Hi Dave,
Great questions! Im happy to answer all of them and more if you have them in the future.
Providing banking information is not required if you as a Seller opt to receive payment in the form of a physical check. If the Seller opts for this form of payment, it will take longer to process because it will include time for our fintech provider Checkbook.io to cut the check and send it. Also, if paying by credit card, you only provide that information after seeing the total payment invoice.
On the other hand, if you link your bank account using Checkbook.io, you as a Buyer or Seller can pay with ACH direct deposit or receive money the same way within two business days. As scary as it sounds it is the preferred method with lower fees and faster service. I fully understand the concern when connecting the service. We provide two ways to connect it. One uses two micro-deposits into your bank account where the User has to verify the amounts deposited. The micro-deposits are in an amount less than $1.00. The second uses another fintech company called "Plaid," which is owned by PayPal. Both methods are highly secure and encrypted.
There is a Identity Digital Verification process both buyer and seller must adhere to in order to conduct a transaction as required by a our bank escrow to satisfy banking regulations when it comes to "KYC" and "AML." KYC stands for "Know Your Customer" and AML stands for "Anti-Money Laundering." Both Checkbook.io and United Bank of Atmore require these checks to be compliant with banking regulations. We also leverage this information to reduce the amount of typing for the User and also use the image of the front of the identification to place into the paperwork required by FFLs when it comes to firearm shipments received from a private party. The FFL Paperwork we provide should be included with the firearms shipment by the Seller.
We scrub all the data within a year except for the FFL information of where the firearm was sent.
Lastly, I suspect people who do not feel comfortable with our process currently will not want to use us but hope we will win their confidence once we become a household name in the future.
Thank you for your thoughts.
Ken.
Great questions! Im happy to answer all of them and more if you have them in the future.
Providing banking information is not required if you as a Seller opt to receive payment in the form of a physical check. If the Seller opts for this form of payment, it will take longer to process because it will include time for our fintech provider Checkbook.io to cut the check and send it. Also, if paying by credit card, you only provide that information after seeing the total payment invoice.
On the other hand, if you link your bank account using Checkbook.io, you as a Buyer or Seller can pay with ACH direct deposit or receive money the same way within two business days. As scary as it sounds it is the preferred method with lower fees and faster service. I fully understand the concern when connecting the service. We provide two ways to connect it. One uses two micro-deposits into your bank account where the User has to verify the amounts deposited. The micro-deposits are in an amount less than $1.00. The second uses another fintech company called "Plaid," which is owned by PayPal. Both methods are highly secure and encrypted.
There is a Identity Digital Verification process both buyer and seller must adhere to in order to conduct a transaction as required by a our bank escrow to satisfy banking regulations when it comes to "KYC" and "AML." KYC stands for "Know Your Customer" and AML stands for "Anti-Money Laundering." Both Checkbook.io and United Bank of Atmore require these checks to be compliant with banking regulations. We also leverage this information to reduce the amount of typing for the User and also use the image of the front of the identification to place into the paperwork required by FFLs when it comes to firearm shipments received from a private party. The FFL Paperwork we provide should be included with the firearms shipment by the Seller.
We scrub all the data within a year except for the FFL information of where the firearm was sent.
Lastly, I suspect people who do not feel comfortable with our process currently will not want to use us but hope we will win their confidence once we become a household name in the future.
Thank you for your thoughts.
Ken.
