MedWOW’s SafeTrade Service

Q&A

Q: Isn't a Letter of Credit the Best Way to Secure Medical Equipment Transactions?

A: Letter of Credit fraud is becoming common.

Letters of credit are always issued by the buyer's bank (issuing bank) and are forwarded to the advising bank located in the medical equipment Seller's country to notify the seller. Scammers often produce identical documents that a bank produces and then they send the documents directly to the medical equipment seller. The Seller assumes that these are legitimate documents from a bank and ships and waits for payment by his bank that will never happen. Another common letter of credit scam is presentation of false shipping documents by the exporter to the advising bank to show that the medical equipment was indeed shipped and payment has to be made, when in fact the equipment was not shipped.

Q: What Happens in Case of a Dispute?

A: Once money has been paid to Transpact.com and a transaction is live, then at any stage you or the other party to the transaction may refer the transaction to arbitration (by the referee you nominated at the outset phase).

In most transactions, there is no dispute and the arbitrator will not be notified or involved in the transaction. However, if there is a dispute over whether the conditions have been met, then the arbitrator will have the final say to determine who the money Transpact.com holds should be paid to.

Q: What Are the Fees Associated with the Service?

A: Transactions may be paid in US Dollars, GB Pounds, Euros, Hong Kong Dollars, Canadian Dollars or Australian Dollars. Transpact automatically deducts MedWOW’s Transaction fee from the payment before it is submitted to the Seller and only if the transaction ended successfully.

Surcharges will be applied for USD amounts, Pound amounts not payable to or from a UK bank account, Euro amounts not payable under the EU's SEPA protocol, dispute resolution and extremely large or small payments.

Click here for a full list of surcharges that may apply to your transaction.