HOW IT WORKS

Use Cases!

Case1: Freelance User (FU) Vs eCommerce Enterprenuer (CU)
FU is a freelancer that have completed a skilled task at his digital workplace and awaits due payment of $300. If received FU will further payout his revenue of $300 for local cash value but FU has limited access to installed global payment product at his workplace. CU is an entrepreneur with cash value who needs to dropship 20 items worth $300 from a US store but also have limited access to global payment installed at the merchant store. CU receives workplace payout directly to his US merchant’s store from the workplace and pays the local cash value of $300. Both parties mutually enjoy the convenience of meeting their needs mutually, overcoming the challenge of limited access to global payment products.

Case2: International Student (SU) Vs Migrant Support (MU)
SU needs to pay a tuition fee of $2000 to his college in the US and money will be paid by his family supporting his studies abroad. MU who lives and works in the US needs to send $2000 home to support his family back home in Africa. MU pays tuition fee for SU and MU’s family receives local cash value from SU’s family. Both parties enjoy the convenience, free local transfers, and zero fees on currency exchange or international transfer fees.

Case3: Import Trade (IU) Vs Export Trade (EU)
IU is a local businessman that buys his fashion imports from China worth 25,000 RMB. EU is a Chinese resident that often buys raw material imports of (hides & skin, wood and metal) from several export merchants in Nigeria worth 25,000 RMB. Since EU & IU have related currency needs, IU can have settlements completed easily within China by EU who is resident in China, and EU gets cash value of 25,000 RMB for his local settlement within Nigeria. With an internal cash management system on PEXBANK, the EU can payout local settlements to as many merchants as possible without extra help by selling his currencies or taking up payment tasks. Both enjoy the ease of trade, trust, and sustainable business per time.

Case4: Tourist (TU) Vs Bank
TU & TX are local tourists that visit the UK often for holidays and often buy excess currency exchange from the bank or licensed persons. TU returned recently, his next visit may be in months and TU needs cash for local expenses from his excess foreign currency. TX is getting ready for the next visit soon and needs to buy some currency for his trip. TU offers his excess currency for sale at mid-market prices to gain more from his deals than sell too low to exchange dealers while TX is happy to get currency for mid-market rates cheaper than the usual after-market rates. Both enjoy less fees.

Sellers (Senders)

1. Create/Post new offers.
Optionally, you may tender to PAYFAC or Exchange requests by sending custom offers.

2. Approve or decline booked orders.
Potential buyers will declare interest for cash purchase by booking your offer.

3. Take only orders you can fulfill.
Pick sales within your immediate capacity to avoid order cancellation and poor seller reviews.

4. Deliver orders timely.
Keep to your delivery timeline. Upload a proof/evidence of payment and wait for buyer’s confirmation.

5. Cash Out!
After confirmation of receipt from buyer, cash is instantly available for withdrawal to your local bank.

Buyers (Receivers)

1. Book available offers.
Optionally, create new Exchange or PAYFAC request accordingly.

2. Deposit cash for purchase after approval.
If your booking is approved by seller, make a cash deposit to PEXBANK to credit your escrow Cash Wallet for order.

3. Start order.
Once credited, set deposit/payment instruction for seller and initiate order within specified time.

4. Confirm receipt of funds.
Expect delivery from seller. Click to confirm receipt of funds or facilitated payment.

5. Review seller!
It’s important to review seller after purchase as they may depend on this to build their trust profile.

Completing A Transaction

Most transactions initiated on PEXBANK are often completed externally, either for payment facilitation on merchant sites or credit transfers between digital wallets. Therefore, both parties must return to PEXBANK to take actions to close transaction initiated on pexbank without dispute.

Seller must notify pexbank on the order page by click to button “I Have Delivered Order”.

Buyer must notify pexbank on the order page by click to button “I Have Received Order”.