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Introducing Bike Hub Pay: Buyer & Seller Protection


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We're excited to announce the launch of our buyer and seller protection service. Bike Hub Pay is a new payment service which offers peace of mind by allowing you to transact safely and securely.

Click here to view the article

 

 

Unfortunately, there is a lot of entities trolling the web with no honest & pure intensions.

 

This excellent, thanks guys.  Will provide protection for both buyer and seller ...   :thumbup:

 

PS: I suppose you cant make it mandatory?

Edited by Theog
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Excellent!

The 3% fee is small price to pay for peace of mind.

 

I assume you can then set the negotiated price before the buyer makes payment?

 

If the buyer is using a credit card the seller will pay a higher fee to offset the card fees. How will the seller know that this is what the buyer used for payment?

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Thanks for the positive feedback. We're really excited to finally get this out.
 

PS: I suppose you cant make it mandatory?

 
We have no plans to make it mandatory. Buyers can always elect to avoid sellers who refuse to use it.

Our current thinking is that a free-to-use classifieds for private users is important for the continued success of Bike Hub.
 

I assume you can then set the negotiated price before the buyer makes payment?

 

In most cases, we're assuming that sellers and buyers would have agreed on a price in their discussion/negotiations before initiating the Bike Hub Pay deal.

Even so, the Seller can reject an offer from a Buyer if it does not meet their expectations with a note to the Buyer giving the reasons. The Buyer can then make an amended offer. So yes, there is a some negotiation built into the process.
 

If the buyer is using a credit card the seller will pay a higher fee to offset the card fees. How will the seller know that this is what the buyer used for payment?

 
The buyer using the credit card will pay the additional fee, not the seller. We're also hoping to bring this credit card fee down a little bit as the service grows.

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This is cool, I've often hesitated to buy something due to the risks involved.

 

This seems to provide more protection for the buyer than seller, which is understandable. What happens if the buyer doesn't confirm delivery? Can the seller provide the courier's records?

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This seems to provide more protection for the buyer than seller, which is understandable. What happens if the buyer doesn't confirm delivery? Can the seller provide the courier's records?

 

Although, not yet automated on our system. In the case of dispute about delivery, we will confirm the delivery time with the courier and if more than 48 hours has passed, we will confirm the delivery. Unless the Buyer has good reason for the delay that all parties are happy to accept.

 

The Seller is required to enter courier tracking details before they can proceed to mark the item as Shipped, which is shared with the Buyer too.

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Although, not yet automated on our system. In the case of dispute about delivery, we will confirm the delivery time with the courier and if more than 48 hours has passed, we will confirm the delivery. Unless the Buyer has good reason for the delay that all parties are happy to accept.

 

The Seller is required to enter courier tracking details before they can proceed to mark the item as Shipped.

 

One possible snag is that I've seen that couriers often let anyone sign for a parcel, often not asking for ID.

 

Anyway, this escrow service is cool and should help with sales :)

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One possible snag is that I've seen that couriers often let anyone sign for a parcel, often not asking for ID.

This could be a snag, but in a scenario where a parcel is said to be delivered (by the seller and /or the courier) we'd open a dispute and hold the funds while resolution / investigation is in progress. 

 

The 48 hour window Nick describes above would really be a fail safe in the event that a buyer goes completely silent, doesn't confirm delivery, hasn't raised any disputes and is uncontactable. In that scenario, we'd release the funds to the seller 48 hours after confirmed delivery.

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If the buyer is using a credit card the seller will pay a higher fee to offset the card fees. How will the seller know that this is what the buyer used for payment?

You can transfer funds via EFT or Credit Card* with Bike Hub Pay.

*Additional fees do apply where a deal is funded via Credit Card.

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Do you have a target date when it will be up and running?

 

Edit:  Nevermind, look like it already is.

Edited by Theog
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