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Anti-fraud Escrow Payment System

Seller POV:

  1. I want to sell my product to marketplace but I don't have my own transport service to deliver my product to the Buyer.
  2. I can appoint a third party transport service to pickup my product and deliver to the Buyer.
  3. My product is legit and I'm afraid the Buyer will cancel the transaction unreasonably.
  4. I'm concerned about the possibility of the Courier taking my product without delivering it to the Buyer, leading to a potential scam.

Buyer POV:

  1. I saw a good product in marketplace and I want to buy it.
  2. I'm afraid to get scammed online. I'm willing to pay when I'm sure the product is legit and I checked it personally.
  3. I want to cancel the transaction if the product is not as advertised.

Courier POV:

  1. I want to earn by delivering products from Sellers to Buyers.
  2. I'm afraid to get scammed if I pay upfront on behalf of the Buyer and I later find out the product is not legitimate.
  3. If the transaction gets cancelled, means I have to return the product, so I want to be compensated for the return delivery.

This system is designed to prevent fraudulent activities involving specifically the Buyer, Seller, or the Courier.

This is the fool proof design we have in mind:

  • The Buyer, Seller, and the Courier will deposit an amount equivalent to the product price each.
  • After the successful transaction:
    1. The Buyer will receive the product, and their deposit will be transferred to the Seller as payment.
    2. The Seller will get their full deposit back, plus the full deposit of the Buyer as payment.
    3. The Courier will get their full deposit back.
    4. Everyone is happy.
  • If the transaction gets cancelled:
    • Case 1 - The product is not as advertised (Seller is fraud):
      1. The Courier will return the product to the fraud Seller.
      2. The Seller will get their deposit back, but will be deducted by the return delivery fee transferred to the Courier.
      3. The Buyer will get their full deposit back.
      4. The Courier will get their full deposit back, plus the return delivery fee.
      5. Prevented the scam and the Seller gets penalized.
    • Case 2 - The product is the same as advertised but the Buyer still cancelled (Buyer is fraud):
      1. The Courier will return the product to the legitimate Seller.
      2. The Buyer will get their deposit back but will be deducted by:
        • Return delivery fee to be transferred to the Courier.
        • Inconvenience fee to be transferred to the Seller.
      3. The Seller will get their product and full deposit back, plus the inconvenience fee.
      4. The Courier will get their full deposit back plus the return delivery fee.
      5. Prevented the fraudulent buying and the Buyer gets penalized.
    • The Courier will have the authority to decide who (Buyer or Seller) acts fraudulently.
  • The Courier cannot take the product without delivering as they will not get their deposit back and that's not a wise thing to do.

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