- The buyer makes an offer to purchase
- The vendor accepts or rejects the offer
- If accepted, the buyer then transfers the money into an Escrow account (Perpetual Corporate Trust the escrow agent)
- The horse can then be transferred to the buyer, as agreed between the two parties
- And the buyer approves the release of the funds to the vendor
Equine SafePay FAQ's
- How does Equine SafePay work?
- What is Equine SafePay?
- What is escrow?
- Who is CheckVault?
- How is CheckVault different from traditional escrow?
- Who holds the money?
- What if the other party won't approve the release of funds?
- Is the money invested in the stock market?
- Are escrow funds segregated?
- How much needs to be secured in Equine SafePay?
- How do I make payments into Equine SafePay?
- Why do I need to verify my identity?
How does Equine SafePay work?
The buyer makes an offer with a certain price for an item on the website. The seller accepts/rejects the offer. If accepted the funds are paid into Equine SafePay by the buyer, and both parties are advised the funds are secured in CheckVault Platform. Once the conditions for release are met, the seller requests release of part/all of the funds. If the buyer approves, the funds are released and paid by Perpetual Corporate Trust as directed.
What is Equine SafePay?
Equine SafePay is an initiative by Inglis Digital to provide an extra layer of security for 2 parties to complete the sale transaction, for an item on one of our sites www.bloodstock.com.au and www.horsezone.com.au. Equine SafePay is powered by the Check Vault ESCROW Platform, using Perpetual Corporate Trust as the custodian.
What is escrow?
Escrow is a contractual arrangement where a third party receives, and then disburses funds on behalf of two other parties subject to certain conditions.
Who is CheckVault?
CheckVault are an Australian owned and operated private company.
How is CheckVault different from traditional escrow?
Traditionally the escrow provider held the money. In CheckVault's case we have arranged for another party - Perpetual Corporate Trust - to act as escrow agent. This is to provide an added layer of security for our clients.
Who holds the money?
Money in Equine SafePay is paid directly to, and held by Perpetual Corporate Trust. When a release request is approved by both parties CheckVault passes this information on to Perpetual who make the payment directly to the appropriate party or parties.
What if the other party won't approve the release of funds?
For money held between two parties in Equine SafePay, mutual agreement must be received before any funds are sent to the seller or buyer. The exception is where the buyer has the option to release all funds to the seller as expedited payment.
Neither party can simply "withdraw" the money. Sellers cannot access funds without the approval of the buyer. Likewise, buyers cannot withdraw the funds without the action first being proposed by the seller. It's therefore in the utmost interest of both parties to resolve disputes to access the funds held in Equine SafePay.
In the event a dispute cannot be resolved by the two parties, CheckVault may forward the matter to the appropriate court or tribunal after 10 days or more from the initial request to release funds. CheckVault will then release the funds as directed by the court. Both CheckVault and Perpetual Corporate Trust are entitled under the Escrow Deed to claim legal costs from the funds held in escrow in this regard.
Is the money invested in the stock market?
All money in CheckVault is deposited in at-call accounts and immediately accessible.
Are escrow funds segregated?
Yes. All funds in escrow are kept in segregated escrow accounts under the control of Perpetual Corporate Trust.
How much needs to be secured in Equine SafePay?
The minimum amount is an offer can be is $1,000.
How do I make payments into Equine SafePay?
You can make payments into Equine SafePay via bank transfer or BPAY using your credit card.
Please note that Equine SafePay does not accept cash, cash deposits or cheques. These funds will be returned to you at your expense.
Why do I need to verify my identity?
CheckVault is required to collect and verify information on all clients in order to comply with Anti-Money Laundering and Counter-Terrorist Financing legislation. You may pass the required ID checks online or you may receive a phone call from our office to confirm your identity as an individual or company. It's easy and takes less than 2 minutes in most cases.