JiffyStock is a global marketplace that provides a leading B2B marketplace for buyers and sellers worldwide. This diversity means that we need to provide all types of payment methods that work for everyone. Keeping that in mind, we even allow our buyers to make payments through cryptocurrency (we are the only leading B2B marketplace that does that).
It is important to note that the payment method is selected by consulting the seller and agreeing on the method of payment before your deal. If the seller doesn’t accept a certain method, you have to comply with him/her. As of now, JiffyStock does not provide any responsibility for loss case the money is lost during the transaction or other reasons listed at the end of the page.
So, here is the list of all our payment methods and how they work.
Paypal is the most common type of payment method for many people. Since the transactions are easier to make and almost everyone has a Paypal account, buyers prefer this payment method. Although it comes with a catch. It might be a fast way of transaction, but there are some things to consider. Paypal charges a fee of up to 3% of the total transaction amount.
Another problem with Paypal is that although it is convenient for buyers, it might not offer the same protection for the seller. The buyer can pay the money and not receive the goods or the seller can ship the goods and not receive the payment afterward. So, we advise you only to use this method if you know the seller already and can trust them with this method.
This is the most widely available method for both sellers and buyers. You can easily use your debit or credit card to make payments to any bank through online banking. Since international banking is connected globally, there is no way that the seller can not have a bank account to receive payments.
There are two drawbacks to debit and credit cards. Firstly, most banks offer a lower exchange rate than the actual currency conversion price; hence, buyers will have to pay more than the requested amount to complete the payment. It will affect you more if you make payments worth thousands of dollars. Secondly, due to payment protection concerns, debit and credit cars also have a high risk for the seller. Check out a few ways you can avoid it in the later section of this page.
Stripe is one of the fastest, easiest, and most versatile payment processing services. If we compare it to Paypal, it accepts over 135 currencies compared to 25 supported currencies by Paypal. It also has the same fee structure as Paypal but the breakthrough comes in the supported payment methods. While Paypal supports several famous credit cards such as Visa, Mastercard, and American Express, Stripe offers almost every way, including AliPay, Google Pay, Microsoft Pay, Apple Pay, WeChat, and more.
You can easily pay through Stripe using our platform at the order page and deal directly with the seller if he agrees to accept payment via Stripe.
We are working our way to support several cryptocurrencies on our platform. We now allow sellers and buyers to deal in cryptocurrency if they want to. Due to the increasing popularity of cryptocurrencies and their widespread uses, many people are adopting them as a payment method. Cryptocurrencies also have the lowest transaction fees without waiting hours for confirmation. Our escrow system is a safe way to make payments through stablecoins and offers full-proof security.
Frequently Asked Questions
Q. Can I make payments through other payment methods than those listed?
If you and your seller agree on a different payment method, you can go for it. Although, keep in mind that we are not responsible for any payment deals you do with your seller. Everything that you do is your responsibility and risk.
Q. Can I give a letter of credit to the seller?
A letter of credit is perhaps the safest way of dealing in international trade. The buyer provides a letter of credit from his bank that guarantees the seller that the buyer is able to pay the amount requested. It improves trust for the seller and the bank also provides projection and payment security if the buyer refuses to pay. Although this method is quite secure, we are not responsible for any dealing that happens through this procedure. Your bank would be responsible for everything. JiffyStock only provides a platform for communication.
Q. Are the payments through Bitcoin secure?
Blockchain transactions are incredibly secure and complicated to hack in. This is one of the many reasons people prefer paying through crypto algorithmic stablcoins instead of hard cash.
Q. Can I use a third-party escrow system for the whole deal?
Suppose your seller has trust issues and you both have problems agreeing to the letter of credit option. In that case, you can even mutually decide to go for a third-party escrow service that will keep the buyer’s funds until the shipment reaches the buyer and he is satisfied with it.
Note: All the payment procedures mentioned in this page are agreed upon after communication between buyer and seller. As of now, JiffyStock is not responsible for any issues during payment procedures. Although we suggest the best possible ways for buyers and sellers to make payments, we are not liable for any loss or fraudulent activity during the whole procedure.