GoESCROW

1.    Introduction

This is our Product Disclosure Statement (PDS) for Australia.

1.1    Purpose of this Product Disclosure Statement

The purpose of this document is to tell you about the GoEscrow Payment Protection Platform and the Escrow Payment Management Service (The Product).  It is to assist you in deciding whether to acquire The Product.

This Product Disclosure Statement is an important document.  It is important that you read and understand this PDS.  The information in this PDS does not take into consideration your individual financial situation, objectives, or needs.  Prior to making any decision about The Product or whether to acquire it, you should consider whether this product is right for you.  Any advice in this PDS is general advice only.  You should consider the appropriateness of any general advice to your own circumstances before acting on it.  For more information on The Product, please visit https://goescrow.com.au

1.2    Distribution

This document is for public release via our web site.

Click here to download as PDF:  https://goescrow.com.au/wp-content/uploads/GoEscrow_PDS.pdf

1.3    Document Owner

Please use the following for all communications regarding this document:

 

www: https://goescrow.com.au/pds/
Email: [email protected]
Title: Compliance Manager
Address: P.O. Box 141,
Kenmore.  QLD.  4069

1.4    Document Change Log

Document versions:

Version Date Change Description
1.0 1st July 2024 Initial Release
1.2 21st November 2024 Compliance Revision

 

 

 

2.    The Issuer

This Product Disclosure Statement is issued by GoEscrow Pty Ltd (GoEscrow) ABN 30 404 785 790.  GoEscrow Pty Ltd are AFS Representative No. 001312536 of authorising licensee Airpay Financial Technologies Pty Ltd of Australian Financial Services Licence (AFSL) No. 526194 who are contactable by [email protected]

GoEscrow is a financial services business which can provide you with general advice on and arrange for you to be issued with deposits and payments products limited to non-cash payment products.

3.    Updates to this PDS

Information in this PDS that is not materially adverse information may be subject to change from time to time.  This updated information will be available in revised PDS which may be read here:  https://goescrow.com.au/pds and will be accompanied by a document change log of the changes. The information which the Issuer will make available by way of these updates may change from time to time.

4.    General Description of The Product

The Product is a digital escrow non-cash payment service for end-to-end payments for payers buying and payees selling goods and services where the payment is held in escrow for a time controlled by the payer.  For clarity “Escrow” means the legal and temporary keeping with a third party (GoEscrow) of money for delivery to a given party (the Seller) upon the notice to settle from the originating party (the Buyer).  Specifically, our service is a financial service escrow payment provision and management facility with technologies and the associated user interaction mechanisms (The Site) required to function as required by the GoEscrow Terms Of Using Agreement.

GoEscrow does not participate in the movement, transfer or supply of any goods or services but rather only manages the associated financial interaction.  GoEscrow does not gather or store any information as to what goods/services are transacted other than a user generated transaction description and any user to user notes the parties optionally create.

5.    Registration and Identification

In accordance with the Anti Money Laundering and Counter Terrorism Financing Legislation (“AML Legislation”), The Product cannot be provided to you until we have undertaken certain identification procedures to establish your identity.  We may be required pursuant to the AML Legislation to reconfirm your identity and personal details occasionally.

GoEscrow will create, issue, and verify a digital identification (a “GoEscrow ID”) for you and associate your supplied identification documents with that GoEscrow ID.  Your GoEscrow ID is attached to electronic documents, transaction records, banking partner payments and receipts, submitted electronic forms, e-mails and mobile messages.

6.    Product Limits

The Product is only available for escrow payment management used for the sale of lawfully provided goods or services.  Only registered Users may use The Product.  To register, you must supply all information required on The Site.  Applicable state or federal laws and regulations may further limit the Product.

You shall not utilise The Product in connection with any transaction that is illegal or involves any illegal items, or is for any illegal purpose; involves any obscene material including the trade of products & services invoking or supporting racism, violence, abuse discrimination, hatred, terrorism, paedophilia or other immoral activity; involves pirated software, DVD or videos or item(s) otherwise infringing copyrighted works, involves counterfeit/imitation currency, coins, fake credentials & academic papers, stamps, counterfeiting equipment, trademark infringement items or other goods infringing on 3rd party intellectual property rights; involves illegal drugs or controlled substances, binary options trading, e-cigarette and vaping equipment sales, pharmaceutical sales, lottery ticket sales, gambling or placing, receiving or transmitting a bet/wager; or involves parties (individuals or entities) whom are prohibited from engaging in financial transactions pursuant to sanctions and export controls or who are unregistered charities or unincorporated associations.

GoEscrow, in its sole discretion, may refuse to settle any transaction that GoEscrow has reason to believe is unauthorised or made by someone other than the users in a transaction, may violate any law, rule or regulation, or if GoEscrow has reasonable cause not to honour it.

Money held in your GoEscrow Escrow Bank Account does not earn interest for you.

7.    The Benefits and Risks Associated with The Product

7.1    The Benefits

  • When buying GoEscrow assists you in a transaction by allowing your supplier payment to pause in a trusted ‘middle’ escrow account until goods or services can be received and inspected. On satisfaction you inform GoEscrow digitally to settle the payment to your supplier.
  • When selling GoEscrow assists you in a transaction by guaranteeing that a buyer has the capacity to pay for goods or services in full prior to the supply of the goods or services. By demonstrating your acceptance of escrow payment you demonstrate confidence in your products or service.  You can be confident of settlement as the funds can’t be charged back, cancelled, or reversed unless you agree, or an Australian Court or Statutory Body instructs GoEscrow to do so.

7.2    The Risks

  • Failing to take adequate security precautions may result in unauthorised persons gaining access to your account and processing unauthorised transactions. You should take proper precautions to protect your password and second factor authenticator device.  You will be liable for losses resulting from unauthorised use of your account where the second factor authentication mechanism is used with a correct username and password.
  • You may not be able to get monies returned where an unauthorised transaction occurs with a compromised account where the second factor authentication mechanism is used with a correct username and password.
  • In the event of a dispute between the parties if an opposite party does not agree to a requested dispute resolution (a disputed dispute) then funds will remain in escrow until a party obtains an enforceable arbitration agreement or instruction from an Australian Court or Statutory Body or the transaction is abandoned for thirty six months and as per NSW Legislation ‘Unclaimed Money Act 1995 No 75’ funds equal to Item Price are remitted to NSW Government – NSW Trustee and Guardian (NSW Trustee) and you forfeit any claim to GoEscrow for the funds.
  • The opposite party may become uncommunicative and fail to authorise a settlement or cancellation request or dispute resolution request. In this case GoEscrow will also attempt to obtain instruction from the opposite party.  If after 14 days, the opposite party is uncommunicative with GoEscrow and you then GoEscrow will judge the other party as uncommunicative and settle funds in your favour.
  • If you fail to communicate with GoEscrow you risk that funds may settle, be cancelled or disbursed not in accordance with your wishes.
  • If you close your personal bank account used for settlements and do not inform GoEscrow of a new account, you risk loss of settled funds.
  • Transactions may be delayed by the actions of third-party banking partners.
  • Use of the service may be disrupted from time to time because of scheduled and unscheduled outages with GoEscrow or third-party banking partners.
  • We rely on our banking partners to process transactions. There is a risk that the banking partner may default in performance of a remittance which may result in the unexpected cancellation or delay of your transaction.
  • If you use The Product for a transaction type that is restricted as per section 6 you risk reporting of the transaction particulars to government agencies and potential suspension of a transaction or your GoEscrow account pending instruction to GoEscrow by government agencies.

8.    Our Fees

We earn revenue by charging a transaction fee for escrow payment management services.  We refer to this transaction fee as the GoEscrow Fee.

The GoEscrow Fee, inclusive of GST, varies from 1% to 3% of the item price.  The item price is the amount a buyer wishes to place into escrow for future settlement to a seller.

You will receive an invoice for the GoEscrow Fee and a payment receipt.  This occurs when a transaction is partially or fully funded.

9.    How You May Contact Us

You may communicate with us via our Web or Mobile Apps, customer dashboards, our social media accounts or other user interfaces.  You may also give us instructions via telephone or through email.  We cannot accept instructions in person.

If you have any enquiry, complaint, or escalation requirement about our products or the way our platforms operate you may contact our Customer Service Team as follows:

By Email:          [email protected]

By Phone:         1300 303 240

By mail:            Customer Service Manager
P.O. Box 141,
Kenmore, QLD.  4069 Australia

If you have any enquiry, complaint, or escalation requirement about the way our Customer Service Team handles your communications you may contact our Compliance Manager as follows:

By Email:          [email protected]

By Phone:         1300 303 240

By mail:            Compliance Manager
P.O. Box 141,
Kenmore, QLD.  4069 Australia

10.    Our Privacy Policy

We care about personal information and take privacy matters seriously.  We obtain and retain important personal identification and financial information and have a Privacy Policy to outline how we handle these records.

The GoEscrow Privacy Policy may be read here:  https://goescrow.com.au/privacy-policy/

11.    Our Complaint Resolution Procedures

We have an internal complaint handling and dispute resolution process in place to resolve any problems you may have, quickly and fairly.

The GoEscrow Customer Complaint Policy may be read here:  https://goescrow.com.au/complainthandling/

All complaints should be directed to our Customer Service Manager at [email protected] or +61 1300 303240, who will seek to resolve your complaint in accordance with our internal procedures.

  • In all cases GoEscrow will acknowledge your complaint as soon as it is received.
  • Simple complaints should be resolved within 7 days of submission.
  • Complaints that require some inquiry may take up to 30 days.
  • Complaints that involve significant investigation or referral may take up to 90 days or longer in some cases.

If you are unsatisfied with the Customer Service Manager response you may request an internal review which will take no longer than 28 days.  If you are dissatisfied with the outcome of our internal review, you have the right to complain to the Australian Financial Complaints Authority (AFCA), who may be contacted on 1800 931 678 or via www.afca.org.au. This is a government approved external dispute resolution scheme.