💰 How do payments work on Neworn?

The Payment Process of Neworn

Here is a detailed step-by-step guide on how payments are processed at Neworn and why we use this method:

1. Add items to the cart

   Add all your desired items to the cart.

2. Payment request:

   • When the seller accepts the buyer's request, a payment request is sent to the buyer.

   • The buyer receives a notification with the payment details.

3. Payment processing:

   • The buyer pays for the item through the Neworn platform. You can pay for all your items collectively.

   • The payment is transferred to a secure escrow account with a third party. This step is important as the escrow account keeps the payment secure until the transaction is completed.

   • Using an escrow service ensures that the funds are only released once both parties have fulfilled their obligations, providing an additional layer of security and trust.

4. Payment confirmation:

   • Once the payment has been processed, the seller receives a confirmation notification that the payment has been made and is held in the escrow account.

   • This confirmation allows the seller to proceed with the transaction, knowing that the buyer has already paid.

5. Shipping the item:

   • The seller prepares the package and sends it to the buyer.

   • The seller updates the shipping status in the Neworn app and provides tracking information if available.

6. Receipt confirmation:

   • The buyer receives the package and confirms receipt in the Neworn app.

   • This step ensures that the buyer has received the item in satisfactory condition before the funds are released to the seller.

7. Transfer of funds:

   • Once the buyer confirms receipt, the money is transferred from the escrow account to the seller.

   • This ensures that the seller is promptly paid after fulfilling their part of the transaction.

Why We Use This Method:

• Security: Using an escrow account ensures that the payment is secure and is only released once both parties have completed their parts of the transaction. This reduces the risk of fraud.

• Trust: Buyers and sellers can trust that the platform will handle the transaction fairly, as the funds are securely held until the buyer confirms receipt of the item.

• Transparency: Both buyers and sellers receive notifications at every step, keeping everyone informed about the status of the transaction.

• Efficiency: This method streamlines the payment process, reduces potential disputes and delays, and ensures a smooth transaction experience for both parties.