Each transaction goes through seven steps:
1. Agreement:
The parties agree on the transaction details, including the parties involved, what is being sold, and how the amount will be distributed. No money is transferred at this stage.
2. Payment:
The buyer pays Waffy directly using the payment method enabled for your organization, such as a card, digital wallet, or bank transfer.
3. Holding the funds:
Waffy holds the funds securely. Neither party has access to the money at this stage.
4. Delivery:
The seller completes the delivery outside Waffy. Your platform is the only trusted source for confirming whether the delivery has taken place.
5. Confirmation:
Your platform marks the contract as accepted or rejected.
6. Settlement:
Your platform sends a request specifying how the funds should be distributed, including the seller’s share, your organization’s share, and any amount to be returned to the buyer, if applicable.
7. Withdrawal:
Waffy processes the distribution. The seller’s and buyer’s shares are transferred directly to their registered bank accounts, while your organization’s share remains with Waffy until you request a withdrawal.
Important: The buyer never sends money directly to the seller at any point in this process. All funds move through Waffy, both when making the payment and when issuing any refunds or distributions.