How Payfair platform works.
The main objective of the guarantor is to ensure the fairness of the transaction.
Let's analyze point by point how it works (step-by-step sequence of actions):
1. Using the framework of our platform, the Buyer invites the Seller (or Vice versa) via a unique link. Using this link, you can track the current state of the application and manage it.
2. Further, the Buyer gives all the details and conditions of transaction and exposes them to the seller (or Vice versa).
3. The Seller negotiates with all the details and conditions of transaction with the Buyer (or Vice versa), and gives his(her) consent.
4. Once the buyer and seller have agreed on the terms, the seller sets the transaction state to "requirements were met".
5. If the buyer is satisfied with the conditions, he confirms the conditions. Funds from the Deposit are transferred to the seller. The transaction is considered completed.
6. If one of the parties (buyer or seller) was unhappy with the deal - requirements were not met, for example, they can dispute the transaction and they have the right to call for the GUARANTOR.
7. The guarantor is required to observe the rules of the transaction, monitor compliance with regulations on the part of the parties to the transaction. The main purpose of the guarantor is to settle disputes between Buyer and Seller and to exclude all possible risks that may arise in the transaction process.
8. Details of the work of the guarantor: to support the deal 3 independent guarantors are called, who evaluate the terms of the transaction, listen to the arguments of both the parties involved in the transaction, trying to find a compromise, to make amends to the deal for the subsequent unanimous, positive and correct decisions, thereby put an end to the dispute and proceed the transaction or its cancellation.
If 3 guarantors can't find a common consensus for a certain transaction, the next chain of guarantors will step, also trying to come to any decision on the transaction, until the chain of ("3 in a sequence") decisions is looped and the consensus is found.