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FAQ about Digital Deal

Last updated: November 1, 2018

1. What is Digital Deal?

BANKEX Digital Deal is a crypto escrow service for executing safe transactions when purchasing goods and services with cryptocurrency. The core Escrow system provides secure payment transfer between counterparties, while Smart Justice guarantees impartial dispute resolution with its decentralized arbitration system. All parts of the service operate using smart contracts on the Ethereum blockchain.

2. How does Digital Deal protect buyers?

With Digital Deal, either counterparty can set up the terms of a transaction. Buyers are obligated to pay in full only if all agreed-upon conditions are fulfilled. If goods or services provided by a seller are not of satisfactory quality, buyers have the right to make only partial payment or demand a full refund.

BANKEX Digital Deal deposits the agreed-upon payment to an escrow account, meaning that your counterparty won’t have access to it until the terms of the transaction are fulfilled.

3. How does Digital Deal protect sellers?

BANKEX Digital Deal releases payment in case of successful delivery of goods or services. Escrow-based payment deposit allows sellers to make sure that buyers have allocated the necessary funds to pay them.

4. How do I sign up with Digital Deal?

To start using Digital Deal, you will need to sign up with your Metamask account. If you don’t have a Metamask wallet, please download the extension and register at metamask.io. We strongly recommend using the latest version of Chrome or Firefox for optimal performance and security.

5. How do I create a transaction with Digital Deal?

To create a transaction, click on the “New Deal” button on the main page of the website. Then, fill out the transaction creation form, deposit funds, and wait for confirmation from your counterparty. Once the transaction is confirmed, it is considered complete and pending for approval. After the buyer confirms that the transaction conditions have been met, the funds are automatically transferred to the seller.

6. What if the quality of a product or service does not meet expectations?

If a buyer is not satisfied with the quality of the services provided, a seller may offer a full refund, a partial refund, or dispute the buyer’s decision with Smart Justice, where independent arbiters will resolve the dispute. The arbiters’ decision is executed automatically. The amount of payment under dispute is immediately transferred to the winning party. The arbiters’ decision is final.

7. What transaction information is necessary? How can I minimize the risk of dispute?

It is crucial to fill in all the fields of the transaction creation form as clearly and fully as possible. Come up with a name that will help you easily identify the deal. Describe in detail what you have agreed upon with your counterparty, what result you expect, how will the acceptance of services or goods take place, and any other conditions that will help your counterparty to understand the task and result you expect.

Attach any documents that can help your counterparty perform their task correctly and, in case of a dispute, assist the arbitrators in evaluating the deal and making a fair decision. This may include a detailed task description, screenshots of correspondence, photos, mockups, etc.

8. How much does it cost to create safe transactions with BANKEX Digital Deal?

Upon completion of a transaction, BANKEX Digital Deal charges a fixed commission of 2% of the deal’s amount. The parties can choose who pays the fee. In case of a dispute, you will need to pay an additional fee to reward the arbiters. Learn more about the terms and conditions of Smart Justice here: https://sj.bankex.com/howTo.

Still have any questions?