The transaction timeline mainly depends on the execution and inspection periods set by the person who creates the transaction, as well as whether a dispute is raised.
Setting the execution and inspection periods
- When creating the transaction, set the execution period between 5 and 100 days.
- Set the inspection period between 2 and 100 days.
- If you do not change the default settings, the execution period is 5 days and the inspection period is 2 days.
Payment and holding the funds
- The payment is confirmed once it is completed, and the full amount is immediately held in Waffy’s escrow account.
When the inspection period ends without a response
- The funds are automatically released to the seller if the inspection period ends without the buyer accepting or rejecting the transaction.
Transferring the funds to the seller
- The transfer to the seller’s bank account takes 1 to 7 business days after the buyer confirms receipt.
If the transaction is escalated
- The dispute resolution team contacts both parties within 48 business hours of the escalation.
- The team issues a decision within 7 business days after the escalation is closed.
Overall, a transaction can take around a week with the default periods, or several months if longer execution and inspection periods are selected.