How does ContractPay work?
Steps simplified
Contract drafting
Either the buyer or the seller drafts a contract stating the clauses/requirements that need to be fulfilled.
Contract agreement
Both the buyer and seller review and agree to the contract by appending their signatures which makes the contract become a binding agreement for both parties.
Payment by buyer
Buyer's signature is only confirmed after payment has been made.
Seller dispatches order
Upon confirmation of the buyer's payment, the Seller is notified to dispatch the ordered item(s).
Buyer Receives and Review order
Buyer acknowledges receiving the item, reviews the clauses in the contract and accepts it, if all clauses are fulfilled, or rejects the item if one or more clauses are not fulfilled. If rejected, the buyer can request for replacement or a refund. Otherwise, an appeal can be sent to Storebridger.
Seller get paid
If the buyer approves the order, the seller's wallet gets funded with payment by Storebridger.