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What is escrow and BitCheck? What is Voucher BitCheck?
What is escrow and BitCheck? What is Voucher BitCheck?

Learn about the best escrow transaction service eliminating counterparty risk.

Updated over a month ago

What is escrow and BitCheck?

Escrowed BitCheck acts as an independent third party withholding payment until everyone fulfills their responsibilities in the transaction. 
Safely send and receive funds worldwide. Escrow without hassle!

➤ What is escrow?

Escrow is a custody service that offers custody of an asset for a specific period of time. An escrow is a legal arrangement in which a third party temporarily holds money or property until particular terms and conditions which both sides agreed upon are fulfilled.

➤ What is BitCheck?

BitCheck is the star feature on the XREX Pay platform which provides the most secure online payment guarantee to escrow fiats and cryptocurrencies for global transactions. BitCheck is not just escrowing Bitcoin but escrows any other stablecoins and currencies that XREX Pay supports such as SGD, USD, USDT, USDC, and more.

➤ How Bitcheck is used in B2B scenario

In the evolving landscape of cross-border transactions, merchants and corporates are increasingly adopting stablecoins like USDT and USDC for business payments, with BitCheck serving as an essential tool for secure transactions.

For example, when a buyer sends payment via BitCheck to a seller, the funds are initially held in escrow. This process provides a layer of protection for both parties, ensuring that payment is only released once all conditions of the transaction are met. Once the goods are shipped and inspected, the seller can request the release of the BitCheck, after which the buyer approves the release of funds. All these steps are seamlessly managed through the XREX Pay app. Additionally, we also provide fiat BitChecks, offering flexibility and choice for businesses in their payment processes.

➤ How BitCheck is used to minimize risk in P2P scenario

While P2P transactions seem to have gained popularity with users looking for ways to purchase cryptocurrencies, it has not been without risks. Users have reported unfulfilled P2P deals that resulted in a loss of funds, or a foreign counterparty that sent acquired crypto via illegitimate means. This is where BitCheck and the BitCheck contract come into play as BitCheck provides escrow service and BitCheck contracts to minimize counterparty risks.

➤ What problems does escrowed BitCheck solve?

BitCheck solves two major issues — funds and trust. Only users who pass identity verification can use BitCheck on XREX Pay. XREX Pay works with global compliance partners, including Sum&Substance (Sumsub), and JPMorgan’s portfolio TRM Labs to build proper Know Your Customer (KYC) mechanisms and risk management systems.

— Only verified users can use BitCheck

— Detect and defend against fraud, scammers, and suspicious activities

— Solves the trust issue

What is Voucher BitCheck?

Users who have passed the XREX Pay identity verification can use the Voucher BitCheck feature. This feature will allow you to create vouchers and gift cryptocurrency to your relatives, friends, followers, business contacts, etc. effortlessly. You can share the Voucher through any social media platform, e-mail, and more, however, the voucher's recipient must also pass XREX Pay's identity verification.

Steps to create a voucher:

  1. Open XREX Pay, enter the BitCheck page, and click on Voucher.

  2. Click Create a Voucher and follow the steps to select the preferred currency and amount that you would like to issue.

  3. Enter your preferred expiration date and click Confirm.

  4. Voucher BitCheck Created! You can opt to share the redemption or QR Code with any user you want.

  5. If you want to cancel your voucher, click More on the voucher page and you will see the option to Cancel Voucher BitCheck. Please follow the steps provided in the app to cancel the voucher you created.

  6. If the voucher has been redeemed successfully, you will receive a notification and can also view the relevant information in your order history.
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How to share the voucher?

  1. After creating the voucher, you can click Share Voucher.

  2. You can share the voucher on your preferred social media platform, emails and etc.!

  3. You can also click on Save QR to save the QR Code directly to your photo album and share the photo with any XREX Pay user. They should be able to scan the QR Code and claim the voucher.
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How to claim the voucher?

  1. Open the XREX Pay app, enter the BitCheck page and click on Voucher.

  2. Click Claim a Voucher and you will be directed to a page that will allow you to either scan the Voucher BitCheck QR code or enter the code manually.

  3. After completing the previous step, you will be able to view detailed information about the Voucher BitCheck. Click Claim Voucher to confirm the redemption.

  4. Voucher BitCheck redeemed! You shall see this balance in your wallet.

  5. You can also view the record of this voucher in your history.

  6. If the voucher has been claimed or expired, an error message will appear when you scan the QR code or enter the code manually.

Why can’t I receive my Voucher BitCheck?

If you are unable to receive a specific voucher, it could be due to differences in the services provided by XREX across jurisdictions. To view the list of supported vouchers, please refer to this article: Coins and tokens listed on the XREX Pay. Additionally, please note that XREX Pay only supports fiat BitCheck transactions between XREX Pay accounts.

BitCheck is the most secure online payment guarantee for global transactions. To know more about XREX Pay, please visit blog.xrex.io and the BitCheck official website.

Together, we grow and go beyond.

The XREX Pay Team

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