We charge a small fee for the use of our service, namely 5% of the deposit to a minimum of £1.
The fee will be taken off the settled deposit amount. Users are reminded to account for this when completing their transaction.
Users will get an instant notification that a deposit request has been approved. The funds will then be transferred within one working day (but usually within 5 minutes).
Once you have placed the deposit you have committed to the terms of the contract. You can make a request for a refund but it is subject to the sellers approval, we suggest you discuss with them first.
Descriptions are open to individual interpretation therefore disputes are judged against the terms of agreed contracts. Depositmate recommends all buyers take necessary steps to remotely ensure they are happy with their proposed purchase and to only place a deposit amount they are happy to walk away from.
If they deem appropriate, buyers could consider asking for extra photographs or videos of the vehicle or item. There are also online checks that can be completed such as IMEI checks on phones or MOT history for vehicles.
The price is agreed as part of the contract so any attempt to alter this by either party would be a breach.
If you cannot make the contracted start date then technically you are in breach of the deposit terms. Customers will however likely be understanding and we would recommend you discuss this with them.
Once a deposit has been placed a withdrawal request is available to you on your dashboard. Once a request has been made it will go to the buyer for approval.
Firstly we recommend you discuss the matter with the buyer as there may be a simple explanation. If that is not the case then you are in dispute.
Our contracts are deliberately simple and clear for both parties. We will review what has been agreed and make a judgement accordingly. Users getting in repeated disputes will eventually be banned from using our service.
Depositmate will redeem its fee whichever way the judgement is made, we are completely impartial and make decisions based on the contracts and information provided only.
The other party has 28 days to either approve or reject a request. Should the 28 days expire (warnings would have been issued) then the request will default to approved.
Once the terms of the contract have been met and the transaction is complete the seller would be entitled to the deposit. That is unless otherwise agreed by both parties.
It is in the works! Please keep a close eye on our homepage for updates.
Yes! Please contact us for more details.
If government legislation makes it impossible for the buyer to complete the transaction as agreed then sellers are expected to approve refund requests should they be made.