Once you and another Paperstac user have agreed to proceed to the closing phase of your deal, you will each need to agree on a payment flow for your transaction (either Paperstac escrow or Direct Payment).
Option 1: Use Escrow (Recommended)
When choosing this option, Paperstac will order an escrow order for your deal. Both parties will split the escrow fee.
Payment Flow (abbreviated)
Buyer wires funds to the Paperstac escrow department
The seller ships collateral to the auditor, and an audit report is generated.
Buyer and seller approve the disbursement agreement.
Paperstac escrow disburses funds to the seller, and the auditor express ships the collateral file to the buyer.
What happens if the deal goes bad?
Funds (minus Paperstac escrow fee) are returned to the buyer
Collateral (if shipped) is sent back to the seller from the auditor
Paperstac fees (if paid) are refunded
Option 2: Direct Payment
WARNING, this option can be dangerous. Only choose this option if you know and trust the other party. The buyer and seller will determine their payment method (usually, the buyer will wire funds directly to the seller).
Payment Flow (abbreviated)
Buyer and seller pay Paperstac fees via bank wire or credit card at the beginning of closing.
Paperstac will generate an invoice for the buyer on the seller's behalf
Buyer pays the buyers invoice
The seller ships collateral to the auditor, and an audit report is generated
The deal is complete after both the seller marks the invoice as paid (on Paperstac) and the buyer views the audit report and approves it (on Paperstac).
Once complete, the auditor express ships the collateral file to the buyer
What happens when things go wrong?
Funds (if paid) are returned to the buyer from the seller
Collateral (if shipped) is sent back to the seller from the auditor
Paperstac fees (if paid) are refunded