Bailsman provides a third party guarantee to the merchant for a small fee that is paid by the client, meaning there is no longer any need to make a security deposit payment and tie up cash. At the same time, Bailsman allows merchants to ask for the needed security deposit amount, free of charge, and without fear of frightening potential clients away. In case a claim is made by the merchant, the client needs to pay the requested sum, which cannot exceed the previously agreed security deposit amount.
Bailsman only provides guarantees that are 100% backed by licensed financial institutions or telecom companies on respective client markets and are publicly known to the merchants. In case the claim is not paid by the client, the financial institution or telecom company will acquire the claim and cover the amount, which makes the latter confident that there is no risk of not receiving the claimed amount. Afterward, the client can pay back the claimed sum to the financial institution or telecom company in full, or in partial payments.
Guarantee Process
To provide a guarantee, Bailsman’s process connects merchants to clients, and to financial institutions or telecom companies. The blockchain is an integral part of this process.
Bailsman has set up API integrations with all of its partners. A client is pre-screened within 10 seconds and informed of their status. A personal ID number is all that is needed for an instant response to being eligible for the guarantee.
As applications are forwarded to financial institutions/telecom companies, they either approve or deny applications — which are then time-stamped, registered by blockchain and sent back to Bailsman.
The merchant can see via blockchain who has approved the guarantee application.
Claim Process
A claim can be made by the merchant with a press of a button. The client will be notified and will have a chance to contact the merchant to re-discuss the claim amount. If the merchant makes no further changes to the claim amount, the client will have to pay the claim amount in 7 days.
If he fails to do so, Bailsman, in cooperation with a financial institution or telecom company, will pay the requested amount to the merchant’s bank account in 7 days. Either way, the merchant will receive the claimed amount within 14 days.
You can see the process of a claim on this scheme:
