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.
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.
Escrow is a contractual arrangement where a third party receives, and then disburses funds on behalf of two other parties subject to certain conditions.
CheckVault are an Australian owned and operated private company.
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.
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.
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.
All money in CheckVault is deposited in at-call accounts and immediately accessible.
Yes. All funds in escrow are kept in segregated escrow accounts under the control of Perpetual Corporate Trust.
The minimum amount is an offer can be is $1,000.
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.
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.
How to enter:
To be eligible to win the new Bates saddle you must make a purchase through Equine SafePay - on any applicable item advertised on the Horsezone website - and complete the transaction through Equine SafePay (Checkvault) by midnight AEST Tuesday 31 January 2017.
Winner evaluation process:
The winning entry will be selected at random from all users of Equine SafePay who have completed a transaction between Friday 1 July 2016 and midnight AEST Tuesday 31 January 2017.
Drawn AEST Thursday 2 February 2017 at 2.00pm at the Horsezone office, 1 Young Street, Randwick 2031.
The winner will be notified by email and the results will be published on the Horsezone website and in the Horsezone weekly Newsletter on Friday 3 February 2017.
The promoter is Horsezone.com.au | 75 000 011 307 | (02) 9399 7999
1 Young Street, Randwick NSW 2031