As we continue to improve the functionality, speed, and look of the site, we have made some changes to escrow releases, escrow refunds, Super Sellers, header notifications and updated our FAQ page.
Changes to Escrow Refunds
You may have noticed that your escrow refunds are now being credited to your wallets rather than being refunded directly to your address. We have now changed the time frame for when a refund can be requested.
To allow sellers to deliver the purchased item, we have disabled refund requests for the first 72 hours after a purchase. Buyers are now eligible to request a refund 72 hours after the purchase date.
You will see the appropriate message with the time left until you can request a refund below your purchased items.
Changes to Escrow Releases
We have changed the way we process escrow releases to sellers. To avoid funds being lost, prevent funds from being released to inactive sellers, and to increase security for buyers, we will only release escrow for sales marked as “Shipped”.
You must now mark the item as “Shipped” before escrow can be automatically released. This also applies to sales you make where escrow was not used.
Changes to Super Seller
We have set a limit on automatic early escrow releases to Super Sellers. Super Sellers will continue to receive an automatic escrow release in 10 days for items below $100. For items $100 or above, they will follow the normal 30 days escrow release process. While we liked the option to provide our trusted sellers an earlier escrow release, some sellers had become hostile and inactive when we asked them to refund buyers for a faulty item, and as a result refunds fell back on the Bitify and big losses had to be absorbed by the site.
Super Sellers can still request an early escrow refund on sales $100 or over, but it’s at Bitify’s discretion to release escrow early.
You can now see notifications in the respective menu on the site header. This change will allow sellers to see when a new item was sold and awaiting shipment, among other sale status. It will also allow buyers to see when a purchase is still sitting in escrow or if a payment (even partial payments) is still required for an item.
You should also expect the same changes on the account menu in your account page.
Frequently Asked Questions Update
We have updated, and will continue to update, our FAQs page to answer any questions you may have about escrow release, escrow refund, account wallets and all the new changes we are making on the site. If you feel something is not clear, please don’t hesitate to contact support and we will answer your question and update the FAQs as we see fit.