Why you should lock your funds on peerwallet

You can lock some amount of funds on Peerwallet for several reasons; the most popular reasons are for trust and better account reputation. 

Also as a Merchant, when you place some amount bids, first they are credited via the Lock balance which is later released to the main balance after the end date, automatically. 

Here are some reasons why sellers should consider locking some value in their accounts;

Seller's Trust: From time to time we encourage Merchants who offer reversible payment options to consider offering their funding services to sellers they trust or to sellers who have some active locks in their accounts. Because sometimes, the sale might not go as planned, and if the customer Is not satisfied with the order, they might want to file a chargeback which would affect the Merchant who has received the funds on behalf of the seller; So, if there is some amount locked for the seller then this is easily rectified via a deduction from the amount locked.

So as a seller, if you have some values locked (recommended 6 -12 months) your customers would see more payment options because Merchants would trust you and would be willing to receive payment from your customers.

Merchant's Trust: Before some Merchants can offer some services, they would need to lock some funds in their wallets. This is required because in case the service offered dispenses an error and the user is charged, Peerwallet can easily refund the customer from the locked funds

Virtual card issue for example when writing this requires a minimum lock balance of $3,000 which MUST be locked for a minimum of 1 Month. When the lock expires, the offer for the virtual card would stop working until it's relocked. 

Summary: Balance or Funds lock on Peerwallet is an initiative to increase several account trusts and improve the general experience on the Peerwallet Marketplace. As a Seller or a Merchant, you should consider locking some values today!