Pasture Pay revolutionizes livestock trading by introducing a secure, online classified format platform tailored to the livestock market.It stands out with its custodial payment system, safeguarding transactions by holding funds until the livestock exchange is successful.
This feature, coupled with automatic contract generation, offers unprecedented security and trust for buyers and sellers, addressing the traditional risks in livestock trading.
Seller gets paid only after delivering the animals, services or equipment as agreed, protecting both parties.
Discover the process of utilizing Pasture Pay for listing livestock, connecting with buyers/sellers, and securely completing transactions.
Payment Holding: When a buyer decides to purchase livestock, they make the payment, but instead of going directly to the seller, the funds are held by the custodial payment system. This process ensures the seller receives the payment only after they fulfill their part of the deal.
For the seller, the custodial payment system assures that the buyer has the necessary funds and is committed to the purchase. Having funds held reduces the risk of the transaction falling through due to non-payment or fraudulent buyers.
The buyer is protected as the funds are released to the seller when the livestock is delivered or picked up as agreed. This protection prevents situations where the buyer might pay for the livestock but never receive it or receive livestock that does not meet the agreed-upon conditions.
The seller confirms this in the system once the livestock is delivered or picked up. The buyer must also approve the receipt and satisfaction with the livestock received.
After both parties confirm the successful exchange, the custodial payment system releases the funds to the seller. This step ensures that both the delivery of the livestock and the receipt of payment occur as per the agreement, completing the transaction securely and satisfactorily.
In case of disputes or if the terms of the sale are not met, the custodial payment system holds the funds until a resolution is reached. This process may involve returning the funds to the buyer or releasing them to the seller based on the dispute resolution.
A successful transaction generates an automated contract for both buyer and seller.
Upon opening the app, the buyer is presented with a list of livestock listings within a 50-mile radius of their location.
The buyer can further refine the search using filters such as category, price, age, location, and delivery type to find the exact kind of livestock they're interested in.
Once the buyer selects the desired livestock, they checkout. At this point, the payment is made but held in the custodial payment system, ensuring the safety of the transaction.
The transaction is completed when the seller confirms the delivery or pickup of the animal,equipment or service and the buyer also confirms the receipt. This confirmation triggers the release of funds from the smart payment account to the seller.
Crafting Success Together
Visionary, Inventor, Investor, Builder of Technology.
Manager at Eagle Mountain Ranch.
Farmer, Cattle and Horse Rancher, Horse trainer. Hay supplier.
Saleem Elmasri is a seasoned finance and accounting professional with a distinguished career spanning nearly two decades.
