Equine SafePay

Inglis Digital and Escrow Service provider Check Vault have partnered to introduce Equine SafePay, Australia and New Zealand's first Online Escrow Service aimed to help customers wanting to buy and sell horses online safely, and to avoid online scammers with confidence.
Australia's largest Equestrian and Performance Horse site, Horsezone.com.au will exclusively offer the service across their site starting from September 2015 with the service becoming automatically available for offers over $1,000.
The Equine SafePAY service is simple;
  1. The buyer makes an offer to purchase
  2. The seller accepts or rejects the offer
  3. If accepted, the buyer then transfers the money into an Escrow account (Perpetual Corporate Trust the escrow agent)
  4. The horse or item is then transferred to the buyer
  5. Once the horse or item arrives, the buyer approves the release of the funds to the seller
You will see Equine SafePay Make an Offer Button near the enquiry box on each listing.
Make an offer button
Equine SafePay infographic

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.

The competition will commence on Friday 1 July 2016.

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.

Prize includes:

  • A new Bates saddle, style to be chosen by the winner, up to the value of $4800.00.

Prize drawn:

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.

Other conditions:

  1. Entries are open to any resident of Australia
  2. Employees of Horsezone, Inglis Digital or Inglis or their family members or anyone else connected in any way with the competition or helping to set up the competition shall not be permitted to enter the competition.
  3. The promoter reserves the right to cancel or amend the competition and these terms and conditions without notice in the event of a catastrophe, war, civil or military disturbance, act of God or any actual or anticipated breach of any applicable law or regulation or any other event outside of the promoter’s control. Any changes to the competition will be notified to entrants as soon as possible by the promoter.
  4. The promoter is not responsible for inaccurate prize details supplied to any entrant by any third party connected with this competition.
  5. No cash alternative to the prizes will be offered. The prizes are not transferable. Prizes are subject to availability.
  6. The winner will be notified by email and/or letter within 28 days of the closing date. If the winner cannot be contacted or does not claim the prize within 14 days of notification, we reserve the right to withdraw the prize from the winner and pick a replacement winner.
  7. The promoter will notify the winner when and where the prize can be collected.
  8. The promoter’s decision in respect of all matters to do with the competition will be final and no correspondence will be entered into.
  9. By entering this competition, an entrant is indicating his/her agreement to be bound by these terms and conditions.
  10. The competition and these terms and conditions will be governed by Australian law and any disputes will be subject to the exclusive jurisdiction of the courts of Australia.
  11. The winner agrees to the use of his/her name and image in any publicity material. Any personal data relating to the winner or any other entrants will be used solely in accordance with current Australian data protection legislation and will not be disclosed to a third party without the entrant’s prior consent.
  12. Entry into the competition will be deemed as acceptance of these terms and conditions.
  13. This promotion is in no way sponsored, endorsed or administered by, or associated with, Facebook, Twitter or any other Social Network. You are providing your information to Horsezone and not to any other party.

The promoter is Horsezone.com.au | 75 000 011 307 | (02) 9399 7999
1 Young Street, Randwick NSW 2031

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