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Phase 3: PayPledge Creation ​

This phase covers the PayPledge transaction creation process, including request creation, buyer review, and PayPledge activation. This is where the actual trade transaction begins.

Phase Overview ​

Step-by-Step Process ​

1. PayPledge Request Creation ​

Seller Initiates Transaction Request

  • Action: Seller creates PayPledge request from sales section
  • System Response: Request created and sent to buyer
  • Screenshot: Seller PayPledge Request
  • Video: PayPledge Request

Request Creation Steps:

  • Navigate to sales section
  • Click "Create PayPledge Request"
  • Fill out transaction details
  • Specify terms and conditions
  • Submit request to buyer

2. PayPledge Details Definition ​

Comprehensive Transaction Terms

  • Action: Seller fills out detailed PayPledge request form
  • System Response: Form validation and preview of terms
  • Screenshot: PayPledge Details Form

Required Details:

  • Transaction amount
  • Payment terms
  • Performance conditions
  • Collateral requirements
  • Delivery specifications
  • Timeline requirements

3. Draft PayPledge Review ​

Seller Reviews Created Request

  • Action: Seller reviews their created PayPledge request
  • System Response: Displays PayPledge details with "Drafted" status
  • Screenshot: Drafted PayPledge View

Review Includes:

  • Verify all details are correct
  • Check terms and conditions
  • Confirm collateral requirements
  • Review performance conditions
  • Submit for buyer review

4. Buyer Request Review ​

Buyer Evaluates PayPledge Request

  • Action: Buyer navigates to purchases section to view pending requests
  • System Response: Displays pending PayPledge requests from sellers
  • Screenshot: Buyer Purchases Section

Review Process:

  • Access purchases section
  • Review pending requests
  • Evaluate terms and conditions
  • Assess performance requirements
  • Decide on acceptance

5. Collateral Deposit ​

Buyer Funds Transaction

  • Action: Buyer deposits collateral to fund the PayPledge
  • System Response: Collateral deposited, credit added to account
  • Screenshot: Buyer Collateral Deposit
  • Video: Collateral Deposit

Deposit Process:

  • Navigate to My Account page
  • Click "Deposit Collateral"
  • Specify deposit amount
  • Confirm transaction
  • Verify deposit completion

6. PayPledge Initiation ​

Buyer Initiates PayPledge

  • Action: Buyer reviews and initiates PayPledge based on seller request
  • System Response: PayPledge status changes to "Initiated"
  • Screenshots:
    • Buyer PayPledge Initiation
    • PayPledge Initiation Modal
    • PayPledge Initiation InProgress

Initiation Steps:

  • Review PayPledge terms
  • Confirm collateral adequacy
  • Accept fee responsibility
  • Initiate PayPledge transaction
  • Confirm initiation

7. Seller Acceptance ​

Seller Accepts PayPledge

  • Action: Seller reviews PayPledge terms and accepts
  • System Response: PayPledge status changes to "Contingent"
  • Screenshot: Seller PayPledge Acceptance

Acceptance Process:

  • Review initiated PayPledge
  • Verify terms and conditions
  • Confirm performance requirements
  • Accept PayPledge
  • Confirm acceptance

8. PayPledge Activation ​

Transaction Becomes Active

  • Action: PayPledge becomes active and ready for execution
  • System Response: Status changes to "Contingent" - ready for performance
  • Outcome: Both parties committed to transaction terms

Phase Completion Criteria ​

✅ Ready for Next Phase When: ​

  • PayPledge is created and accepted by both parties
  • Collateral is deposited and verified
  • Terms and conditions are agreed upon
  • Performance requirements are defined
  • Transaction is in "Contingent" status

Key Features ​

  • Detailed Terms: Comprehensive transaction specifications
  • Collateral Management: Secure collateral deposit and verification
  • Dual Approval: Both buyer and seller must agree
  • Status Tracking: Clear status updates throughout process
  • Fee Transparency: Clear fee structure and responsibility

PayPledge Types ​

Standard PayPledge ​

  • Amount: Standard transaction amounts
  • Terms: Standard payment terms
  • Collateral: Standard collateral requirements

Express PayPledge ​

  • Amount: Smaller, quick transactions
  • Terms: Expedited processing
  • Collateral: Reduced collateral requirements

Custom PayPledge ​

  • Amount: Large or complex transactions
  • Terms: Customized terms and conditions
  • Collateral: Enhanced collateral requirements

Common Issues & Solutions ​

Issue: Insufficient Collateral ​

  • Solution: Deposit additional collateral or adjust transaction amount
  • Prevention: Verify collateral adequacy before initiation

Issue: Terms Not Accepted ​

  • Solution: Negotiate terms or create new request
  • Prevention: Ensure clear communication of requirements

Issue: PayPledge Not Initiated ​

  • Solution: Check credit line status and collateral availability
  • Prevention: Verify all prerequisites are met

Next Steps ​

After completing Phase 3, users are ready to proceed to: