The escrow service provided on bitify.com is an in-house service, we don’t use any third party to process any funds or arbitrate escrow disputes, cutting the middle man and saving our users money. Our escrow service offers a 30 days buyer protection and provides the peace of mind much needed when dealing with digital currency. Below are the step by step process of how escrow works:
- All sellers are obliged to provide the escrow option.
- When a buyer commits to buying an item, they are redirected to a payment page where they can select the cryptocurrency they would like to use as a payment method and next to the currency drop down menu they have a tick box which they can select to use escrow.
- $0.50 on items under $10, $1 on items between $10-$20, and then calculated at 2.5% (min $1.50) on items over $20.
- Once buyers receive their item, they can go on the Won Items page where they can click on Release Escrow and the funds get released to the seller’s account automatically.
- If a buyer doesn’t receive their item, they can click on Request Refund and explain the reason for the refund and any evidence (if applicable). The seller will then receive an email with the details of the refund request and will be given 72 hours to contact the buyer or dispute the refund request. Failing to respond within the 72 hours will lead to a decision being made solely on the evidence that our support team has access to, which may result in the refund being made to the buyer.
- If a buyer doesn’t release the escrow after the reception of the funds, the seller may contact them and give them 72 hours to release funds or respond. If no response is received the seller can contact bitify support and request an escrow release. The support team will contact the buyer and ask them to release the funds within 48 hours or open a dispute case. In the funds are not released within 48 hours and no response is received, the support team may release the funds to the seller. Release funds happen’s at the support personnel’s discretion and CrytpoThrift may reject the release of the funds if they deem it unsafe to do so.
- If the buyer doesn’t release escrow or open a dispute case and the seller doesn’t request an escrow release, funds get released to the seller automatically 30 days from the date of the payment.
Account verification is simple. After logging in to your account, go to your Profile Page and click on Account Verification. You will need to upload a photo/scan of two types of documents, as per the list below, and submit them to us.
Proof of Name and D.O.B:
- Passport
- Driving Licence
- Government Issued Identity Card
Proof of Address (issued within the last three months):
- Utility Bill e.g. Electricity, Gas, Water, Landline phone bill
- Bank Statement
- House/Health/Motor insurance policy document
- Government stamped tax assessment notice
- Council rates notice/ council tax bill
If your account verification is successful, your public user profile and all of your listings will show our new Verified icon
Although we encourage our sellers to get verified and our buyers to buy from verified accounts, we still highly recommend you use escrow at all times.
Verified accounts only mean that we were able to verify the identity of the seller, we are not responsible for the actions of the seller or the quality sold items.
Should there be anything wrong with the purchase, escrow can protect your funds. We will not issue any refunds in the case escrow was not used even if the seller’s account was verified.
It is against bitify’s Terms & Conditions to contact another user through our site and services and offer to finalize the deal outside of bitify.
If you receive an offer to buy or sell outside bitify, please report it.
Make sure you follow these guidelines. If you don’t, you may be subject to a range of actions, including suspension of your account.
If you believe the buyer has received the item and you need bitify to release your escrow, please submit an escrow release request. Escrow release requests must meet the following conditions:
- Sale must be older than 4 business days
- Provide proof that you’ve shipped the item (tracking number/URL)
- Item is physical item
- If your item is digital, we would only be able to release escrow two weeks after the purchase date.
bitify will only release escrow as they see fit. We may reject the escrow release request if we believe that the item or the seller may be high risk.
Posting and listing on bitify is completely FREE! Charges occur on sold items only.
Seller Fees: Seller pay 4.5% (or 2.5% if they are a Super Seller) flat rate or transaction fee (whichever is higher) on sold items across the site, regardless of the price or the category the item is listed under. Sellers also pay for the network fee used to send them the payment. This is based on the average fee needed to have your transactions confirm within 5 blocks.
Featured Item Fee: If the seller selects to feature the listing when posting a new item, they will be charged an additional fixed at $0.50 on items under $10, $1 on items between $10-$20, and then calculated at 2.5% (min $1.50) on items over $20. If the listing does not sell, the seller is not expected to pay anything.
To be eligible for a refund, you need to first have used escrow upon checkout. Items bought without escrow are the buyer’s responsibility to chase. If you’ve used escrow and never received your item, received the wrong item or your item was damaged, you can open an “Escrow Refund” ticket with our support team who will be happy to assist you with that. When an “Escrow Refund” ticket is logged, we expect the buyer to include all available evidence to support their request.
bitify will only look into refund requests if the refund is being made due to it being the seller’s fault. We will not refund the buyer because they’ve changed their mind after receiving the product, because they’ve accidentally bought the wrong product, or because they found the product cheaper somewhere else.
If your refund request falls under one of the 3 reasons mentioned above, please contact the seller to cancel the sale and you will be able to refund your coins back to your wallet. Sellers are not obliged to cancel the sale and that’s completely up to their discretion.
In the event that the buyer can no longer be contacted and you (the seller) believe that the item has been delivered, you can submit a release escrow ticket to us and include the proof of shipment (tracking number/URL).
Escrow release are subject to manual processing and can be released/declined by bitify’s staff. In the event that your escrow release has been declined, the funds will be released 30 days after the purchase date.
Note: If the item is digital, we would only be able to release escrow two weeks after the purchase date.
Yes, bitify does support digital downloads. Digital downloads offer a convenient and quick way to send digital files upon reception of a payment. You can upload your digital files in step 2 of “Post New Item“, when an item is paid for, the digital file appears next to the item details in the “Won Item” page in the buyer’s menu.
Supported Files:
- .zip
- .rar
- .7zip
- .doc
- .docx
- .xls
- .xlsx
- .ppt
- .pptx
- .csv
- ..psd
- .epub
- .mobi
As specified in our Terms and Conditions, we reserve the right to suspend, delete or place an item under review without giving the seller any notice. Items which fall under the above criteria are found to be violating the terms of use of bitify and are either/or:
- Drugs (legal or illegal) and their accessories
- Child pornography
- Weapons of any kind
- Abusive/offensive material
- Others