Verinet Escrow description

Introduction to VERiNET

VERiNET Mobile App has taken online buying and selling to a whole new level. Buyers can now use VERiNET to pay for products or services without the fear of non- delivery or non-conformity to the agreed specifications, standards or scope. VERiNET is currently available on Android and working on IOS platform. This easy to use App operates on the principle of escrow as outlined below and is fully automated:

1. Buyer and seller agree on terms
2. Buyer deposits money in favor of the seller on VERiNET platform
3. Seller ships the merchandise or delivers the agreed service
4. Buyer inspects & approves goods or service
5. VERiNET releases money to the seller

How disputes are handled at VERiNET

VERiNET is a well thought out App with an inbuilt dispute handling mechanism. Disputes are mostly related to non-delivery within the agreed time frame or non-conformity to the agreed product specifications, standards or scope of task. The App allows the buyer an opportunity to describe the product or service being paid for right at the point of initiating a new transaction. As soon as the buyer initiates a dispute from within the App, a link will be provided allowing the buyer to upload any other supporting evidence to the claim. The Seller will have a chance to respond to the claim. The Arbitration Team at VERiNET will rely on the evidence presented on the platform to make the final determination.

Funding a VERiNET account

Currently VERiNET supports M-pesa but will be announcing other funding sources soon. Stay tuned