The SEND offer on Peerwallet is how approved merchants set the configuration for the send-money Bank Transfer page which appears here www.peerwallet.com/send-money
All approved offers created for SEND are what users will see when they want to make a Bank Transfer, only approved offers here would show.
HOW IT WORKS
When this offer has been created and approved by us, users would be able to select your offer when they want to withdraw or send money to a Bank account. You are expected to select only the currency you can send Bank Transfers;
Currency: if you select the INR currency and set your rate, this means you would be able to send Bank Transfer to an Indian Bank.
Duration: Duration here is how long it will take you to send the funds after it has been initiated. This box is already in minutes, so 3 here means 3 Minutes. The time it will take you to transfer the funds would be shown to the customer.
Rate: This remains the same all over, this is the rate you would charge users who want to send money. 1 means 0%, 1.02 means 2%. This is very competitive; users would choose the lowest rate most definitely!
Approval Requirement: First, you need to be an approved Merchant on Peerwallet and you must have minimum locked funds of $250(or equivalent in your primary currency) at a starting duration of 90 days (3 Months). This is when your SEND offer becomes active.
When your offer will show: Your offer might not even show all the time even after the lock, here you must also have an equivalent lock of the funds the user wants to withdraw.
Illustration: If you have $250 locked, and a user wants to withdraw the sum of $350, your SEND offer won't show for the user to select from, for your SEND offer to show at the remittance page for a particular transaction, you must have an equivalent of the funds the user wants to withdraw locked in a minimum of 3 days left.
Peerwallet uses 3 days to check the validity of your funds before its served to the user to select from;
Illustration 2: If you originally have $250 locked for 3 Months, and then you later lock another $500 for 5 days. If someone wants to withdraw $700, you qualify, because your total locked funds have a balance greater than $700 and the total validity is not greater than 3 days.
Why Lock Funds?
Since everything on Peerwallet is P2P, the only way to guarantee delivery after verification is locking of funds, we want to make sure the customer can get refunded if a transaction doesn't go as planned or if you claim you have sent funds and then the customer files for a dispute, when this happens, Peerwallet should be able to solve this easily.
Our basic responsibility as a Company managing the Peerwallet platform is to make sure that users can achieve their aim of using the platform, so in other not to approve Merchants who aren't willing to deliver on completing transactions, the lock funds would guarantee the completion.
Which Type of Merchant Can Create SEND offers?
If you have been approved for the p2p package on Peerwallet, you would be able to create SEND offers, if you have not locked a minimum of $250 for 3 Months, then this offer won't be approved.
Unapproved offers won't show anywhere on Peerwallet.