Vertecto Services, LLC

Because Your Business Is Global

 
Telecom Services  
Vertecto Help - Fund The Escrow
Help

Fund The Escrow (Buyer)

After an Invitation has been sent and accepted, the Vertecto Transaction Protection System (the "TPS") creates a Project. The TPS checks the amount and currency (USA dollars, Euros, UK Pounds or HK dollars) of the Project escrow. It compares the amount and currency of the Project escrow to the amount of money available for projects in the Buyer's account in the Project currency. You can check your available funds in any currency at any time on your Dashboard or in more detail by navigating to the "Account balance" page, as explained here.

If the Buyer has sufficient funds in the correct currency, the TPS immediately dedicates Buyer funds to the Project and the Project is a "Funded Project".

If the Buyer has insuffucient funds in the escrow currency, the TPS lists the Project as an "Unfunded Project". EXAMPLE: The Buyer has $30,000.00 and €50,000 in its TPS accounts. The Buyer and Seller create a Project that requires a $45,000 USD escrow. The Project will be listed as an "Unfunded Escrow" because the Buyer only has $30,000 in its USD account. In this example, the Buyer must (a) add additional funds to its USA dollar account (the Project currency) by sending a wire to Vertecto or by converting some or all of its Euro account to USA dollars and (b) dedicate those funds to the Unfunded Project.

To learn how to deposit funds into your accounts on the TPS click here. To learn how to convert funds from one currency to another (for example, to convert your Euros to USA dollars), click here. After you have sufficient money in your account to fund the Project escrow in the correct currency, the steps to fund the Project escrow are:


Fund The Project Escrow

After (a) Vertecto has received your wire transfer and the funds have cleared, or (b) you have converted funds from another currency into the Project currency, you must now dedicate funds to the Project escrow. Navigate to the "Unfunded Projects" page from your Dashboard or by clicking "Projects" on the main (red) navigation bar and then clicking "Unfunded Projects" on the secondary (gray) navigation bar. As you can see in the next illustration, there is now a check box next to the unfunded project. The check box appears when (a) you have an Unfunded Project, and (b) you have sufficient money in the correct currency to fund the Project escrow.

Simply check the checkbox, as shown in the picture, and click the "Request Fund Allocation" button.




View Your Funded Project

Now that your project has been funded, it will appear on the "Funded Projects" page as shown in the following illustration. You can navigate the "Funded Projects" page by clicking on the Project name on your Dashboard or by clicking "Projects" on the main (red) navigation bar and then clicking "Funded Projects" on the secondary (gray) navigation bar.