptly establish the proper procedure for filing a claim and submit all available proof. If the merchandise was insured, and a claim filed within the required time frame, the compensation may include the shipping cost. MySafeTrade.com will continue to protect the funds in escrow while this is resolved. Please be aware that the receiver of damaged merchandise should not re-ship the item as this will, in most cases, void the ability to file a shipping claim.