Buying with ProxiPay:
- All buyer and seller financial information is protected
- Available escrow capability with inspection period
- Dispute resolution services offered in rare situations where buyer and seller come to an impasse
It’s as easy as 1-2-3.
- Once an offer has been accepted, you will receive a Payment Summary with the total amount due, including any final fees or taxes. If the seller offers an inspection period, it will be noted on the Payment Summary.
- Deposit funds as noted in the Payment Summary.
- The seller will be notified when funds have been deposited into the escrow account and the inspection period (if applicable) will begin. Once the inspection period ends or if none is offered, the funds will be dispersed directly to the seller.
- Sale complete.
Frequently Asked Questions
What is ProxiPay?
- ProxiPay is a payment service that uses a third party escrow/payment service, PaySAFE, to secure wire transfers between seller and buyer.
- This service is integrated into the Buy Now|Make Offer platform.
What does escrow mean?
- Escrow is simply property held in trust by a third party to be turned over upon fulfillment of an agreement or contract.
What’s the difference between ProxiPay and Contact Buyer Directly?
- Contact Buyer Directly: When using this payment method, the seller contacts the buyer directly through the system’s messaging platform to provide payment instructions. No tracking, escrow or inspection time period is provided for in this method.
- ProxiPay: When using this payment method, the transaction between buyer and seller is monitored throughout, ensuring funds are received securely and both parties’ personal information remains secure. Escrow and inspection periods are integrated into this method.
Can I use ProxiPay for real estate transactions?
- No. Real estate transactions are restricted due to varying state regulations. This includes transactions involving deeds and timeshare ownership.
Can I use ProxiPay for transactions in a currency other than USD?
- No. Currently, ProxiPay supports only USD transactions.
Can I use an international bank account for a transaction in USD?
- Yes. For any legal goods transaction in USD, both the seller and buyer can use an international bank accounts to wire or receive funds. The countries where these bank accounts originate must be approved by the United States government for trade.
How does ProxiPay protect the Seller?
- ProxiPay protects sellers by verifying buyer funds before any exchange of items takes place. Not only does this eliminate the risk of non-payment or insufficient funds, but also guarantees serious buyers—not just window shoppers.
How does ProxiPay protect the Buyer?
- ProxiPay protects buyers by holding their funds in a neutral, third party bank account until their purchase agreement is completed. Funds cannot be pushed to the seller without the buyer’s approval—protecting against misrepresentation and keeping honest people honest.
Is my personal information safe with ProxiPay?
- Proxibid does not store seller or buyer bank account information.
- All user information is secured using 256-bit SSL encryption. Additionally, no banking information is shared between the buyer or seller and is only held for the duration of the transaction.
How does ProxiPay works with Proxibid’s Buy Now | Make Offer Platform?
- Once the seller and buyer have agreed on a price, the seller will request funds via ProxiPay.
- The seller enters the bank account information where funds should be received. Personal data is not stored.
- The transaction moves into a “Pending Funding” status.
- An email is sent to the buyer with the escrow bank account details.
- The buyer works with their bank to wire the funds to the escrow account. At no point will the buyer wire funds directly to the seller.
- When the inspection period has ended (or if no inspection is offered) the funds will be dispersed to the seller’s specified bank account.
What happens if the buyer does not send all the funds?
- If a buyer does not send the entire sum requested, the transaction will be placed in a “Partial Funding” status and will show the remaining balance.
- At this time, the seller has the option to wait for all funds to be submitted. If the buyer refuses to send the remaining funds, the seller is encouraged to contact their representative and work toward a resolution.
- The transaction will continue to display a “Partial Funding” status until all funds have been received.
What payment methods does ProxiPay accept?
- All transactions must be funded by bank wire transfers.
Can I change the item price after a ProxiPay transaction has been initiated?
- No. Item price cannot be changed after a transaction has been initiated. To amend the item price, a seller should consult the training guide or contact a representative for instructions.
How does a seller know all funds have been received?
- Once the buyer has sent all the funds to the escrow account, the transaction will be activated and the transaction will display “All Funds Received” status.
- An email notification will inform the users all funds have been received.
What happens if there is no inspection period set for a transaction?
- When all funds have been received, and NO inspection hours (inspection hours = 0) have been set by the seller, the funds will be automatically disbursed to all parties involved in the transaction (we allow 48h for the fund disbursement as some banks might operate on different schedules).
What happens if there is an inspection period?
- If the transaction has been activated, and seller has offered an inspection period, the funds will be held in escrow until the inspection period lapses or the buyer ends the inspection period by approving the item.
- If the buyer approves the item during the inspection period, the seller and buyer will receive notification emails that funds will be released.
- During the inspection period the buyer has the opportunity to file a dispute. An email with the dispute complaint will be sent to the seller and to the representative. The seller and buyer must come to a resolution and confirm the agreement with the representative to continue.
Can a buyer file a dispute?
- Yes, a buyer can file a dispute during the inspection period. An email with the dispute complaint will be sent to the seller and to the representative. The seller and buyer must come to a resolution, and confirm the agreement with the representative to continue.
When will funds appear in the Seller’s account?
- Payments will take 24-48 hours to show in the seller’s account and are dependent on banking business hours. All payments initiated prior to 3pm CT will be processed the same business day. Payments initiated after 3pm CT will be processed on the next business day. Please note: Payments initiated on Fridays after 3pm CT will not begin to be processed until the following bank business day—generally Monday morning barring any Federal holidays.
- If it has been longer than 3 business days since you were notified that your transaction has been processed, but no deposit is showing in your specified account, please contact your representative.
Where does ProxiPay keep my funds held in escrow?
- Proxibid/ProxiPay does not process the payments—our integrated partner, PaySAFE, will hold the funds in an FDIC insured, non-interest bearing designated escrow account and will disburse them only upon agreement by both parties.