Avoiding Scams - www.paywithshepard.com

[muagie]

Hi, all

 

This is my 1st post so be gentle , also not sure were i was suppose to post this but here goes:

 

So if your interested in something on the hub and cant view it because of well distance,

make the effort to contact the person ,get pics etc, ive even asked buyer to whatsapp me videos of the groupset and proove its all working via whatsapp - that also equals more verification then:

 

Once price is negotiated, i insist that the only way i will transfer my moola is if we doing it via:

 

www.paywithshepard.com

 

basically how it works:

Check out the five simple steps below:

 

Step 1: Buyer and Seller Agree on a Price

A buyer and a seller start e-mailing each other on an online classifieds site. They agree on a price and would like to trade secure using Shepherd. The seller kick starts the process by logging into Shepherd. The buyer is notified via e-mail and sent a unique transaction number.

Step 2: Buyer Pays Shepherd

The buyer logs in and finds the item using the unique transaction number. She pays the agreed amount and Shepherd keeps her money safe and secure. A notification is sent to the seller to tell him that the buyer’s payment has been reserved. The seller logs in, and pays our cheap courier rates. He then prints the waybill and waits for collection.

Step 3: Shepherd Sends Courier to Seller for Collection

The courier collects during office hours and gets the parcel on its way to the buyer.

Step 4: Buyer Inspects Goods Once Arrived

On delivery, the buyer opens the parcel and checks the item. She accepts or rejects it.

Step 5: Shepherd Releases Money to Seller When Accepted

If accepted, Shepherd releases the reserved payment to the seller - minus our miniscule fees. If rejected, the courier simply returns it to the seller and the buyer’s reserved payment is refunded - less the return courier fees. The courier still wants to be paid, see. But Shepherd will waive the transaction fees!

 

I at one time transferred the initial courier charge to the seller of R120 , better to risk R120 than the R3200 of the wheel set i wanted. I inspected goods and payment was released to seller.

 

I decided to post the info because the last 2 people i contacted to buy a groupset didn't know about this service.

My thinking this might just make things go far smoother for sales here on the hub -Ive used this 3 times now including items bought on gumtree.

 

  peace out - happy wheeling & dealing

 

[ahp005]

It looks good but then the seller must add another 3.95% on his price to cover for the service.

[River Rat]

Am not sure if this is indeed necessary but are you a registered financial service provider? I have a sneaky feeling that you need to be to offer this type of service.

[Skubarra]

Am not sure if this is indeed necessary but are you a registered financial service provider? I have a sneaky feeling that you need to be to offer this type of service.

 

Isn't that relevant to companies giving financial advice? Don't think it is the case here

[River Rat]

Not only advice but I think that as soon as you position yourself as a deposit taking institution you're also delivering a financial service as do all our banks. So a bank takes my money on deposit and loans it someone else and it's ability to ensure both transactions makes it to term is controlled by the FSB and ultimately the Reserve Bank. I'm thinking the OP's service might be different in that it is simply acting as an intermediary for a singular transaction but it might be interesting to hear from an expert.

[Skubarra]

Not only advice but I think that as soon as you position yourself as a deposit taking institution you're also delivering a financial service as do all our banks. So a bank takes my money on deposit and loans it someone else and it's ability to ensure both transactions makes it to term is controlled by the FSB and ultimately the Reserve Bank. I'm thinking the OP's service might be different in that it is simply acting as an intermediary for a singular transaction but it might be interesting to hear from an expert.

 

I'm not the expert that would be interesting to hear from but the FSB does not control/regulate banking services, that's the job of the Reserve Bank. 

 

I'm not sure this qualifies as a financial service, this is merely a process assisting a transaction.

[River Rat]

FSB has a say over the following acts:

 

 
Collective Investment Schemes Control Act (Act 45 of 2002)

Credit Rating Services Act (Act 24 of 2012)

Financial Advisory and Intermediaries Services Act (FAIS Act)(Act 37 of 2002)

Financial Institutions (Protection of Funds) Act (Act 28 of 2001)
{C}
Financial Markets Act (Act 19 of 2012)

Financial Services Board Act (Act 97 of 1990)

Financial Services Ombud Schemes Act (Act 37 of 2004)

Financial Supervision of the Road Accident Fund Act (Act 8 of 1993)

Friendly Societies Act (Act 25 of 1956)

Inspection of Financial Institutions Act (Act 80 of 1998)

Long-term Insurance Act (Act 52 of 1998)

Pension Funds Act, 24 (Act 24 of 1956)

Short-term Insurance Act (Act 53 of 1998)

​So I guess they have some say over the Banks as financial institutions when they transact under any of the above legislations, but you're correct that ultimately the Reserve Bank controls them. I wonder if any of the above acts affects the OP but I'm too lazy to read these acts but I would hazard a guess at the Financial Intermediaries one.

[Skubarra]

FSB has a say over the following acts:

 

 

Collective Investment Schemes Control Act (Act 45 of 2002)

 

Credit Rating Services Act (Act 24 of 2012)

 

Financial Advisory and Intermediaries Services Act (FAIS Act)(Act 37 of 2002)

 

Financial Institutions (Protection of Funds) Act (Act 28 of 2001)

{C}

Financial Markets Act (Act 19 of 2012)

 

Financial Services Board Act (Act 97 of 1990)

 

Financial Services Ombud Schemes Act (Act 37 of 2004)

 

Financial Supervision of the Road Accident Fund Act (Act 8 of 1993)

 

Friendly Societies Act (Act 25 of 1956)

 

Inspection of Financial Institutions Act (Act 80 of 1998)

 

Long-term Insurance Act (Act 52 of 1998)

 

Pension Funds Act, 24 (Act 24 of 1956)

 

Short-term Insurance Act (Act 53 of 1998)

​So I guess they have some say over the Banks as financial institutions. I wonder if any of the above acts affects the OP but I to lazy to read these acts but I would hazard a guess at the Financial Intermediaries one.

 

OK I googled FSB

 

Who we are

The Financial Services Board (FSB) is an independent institution established by statute to oversee the South African Non-Banking Financial Services Industry in the public interest. Its mission and vision are to promote and maintain a sound financial investment in South Africa.

 

They would obviously have a say over banks in the sense that banks also provide other financial services like insurance, but not the banking functions itself.

 

But I get your point on it being regulated, if you click on the link Standard Bank is involved - so I'm sure it's above board.

[velomonatiCT]

Hi, all

 

This is my 1st post so be gentle , also not sure were i was suppose to post this but here goes:

 

So if your interested in something on the hub and cant view it because of well distance,

make the effort to contact the person ,get pics etc, ive even asked buyer to whatsapp me videos of the groupset and proove its all working via whatsapp - that also equals more verification then:

 

Once price is negotiated, i insist that the only way i will transfer my moola is if we doing it via:

 

www.paywithshepard.com

 

basically how it works:

Check out the five simple steps below:

 

Step 1: Buyer and Seller Agree on a Price

A buyer and a seller start e-mailing each other on an online classifieds site. They agree on a price and would like to trade secure using Shepherd. The seller kick starts the process by logging into Shepherd. The buyer is notified via e-mail and sent a unique transaction number.

Step 2: Buyer Pays Shepherd

The buyer logs in and finds the item using the unique transaction number. She pays the agreed amount and Shepherd keeps her money safe and secure. A notification is sent to the seller to tell him that the buyer’s payment has been reserved. The seller logs in, and pays our cheap courier rates. He then prints the waybill and waits for collection.

Step 3: Shepherd Sends Courier to Seller for Collection

The courier collects during office hours and gets the parcel on its way to the buyer.

Step 4: Buyer Inspects Goods Once Arrived

On delivery, the buyer opens the parcel and checks the item. She accepts or rejects it.

Step 5: Shepherd Releases Money to Seller When Accepted

If accepted, Shepherd releases the reserved payment to the seller - minus our miniscule fees. If rejected, the courier simply returns it to the seller and the buyer’s reserved payment is refunded - less the return courier fees. The courier still wants to be paid, see. But Shepherd will waive the transaction fees!

 

I at one time transferred the initial courier charge to the seller of R120 , better to risk R120 than the R3200 of the wheel set i wanted. I inspected goods and payment was released to seller.

 

I decided to post the info because the last 2 people i contacted to buy a groupset didn't know about this service.

My thinking this might just make things go far smoother for sales here on the hub -Ive used this 3 times now including items bought on gumtree.

 

  peace out - happy wheeling & dealing

 

 

this service has been "advertised" on the bikehub before it was met with quite a lot of silence that time also

 

just saying ....

[GrahamS2]

Not only advice but I think that as soon as you position yourself as a deposit taking institution you're also delivering a financial service as do all our banks. So a bank takes my money on deposit and loans it someone else and it's ability to ensure both transactions makes it to term is controlled by the FSB and ultimately the Reserve Bank. I'm thinking the OP's service might be different in that it is simply acting as an intermediary for a singular transaction but it might be interesting to hear from an expert.

A transferring attorney essentially offers the same service - acting as an impartial 3rd party holding funds until the deal is complete. They are not FSB approved, but they do need to have a fidelity fund certificate in order to accept funds as a 3rd party. I think that might be quite relevant to this type of transaction, as it provides security to the buyer that his money won't disappear.

[River Rat]

We're on the same page.

 

It just struck me that this type of transaction ( and I believe it is a necessary service) needs to have some regulation or a guarantee process as pointed out by GrahamS2. Perhaps the OP might want to look at this and it might be the reason as to why the take up has been slow. As for the Standard Bank connection that doesn't necessarily address the risk unless Standard Bank are guaranteeing the process which I'm sure they won't, I think they simply provide the Escrow account.

[Skubarra]

We're on the same page.

 

It just struck me that this type of transaction ( and I believe it is a necessary service) needs to have some regulation or a guarantee process as pointed out by GrahamS2. Perhaps the OP might want to look at this and it might be the reason as to why the take up has been slow. As for the Standard Bank connection that doesn't necessarily address the risk unless Standard Bank are guaranteeing the process which I'm sure they won't, I think they simply provide the Escrow account.

 

According to the website Standard Bank is a partner and there is even an endorsment from a senior manager.

 

Sure they would have done their due diligence because if something goes wrong Standard Bank's name would also be dragged through the mud

[PayWithShepherd]

Am not sure if this is indeed necessary but are you a registered financial service provider? I have a sneaky feeling that you need to be to offer this type of service.

Hi River Rat. Only picked up on this conversation. We're registered with PASA (Payments Association of South Africa). Hope this answers! Martin

[PayWithShepherd]

We're on the same page.

 

It just struck me that this type of transaction ( and I believe it is a necessary service) needs to have some regulation or a guarantee process as pointed out by GrahamS2. Perhaps the OP might want to look at this and it might be the reason as to why the take up has been slow. As for the Standard Bank connection that doesn't necessarily address the risk unless Standard Bank are guaranteeing the process which I'm sure they won't, I think they simply provide the Escrow account.

Hi River Rat. Standard bank is guaranteeing the process. That is why they allow us to use their name. Hope this answers! Martin

[Karman de Lange]

Don't shepherded  have to pay buyer/seller interested on the money they holding while transaction is in progress as per normall "holding/deposit" services?

 

I did not read first post so just ignore if they do