In order to keep fees to a minimum Money Shield only use free Direct Deposits. This is done once daily (working days only) at COB (Close Of Business) Western Standard Time. This batch processing is then in the hands of the individual banks. If the transaction is completed before 4:00PM Mon-Fri then generally the money will be available within 2 days. However if it is not completed until after 4:00PM on a Friday or before Public Holidays then it could take up to 5 days.
If the seller does not respond to any communication from the buyer then the buyer can lodge a dispute. The seller has 3 days to respond to any Money Shield dispute. If they do not respond then Money Shield will find in the buyers favour and refund the purchase costs (minus Money Shield fees).
1) Ensures the item is tracked and insured to the satisfaction of the buyer.
2) Reduces disputes related to items not received or received damaged.
3) Reduces overhead costs to Money Shield, keeping fees as low as possible.
4) Relieves the seller of any up-front costs while waiting for payment of item from Money Shield.
5) Gives the seller an indication that the buyer is genuine.
If the item is not received, damaged or not as described then a dispute can be opened in MoneyShield.com.au The onus is on the buyer to ensure correct postage and insurance. If the item is not as described and a resolution between the buyer and seller cannot be reached then the transaction is cancelled. In this event the seller is to organise return of the item and once received Money Shield will refund the purchase cost (minus fees) to the buyer.
Money Shield suggests (but cannot enforce) buyers organise and pay for the postage through either e-go.com.au or AusPost.com.au . This allows for the buyer to ensure item is posted with the appropriate tracking and insurance. If there are any disputes related to postage, such as item not received or item damaged, then the onus is on the buyer to provide proof of insurance or tracking.
A buyer who does not want to protect their money for a minimal outlay is potentially a scammer who has no intention of paying for the item or who may even try to scam extra money from the seller. We do not recommend dealing with buyers who refuse to use Money Shield. Just ask yourself if you would sell to someone who does not want to protect themselves for a very minimal cost?
If a seller does not want to use Money Shield then they are likely afraid of being caught out selling dodgy items or not sending items at all. It costs the seller nothing to use this service so they have nothing to lose by using Money Shield, unless they are not legitimate. We do not recommend dealing with sellers who refuse to use Money Shield. Just ask yourself if you would buy from someone who refuses to use a free service to protect their customer ?
Money Shield is a registered Australian business with a registered ABN (Australian Business Number). Money Shield is a new business but is quickly gaining a reputation as the safest option for buying private items over the internet or from classified ads.