Breakdown of FMT Whitepaper - FreeMarketToken pt 5/5
Proper verification of merchants will aid in weeding out scammers and fraudulent merchants, merchants will verify their profiles by providing genuine information. Also, escrow, peer-review and ID verification of merchants will protect buyers from fake merchants.
Buyers are advised against buying from unverified merchants as they run the risk of fraud and scam but should a buyer decide to go ahead with the transaction, Ecrypostore will offer some cover by making sure the transaction does not exceed $1000 per item and a time locked escrow will be created to protect the buyer.
Should a buyer and seller decide not to use the escrow service, Ecryptostore cannot be held accountable for any losses incurred by either of the parties.
There will be a clear distinction between verified and unverified sellers. If Ecryptostore at its discretion feels unverified accounts are involved in fraudulent activities, they reserved all the rights to remove the unverified seller option leaving only fully verified sellers.
The platform will mark sellers that provide enough details as FULLY VERIFIED, this will give buyers enough confidence during the transaction. Sellers can choose their verification status when creating their account, merchant will also be able to edit their profile through merchant dashboard. Buyers on the other hand does not need to verify their account, all that is required from them is a delivery address (if applicable).
UNVERIFIED MERCHANT
When dealing with unverified merchants, all the buyer’s fund will be kept in escrow till the milestones agreed on by both the seller and the buyer are achieved, should the seller fail to meet the terms of the contract, the funds will be returned to the buyer.
VERIFIED MERCHANT
A fully verified merchant has the option of receiving the funds through escrow or instant payment clearing without escrow if he or she has been able to build a good reputation (through previous reviews and feedbacks) over time.
As the marketplace expands, merchant with be ranked based on the number of positive feedbacks they have on their profile, this is show prospective buyers how established the merchants is in the market.
• MERCHANT REVIEWS – this will aid in the identification of merchants with the Communication/service/product accuracy and handling time, giving buyers an inkling of who they are dealing with.
• FRAUD REPORTING – Any account reported for fraud will be reviewed, if it’s a verified account with good reviews, the merchant will be given benefit of doubt and the report properly investigated before any disciplinary action is taken. But if the merchant is unverified, the account will be suspended temporarily till a proper investigation is conducted.
Verified merchants are expected to satisfy their clients at all cost, they are to work with the client to settle any dispute amicably, the reward for satisfying your client includes a good positive feedback that will improve ranking, giving the profile more feature, exposure, and endorsement that will bring more prospective clients their way.
Ecryptostore will not be involved in the resolution of dispute between an unverified merchant and a buyer, buyers will be duly notified before engaging in transaction with unverified merchants that they are doing so at their own risk as Ecryptostore do not endorse such merchant to be legitimate
MERCHANT REFERRAL BONUS
Rewards for referral include referrer will receive a bonus of 250 FMT tokens and the referred Merchant will also receive 275 FMT tokens. Bonus will be issued immediately the user verifies the account, qualifying the new Merchant for Gold Status and Gold Affiliate status.
AFFILIATE COMMISSION
• CASUAL STATUS: Unverified merchants will not receive affiliate commission paid by merchant they refer till the referred merchant attains Gold status.
• GOLD STATUS: Gold Status affiliates (achieved by staking over 250 FMT) will receive 15% commission on every fee paid by referred merchants.
• INFLUENCER STATUS: Influence status affiliates (achieved by staking over 1000 FMT) will receive 25% commission on every fee paid by referred merchants
Disclaimer: I earn FMT tokens to discuss with and educate others about FMT and Ecryptostore, and you can too! Anyone can join from now until August 15th. Let’s get the conversation started about buying and selling goods with crypto! Click here to join. Any quotations above cite the whitepaper directly. This is not financial advice, and you should do your own research before participating in any sort of investment.
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