BitCheck is a digital escrow solution that securely withholds payment until all parties have fulfilled their responsibilities in the transaction. It helps reduce counterparty risk and provides a secure environment against fraud, illegal activities, and scams.
Before using BitCheck, please ensure you are registered on XREX Pay and have completed the identity verification process.
BitChecks can be released directly by the sender, released upon mutual agreement, or canceled only when both parties agree. These actions can typically be completed within minutes on XREX Pay.
How does BitCheck work?
BitCheck will allow you to transfer funds to another XREX Pay user. This feature currently supports USD and USDT.
After the two parties agree on the terms and conditions, the sender can enter the BitCheck page, select BitCheck, enter the user ID, or select the recipient in the Contacts.
After filling in your preferred amount and currency, click Confirm to send Escrowed BitCheck.During the BitCheck process, funds will be temporarily escrowed by XREX Pay. XREX Pay will release the funds to the receiver only after both parties confirm that the agreement has been fulfilled and approve the release of funds.
In the case of goods transactions, the sender can approve the release of funds after receiving the goods or ask the receiver to provide proof of delivery to ensure that the agreement has been fulfilled.
After the receiver fulfills the agreement, they can send a request to the sender for approval to release the escrowed funds in BitCheck.
After the sender approves the release of escrowed BitCheck funds, the receiver will receive the funds and the transaction will be deemed completed.
To learn more about XREX Pay, please visit our official website.
Disclaimer
Please note that XREX is a fin-tech company aiming to comply with all regulations relevant to our services. The type and scope of services provided might be different depending on the jurisdiction where you are located and the relevant regulations for that jurisdiction.