What is a Hard Payment?
"Get paid, stay paid"
A hard payment is an irrevocable transaction. All completed transactions
with iGolder are final, and there is no such thing as a chargeback or payment
reversal. To make gold transfers as safe as possible, we do provide
numerous tools to protect both the buyer and the seller.
- Safetransit™ - The
buyer and seller negotiate the transaction terms directly with each
other, via our secure encrypted recorded chat, or by uploading a document
describing the performance obligations of each party. The buyer
initiates the payment, however iGolder holds the transfer until
obligations have been fulfilled by the seller. The buyer has control
to release the holding and complete the transfer, protecting him from
non-shipment or misrepresentation of merchandise. The buyer cannot
recover any gold without the consent of the seller, or by filing a
dispute and "winning" the arbitration. Any disputes regarding the
goods or services are professionally resolved before
the payment is released, and once the transfer is complete, there is no
possible payment reversal. The seller is also protected, because
the delivery of the good or service guarantees the release of payment
with no chance of a chargeback.
- Dispute Reserve
- A merchant may voluntary set aside a quantity of gold into a
special account for dispute resolutions. The first
benefit of having a dispute reserve is a reduction of all
If a member is an active trader, then the dispute reserve pays
itself within months. The other benefit of having a
dispute reserve is customer goodwill and improved reputation.
You have the option to disclose the amount of dispute reserve
on your public profile, reassuring your customers about your
commitment to excellence. If a dispute ever arise outside of the Safetransit agreement, the
arbitrator is implicitly authorized to transfer gold from this special
reserve account to compensate the
buyer. The amount transferred cannot be larger than the original
transaction value. Also, under no circumstances, the arbitrator
(or iGolder) is allowed to take gold
from any other sub-account to compensate the buyer. If a merchant
does not supply a dispute reserve, then the arbitrator
can only render a verdict with a recommendation of making a
refund to the customer. The merchant is strongly
recommended to comply with the verdict, otherwise the merchant
faces the risk of being downgraded as Unreliable
(further details below).
iGolder requires a dispute reserve for merchants offering special services, such as our "approved
instance, a merchant selling debit cards is required to provide a minimum of 100
grams of gold as a dispute reserve, simply to be listed as an approved
debit card provider. This way, if a member
purchases a debit card which is not working, and the merchant does
nothing to resolve the situation, then the arbitrator will have 100
grams of gold available to compensate the buyer.
- Reputation Score /
Karma - Each member has a reputation
based on the satisfaction of his customers. Although a payment may be
irreversible, a buyer may always write a negative review about the
seller. Each negative rating subtracts 10
while each positive rating adds a single Karma point.
iGolder always displays the Karma value next to the business
name. A low reputation score (Karma) usually has a
negative impact on sales because customers may become
suspicious about the trustworthiness of the seller and choose
a competitor instead. A member may also earn a
for being dishonest. Each demerit point subtracts 100
Karma points and increases all transfers fees for a period of
6 months. It pays to maintain a good reputation at iGolder.
- Unreliable Member -
Refusing to comply with the verdict of the arbitrator may lead to a
reputation downgrade. iGolder has a private arbitration mechanism
where both parties can choose an arbitrator, provided they agree on one.
If none, then iGolder will become the final arbitrator of the dispute.
It is in our interest to have a system as fair as possible, because we
want to keep all our members. Ideally, we aim to reconcile both parties,
where the buyer and seller will find beneficial to trade
again, leaving behind the dispute as a quarrel of the past.
Unfortunately, sometimes it is impossible to reconcile both
parties, and this is where enforcement of arbitration is necessary.
Since iGolder will never reverse a payment, we have provisions
to put pressure on the faulty member to comply. If
a member refuses to comply with the arbitrator's verdict, then
the member's account will be downgraded to the status of Unreliable.
- An unreliable member immediately receives lowest
reputation Karma value and all
his transactions fees are increased to 5% for a period of 6 months.
It becomes therefore more expensive for the unreliable member to trade with
others, and the total cost of being unreliable can be measured in grams of
gold at the end of the 6-month period.
- An unreliable member is no longer allowed to use any arbitration
services provided by iGolder a period of 6 months. Therefore the
unreliable member cannot initiate disputes, nor effectively use the Safetransit tool, thus making him on his own if a problem occurs.
- An Unreliable Warning is issued for every
transaction made by the unreliable member, whatever he wants to buy, sell or
gold. For a period of 6 months, a warning message is sent by email to
any other party wishing to transact with him. The other party must manually acknowledge
the desire to carry on the trade in order to complete the transaction.
Such email message is a powerful tool to pressure the recalcitrant merchant
to comply with the arbitration verdict, because other members may ask for
higher fees or even boycott him for breaking the rules.
Our goal is providing a cost-effective mean to enforce arbitration decisions
to increase fairness when resolving disputes. Over-punishing a member
for ignoring an arbitrator's decision is not fair either. We are all
humans and make mistakes. Although the arbitrator is impartial,
meaning he/she does not take sides, the arbitrator does not have perfect
knowledge of the dispute situation and may render an incorrect verdict.
For further details on arbitration, visit
Although iGolder is a hard payment system, there are few exceptions where iGolder may revert
- Unauthorized Transaction
A crook has stolen the password of another member and made a gold transfer
for himself. Since the transaction was not authorized by the account
owner, the transaction is voided, and the gold is returned to the
legitimate owner. The crook is also permanently banned from using
- Theft Towards an Exchange Provider - Our preferred
exchangers have access to a special alarm trigger to report
theft, such as an individual purchasing gold with a fraudulent check or a stolen credit card.
Only our most trusted exchangers may access to this special trigger,
enabling them to freeze an account until investigation. The
exchange provider can only freeze an account he transferred gold, so
trigger is limited in scope. The exchanger must also give a
detailed description about the payment so iGolder can investigate by
asking the buyer to prove the payment cleared and/or the credit card
transaction went through. If the exchanger was indeed victim of
theft, then iGolder will return the gold to the exchanger and
permanently ban the fraudulent member. If the exchanger abuses of
this feature, such as triggering a false alarm, then he will lose our
protection and will earn several demerit
points. Just to make it clear, this option is only for our trusted
fiat money to digital gold. Regular members
buying and/or selling goods and services do not have access to this
alarm trigger - they are protected with the Safetransit™
- Threats, Extortion and/or Coercion - Extortion
is forcing someone to accept a contract under threat of use of force.
Without coercion, the contract would be valid, however the use of force
or the thread of using force makes the contract null and void. At
iGolder, a member may contact our staff regarding extortion. Each
extortion claim is handled on a case-by-case basis, typically requiring
the plaintiff to provide an affidavit before
iGolder freezes the account of the presumed criminal. iGolder
takes all cases of extortion very seriously and will investigate the
facts and act accordingly. An example of extortion would involve
the kidnapping of a child and asking a ransom. Common sense tells us
the "contract" is not valid and therefore revert the payment.
iGolder will also assist law enforcement agencies and testify as a
witness of such crime.
Criminal Activity -
iGolder may intervene in a payment transfer regarding a criminal activity.
For instance, if a member hires a hitman to murder someone else, then we will not
allow the hitman to keep any gold, and we will not return the gold to the
member who hired the hitman. Common sense goes really far with us, and in
such a case, we consider both members guilty of the same crime. We will
do our best to make things right with any "victims" we can locate as
well as assisting law-enforcement agencies catching both criminals.
We sincerely hope to never revert any payment, however we are fully
prepared doing so. We won't let criminals get away with crime