How our online escrow service works
Step 1. Register
Every PaySAFE user must first register to be given account credentials. You only need to register the first time, going forward you may change your Account details as you see fit. Your registered account can be used in the future for new Transactions or to review past Transaction.Steps to register your own PaySAFE account:
- Click on the "Sign Up" button on any page in the top right corner.
Enter your email address. You must have an email address to register with PaySAFE. This is required as a login name and for secured communications with PaySAFE.
- If you were invited via an email, this field will be pre-filled in for you. You need to verify that this is your primary email account that you will want to communicate through going forward. If it is not, change now.
- Create and verify a unique Password for your account. (Password must be 10 characters long)
- Input your First and Last Name: The name on your account MUST match the name on the bank account that PaySAFE will be depositing or receiving wired funds from. If you are using PaySAFE for a business transaction you can enter the Business name in addition to your personal name.
- Complete the required all address fields
- Input Date of Birth, all users must be over 19 years of age.
- Upload identity verification documents. These include government ID pieces like a driver’s license or passport. This is to comply with Federal anti-money laundering requirements. If you are using PaySAFE as a business, you will also be required to supply additional documents for the Business name.
- You're Done!
Step 2. Create a Transaction
The Transaction can either be set up by the Buyer or by the Seller.
- Log in, this will take you to your personal Dashboard page.
- Select "Create Transaction".
Enter the required fields to build your new Transaction. It is important to add as much detail as possible to set expectations and limit confusion among either party. Some transaction will have templates with additional input fields.
- Transaction name: This should be specific enough to avoid confusion should you have multiple transactions running simultaneously within the PaySAFE platform.
- Description:This is the portion of the agreement where any details regarding the item’s condition, number of items included, any warrantee or guarantee information or transportation requirements.
- Uploads: This section is designed for both the Buyer and Seller to provide any documentation needed to complete the purchase. Examples include certificates of authenticity, Vehicle title, inspection information and/or photos of the item(s) being purchased.
- Payment release terms: Specifics as to what needs to be done by both parties to ensure a release of payment.
- Enter the email address of the other party and the role you will be in the transaction. (You can be both a buyer or seller in different Transactions. This choice only affects this Transaction).
- Select who is paying for the Escrow fee.
- The PaySAFE escrow fee for each transaction can be paid in full by the buyer, the seller or split evenly between the two parties.
After filling out the Transaction details:
- Click "Save & Send Invitation" button to send a notification to the other party that a Transaction has been created. This will send an email to the other party to login and review.
- Click “Save Estimate” button to save details in an ”Estimate” status where you can return later and complete the Transaction details without sending an invitation to the other party.
Step 3. Both Members Agree to Conditions
- The other party opens the Transaction estimate and reviews the details.
- You have two options:
- Agree without making any amendments by clicking "Accept". The entire Transaction will then be advanced to Step 4.
- “Reject” the Transaction details. You will be required to fill out the comment section to give details of your objections. An email will be sent back to the other party to revise the Transaction details. After making the requested changes, the Transaction estimate will be resubmitted and you will once again have options 1 or 2.
Step 4. Fund Transaction with PaySAFE
Once the both parties have approved, the Buyer will be required to fund the full Transaction value into PaySAFE’s Escrow account.
The Buyer will be presented with a funding request page bearing the Wells Fargo logo. This page can be revisited at any time, but is ONLY visible when logged in to the PaySAFEescrow.com platform.
IMPORTANT: PaySAFE will NEVER email you a version of this page or ask for payment through companies like Western Union or Moneygram.
- PaySAFE receives funding via Bank Wire Transfer ONLY: When requesting the wire transfer at your bank or credit union, you MUST include the 16-digit, alphanumeric transaction number located near the bottom of the funding request page. **Funds must be sent from a bank account bearing the same name as that on your PaySAFE user account.**
An email to both parties will notify everyone when PaySAFE has secured the full transaction value. The transaction status will advanced to "Active" on both parties' dashboards indicating that the payment has cleared into the escrow account.
Step 5. Seller Completes Transaction as Agreed
The Seller is now required to complete the agreement as laid out in the Transaction details. This includes the Payment release terms.
Step 6. Seller requests Payment
Once the Seller has satisfied the Payment release terms, they will request a release of funds by clicking the “Request Payment” button. This Payment Request can be for Full or Partial payment. The Seller can also add additional comments and supporting documentation that will be forwarded with the payment request. PaySAFE will require the Seller to input their Bank account information. This will be the account that PaySAFe will deposit funds into once the Buyer has approved the Payment Request. The Sellers Bank account must be for the same name as in the Account profile.
The Buyer will be emailed with the payment request. There will be two options:
- If the Transaction has been completed as agreed then click the "Accept" button. By clicking "Accept" the Buyer authorizes PaySAFE to release the funds and acknowledges that the Seller has satisfied the Transaction.
- If the Transaction has not been completed according to the Transaction details, then click "Reject" button. You will be required to fill out the comment section detailing the additional work required. An email will be sent back to the Seller to complete. Once the work has been completed, the Seller will re-submit the Payment request and you will once again have option 1 or 2.
In the event that the Buyer requests a refund, the same process would be followed as if the Seller were requesting payment.
- The Buyer would log in to their PaySAFE account and click the “Request Refund” button.
- The Buyer must then include a comment explaining the reason behind the refund request.
- The Seller must then agree to the refund before any amount can be transferred back into the Buyer’s account.