How does Payment work?
We offer two types of payment to our users. For the wholesale purchase buyer must use Bevo Shelves Escrow Payment, and for the Merchandise and Sample box buyer must use Bevo Shelves Fast check out.
Ensuring safe payment on our platform is one of our main priorities, peace of mind for buyers and sellers can make trading much more accessible and efficient.
1. Bevo Shelves Escrow facilitates the flow of sale proceeds from Buyers to Sellers.
By utilising Bevo Shelves, Escrow funds from a Buyer will be held in escrow with one of the largest ASX listed independent and diversified financial services groups (market cap >A$2B) (Escrow Agent) in a bank account with either ANZ or Westpac.
The funds will not be released from escrow until BOTH the Seller and the Buyer have confirmed to the Escrow Agent that they wish to proceed to completion of the transaction and that the funds may be disbursed by the Escrow Agent as directed by the Seller.
The fee for this Bevo Shelves Escrow service is paid on completion from the Sale Consideration.
To be clear, Bevo Shelves never touches or controls these escrow funds; instead, BOTH the Buyer and the Seller each retain complete control and ownership at all relevant times.
What are the advantages of Bevo Shelves Escrow?
Bevo Shelves Escrow is more efficient and effective for both Buyer and Seller and should expedite transaction completion. Bevo Shelves believes its Escrow Service platform is “best practice” for the provision of escrow services while protecting both Buyer and Seller.
2. Bevo Shelves Fast Check out. Buyer must use fast check out for ordering sample box or sample merchandise. Once you are using fast check out, sellers instantly receive the fund, so they process the order for fast delivery. For Bevo Shelves Fast check out, you can use PayPal, Credit card, Google Pay and Stripe.
Escrow is a contractual arrangement where a third party receives, and then disburses funds on behalf of two other parties subject to certain conditions.
The Escrow Agent is one of the largest ASX listed independent and diversified financial services group with a market capitalisation in excess of A$2B and a leading provider of corporate trustee services both within Australia as well as globally.
The Escrow Agent has a highly regarded expertise in legal, accounting and funds management.
There is a statutory requirement to collect and verify information on all users of Bevo Shelves Escrow in order to comply with Anti-Money Laundering and Counter-Terrorism Financing legislation (AML) as well as Know Your Client (KYC).
Thus, in accordance with best practice and as required for all similar escrow services, the use of the Bevo Shelves Escrow requires both the Seller and the Buyer to satisfy all AML and KYC obligations. All accounts undergo a simple but robust identification check to confirm your identity as an individual or company.
Bevo Shelves Escrow has a fully digital process for AML and KYC on-boarding of both Seller and Buyer which is simple to navigate and should take less than a couple of minutes to complete.
These processes target fraud and provide comfort of the bona fides and legitimacy of the counterparty Buyer and Seller.
Once the transaction funds have been paid by the Seller into Bevo Shelves Escrow the money remains secured by the Escrow Agent and will not be released by the Escrow Agent until:
- The Buyer notifies the Escrow Agent that it is satisfied that it has received all transfer documentation and other actions have been completed and that the Buyer agrees to pay out of the Escrow Account the Purchase Consideration; AND
- The Seller notifies the Escrow Agent that it is wishes to complete the sale transaction and is ready to receive the Sale Consideration into the Seller’s pre-nominated bank account.
Simplistically, no money changes hands until both Buyer and Seller have confirmed the transaction is ready for completion.
The Escrow funds should not be deposited until such time as both Seller and Buyer are each ready, willing and able to formally exchange all transfer documentation in order to complete the proposed transaction.
The Buyer and Seller must both agree before any funds are sent to the Seller or Buyer. 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 is in the utmost interest of both parties to resolve any disputes to access the escrow funds. In the event that a dispute cannot be resolved after 10 days or more from the initial request to release funds the dispute may be forwarded to an appropriate court or tribunal. The Escrow Agent will then release the funds as directed by the court or tribunal. All parties involved in the Escrow Service are entitled under the Escrow Deed to claim legal costs from the funds held in Escrow to the extent awarded by the court or tribunal.
Bevo Shelves never touches or controls the escrow funds. BOTH the Buyer and the Seller each retain full control and ownership at all relevant times. Bevo Shelves is not a party to the actual transaction (nor does Bevo Shelves make any recommendation or representation) but merely Bevo Shelves assists both Seller and Buyer with the practicalities of the transaction.
Escrow monies are held by the Escrow Agent and when a release request is approved by both Seller and Buyer the Escrow Agent will make the payment directly to the appropriate party or parties.
Yes. All funds in Escrow are kept in segregated Escrow accounts under the control of the Escrow Agent.
The Buyer can make payments into Bevo Shelves Escrow via bank transfer or BPAY. Please note that Bevo Shelves Escrow does not accept cash, cash deposits or cheques.
Each Buyer and Seller can access their respective Escrow Accounts on their smart phones, iPads, other devices and computer. Complete transactions from anywhere.
The fee payable by both Buyer and Seller to Bevo Shelves in respect of all parties providing the Bevo Shelves Escrow Service is a nominal amount which is agreed as between Bevo Shelves on the one part and the respective Buyer and Seller on the other. From this fee, Bevo Shelves pays all fees to the Escrow Agent plus bank charges for using the escrow facility.
All Buyer and Seller data is housed in ASIO T4 and PCI DSS compliant facilities in Australia in compliance with the State Records Act (NSW) 1998.
All Escrow funds are deposited in an at-call bank account with either ANZ or Westpac.
All parties dealing with the Escrow Service hold all necessary Australian Financial Services Licence (AFSL) and are authorised independent remittance dealers registered with AUSTRAC.