There are two types of payment methods in VeriMoney. They are 「Instant Payment」 and 「Verified Payment」. The buyer (importer) can choose one of these as he starts the transaction.
When the buyer chooses Instant Payment, the money is transferred to the seller (exporter) immediately after the buyer sends VeriMoney, just like online banking. Therefore, Instant Payment must be selected only when the buyer can trust the seller 100%. The main use for Instant Payment is when the buyer sends a payment to a trusted seller or business partner in real time.
When the buyer chooses Verified Payment, the money is transferred to the seller through a mutual verification process that has the advantage of escrow. If the buyer can not 100% trust the seller, Verified Payment is the right choice. Selecting Verified Payment will allow both buyers and sellers to protect themselves in high-risk international trade. Verified Payment will proceed through the following three steps:
Step 1 Buyer Makes Payment
The buyer makes a payment. But the payment is not sent to the seller and the payment's status becomes "In Reserve". VeriMoney then assigns a 10-digit code to both buyer and seller. To the buyer, a RLVN (ReLease Verification Number) is assigned; to the seller, a RFVN (ReFund Verification Number).
Step 2 Seller Offers Product/Service
The seller offers the buyer the product or service after checking that the payment is "In Reserve".
Step 3 Buyer Confirms
After receiving the product or service, the buyer sends the RLVN to the seller. When the seller enters the RLVN into VeriMoney, the payment is fully released to the seller's account.
If the buyer requests a refund and the seller accepts it, the seller sends the RFVN to the buyer. When the buyer enters the RFVN into VeriMoney, the payment is fully refunded to the buyer's account.