Test run of escrow account with upgraded memo system
The steemshop is developing nicely but there have been no sales yet using the escrow account system.
It is not a problem at all for buyers and sellers to make their own exchange arrangements.
However
The purpose of the escrow account system - @steemshopescrow - is to safeguard you against any malpractice or perhaps even just simple miscommunication.
If you follow our guidelines, you are much less likely to get stung by any surprises.
The test run
It has been decided that another steemit user and I will make a digital exchange using the @steemshopescrow account and system.
For physical exchanges please refer to our guidelines.
He is going to buy the worldwide rights to a high resolution original photograph taken by myself, for the total cost of 10 SBD
Beautiful eh. Well worth 10 SBD :)
So, the buyer will pay his 10 SBD to the @steemshopescrow account with a memo indicating the item he is paying for, as listed in my advert title from the @steemshopsell account.
When I see his payment in the @steemshopescrow account i will send him a private message in steemit.chat with the download link to the high quality image.
He will receive the message and download the image.
Now here's where it gets interesting...
In order that I now receive my money, the buyer needs to let me (and the @steemshopescrow team) know that the transaction has been successful.
He will do this by sending a total of 0.01 SBD back to the @steemshopescrow account with a memo to confirm the item was received and any other comments he wishes the community to know about.
The payment will then be released to my account by the escrow team with a memo stating the original title of the sales post.
Faith in our system will be built if people can look at the @steemshopescrow account and see that exchanges are happening successfully.
But what is the incentive to send that 0.01 SBD?
Good question. And the only system we can think of is this:
By sending the 0.01 SBD and the memo confirming receipt of item and its condition, etc... the user is essentially paying for their continued membership of the @steemshop service.
We have no intention of charging membership but to build faith in this system, others must be able to see that exchanges are happening successfully.
If buyers do not send the 0.01 SBD with memo back to the @steemshopescrow account, it will not be our pleasure to bar them from using the service and downvote them through a group of willing Whales, but for now this is how it must be.
Follow the guidelines and there will be no disputes.
What will happen to all those 0.01 SBD payments?
It is our promise to you that we will give it all back to the users of the Steem Shop.
There will be SBD prizes for certain categories each week. And as the @steemshop account grows in popularity, so too will the size of the prizes.
Hope this is clear for all.
All suggestions welcome.
Many thanks for your support.
