This is meant for two people who see each other in person. A
buyer in a store with some sort of ID, or when the seller has an
ID.
After a period of two months, via a verification process through
credit cards and codes sent to the phone, it can also be used
for
online sales.
You want
to sell your car but the buyer doesn't have the money
right now? Your willing to give them "credit" to pay in 3
installments? Here's how to do so without credit cards, without
banks and even without checks. It's legally binding proof that
the second party agreed to pay on time, and agreed to pay
even more if they don't pay on time. (We give them three
steps, so it's fair and not "draconian". )
Both seller and buyer must be members of CreditFaith and
after signing up via the website they have CreditFaith in their
contacts,
and opens a Whatsapp Group with CreditFaith.
The initiator of the sale (buyer or seller) writes to CreditFaith
on
Whatsapp which starts a bot-assisted discussion. S/he is asked
(or
perhaps already said) if they are buying or selling, and give the
other parties phone number.
A new group is opened in Whatsapp by CreditFaith with the
three:
Seller, Buyer, and CreditFaith. It writes the details of the buyer
and seller and if needed, asks the two to confirm each other's
details, and to confirm that they wish to have a deal with each
other.
The buyer is asked to agree to give the seller her/his details,
and
then the seller will see the buyer's status: How much s/he owes
in
total (the buyer's "obligato"), how much they typically pay per
month, and any warnings or complaints about them.
If it's an online sale, the seller will similarly give out their
status
to the buyer, like how many sales they make per year, and if
there were complaints.
The app asks the seller what they are selling and at what
terms.
The buyer then agrees.
CreditFaith will advise the seller to add a clause that if the
payer
does not pay on time, an extra fee (at the cost of taking them
to
court) will entail. (The price of this will be a fixed number + a
percentage, and will be given in the advice message).
CreditFaith can supply lawyers in your country at a low price (a
percentage of the deal) to assist you in getting your money if
the
other party has not paid or is denying the deal.
Warnings can only be given by members of the deal. For an
extra
fee CreditFaith can look up the person in the deal, requested
by the other party, in advance.
The question now is: How do we (the HalfBakery team of
CreditFaith) make money from it? Perhaps we take a first time
commission from each member, or a small yearly fee?
For an extra fee we let you retrieve the conversations on our
servers. For extra security we can ask you to turn on your
location, and somehow have that relayed to us. HBers, your
thoughts? Also we can ask each one to take a picture of the
other.