The following changes are being made to the way payments will be processed by Montana Cattle ConneXion. Please see Terms & Conditions for full explanation. All Payments will be processed through a Trust Account.
As a leader in cutting edge technology to market livestock, we are choosing to make the big shift in payment processing by using Escrow Services to add security to livestock transactions to both buyer and seller!
Internet auction companies like Amazon, eBay and Alibaba all use an escrow service to create safe, secure transactions between individuals and companies. ConneXion's online sales platform is the link between buyers and sellers making complex sales arrangements for livestock. Escrow payment methods are the most trusted development that allowed for trust to be established in the internet auction business model.
Here's How it Works:
- Upon successful Purchase/Winning Bid for Livestock on Montana Cattle ConneXion.com, $100 per head partial/down payment is due from Buyer. MCC will pay $90 per head to the Seller as down payment and hold $10 per head as deposit on commission.
- A few days prior to delivery, the Buyer must pay 100% of Gross Contract amount less Down Payment into Trust. Payment must be RECEIVED no later than Five Business Days PRIOR to delivery. Funds will be held in Trust. Sellers will be notified.
- MCC Representative and Seller will weigh, sort and slide the cattle like any other delivery according to contract terms.
- Cattle will ship to the Buyer. Buyer, because of Good Faith in Trust, will inspect and approve cattle, then releasing funds to seller. Buyer has a 24 hour inspection period from the time the cattle ship. Upon approval from Buyer, funds will be wired to seller's account.
- Any remaining balances will be billed/refunded by check after delivery.
Montana Cattle ConneXion's Online Platform will revolutionize the way cattlemen buy and sell livestock. Our Trust Payment system is a big change to the livestock industry but hardly anything new when looking at other internet companies. Our Trust Account offers a 100% Guarantee of payment like no other marketing company in the nation can match!
Montana Cattle ConneXion has a fiduciary responsibility and is non-partial third party who acts with the interest of both buyers and sellers in mind to make sure both parties and the complex sales arrangements are satisfied.
More about Escrow at the Links below:
From Escrow.com -
"What is Escrow? How Does Escrow Work?"
"An escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure escrow account which is only released when all of the terms of an agreement are met as overseen by the escrow company.
Escrows are very useful in the case of a transaction where a large amount money is involved and a certain number of obligations need to be fulfilled before a payment is released like in the case of a website being built where the buyer might want confirmation of the quality of work being done before making a full payment, and the seller doesn’t want to extend a massive amount of work without any assurance that he or she will receive payment. While the payment is 'In Escrow' the transaction can be safely carried out without risk of losing money or merchandise due to fraud. This eliminates all legal jargon and allows for secure transactions and confident buyers and sellers."
How does Escrow Work?
Escrow reduces the risk of fraud by acting as a trusted third-party that collects, holds and only disburses funds when both Buyers and Sellers are satisfied.
- Buyer and Seller agree to terms - Either the Buyer or Seller begins a transaction. All parties agree to the terms of the transaction.
- Buyer pays Escrow company - The Buyer submits a payment by approved payment method to secure Escrow Account, Escrow company verifies the payment, the Seller is notified that funds have been secured 'In Escrow'.
- Seller ships merchandise to Buyer - Upon payment verification, the Seller is authorized to send the merchandise and submit tracking information. Escrow company verifies that the Buyer receives the merchandise.
- Buyer accepts merchandise - The Buyer has a set inspection period to inspect the merchandise and confirm its satisfaction. The Buyer accepts the merchandise
- Escrow company pays the Seller - Escrow company releases funds to the Seller from the Escrow Account.