On this page, we will explain how the deposit service works for you as a seller.
Table of Contents
- Main goal of the deposit service
- How do deposits work for me as a seller?
Main goal of the deposit service for you as a seller
The main goal of the deposit service is to facilitate the collection and management of deposits for you as a seller, while also keeping buyers safe from fraud.
Our new deposit feature aims to simplify the process, by having the buyer depositing funds to us at Pets4Homes. We then hold the deposit until you as a seller have finalised the transaction with the buyer, after which the funds will be transferred to you.
How do deposits work for me as a seller?
As a seller, the deposit process has 3 main steps
Step 1: Upload your advert
When uploading an advert on Pets4Homes, you can now choose the requested deposit amount. Note that this is only possible for pets for sale (i.e not possible for stud or adoption adverts).
Step 2: Add some more details about yourself
Note that this step is only required the first time. Here we will need some additional details from you, such as your address, and nationality. This is a KYC requirement and this information will be verified by the bank.
Step 3: Wait for deposits to come in
Buyers will now be able to place deposits on your advert by clicking on "Place a deposit". Note that you can always choose to decline a pending transfer from a buyer and no funds are sent between buyer and seller at this point. Pets4Homes will hold the deposit in escrow until you request the deposit to be transferred to you, and the buyer has accepted the request.
Step 4: Send a transfer request
When you are comfortable that you have found a good home for the pet you are trying to rehome, you can send a transfer request to the buyer. This is a request for the deposit to be transferred from the Pets4Homes Escrow account to you as a seller. Note that the buyer has to approve this request before any funds are transferred. We often recommend buyers and sellers to go through this step once you both feel comfortable and ready. In most cases, this will be on collection or when the buyer has had a chance to view the pet in person (or electronically).
When the buyer has accepted your transfer request, the deposit will be transferred to your Pets4Homes Account instantly.
Note that you as a seller can also at any time cancel a previously made transfer request until the buyer has accepted it (in case you for example want to sell the pet to someone else).
Step 5: Requesting a pay-out to your bank account
Any funds that is in your Pets4Homes account can be paid out to your bank account. You first need to provide us with two different pieces of information:
- Your bank details - This is so we know which account the payment should be made to. Please note that we currently only do pay-outs to UK-based bank accounts
- Proof of Identity - This is a legal requirement, where we require a scan / photo of your valid ID, driver's license or passport.
Once requested, the funds will appear in your bank account within 5 working days