Good question, that is the whole point after all!
ModuGo can GUARANTEE that you will be paid in full for everything that is sold on our site. Here are the steps:
1. ModuGo will capture payment in full for the units being bought (or first months rent and fees if a lease) at the time of checkout.
2. After purchase, there are two different tracks that it may take:
A. The buyer uses shipping on the ModuGo platform.
In this scenario the money will be held in a secure Stripe account until the unit is delivered. Once you have confirmed the unit has been picked up by the shipper and once delivery is confirmed by the shipper, the money will be transferred to your Stripe account after 7 days. During this period the buyer can review the asset and raise any complaints, etc. However, all units are bought as-is so there is not an obligation to provide any refunds or concessions during this period.
B. The buyer opts to handle shipping on their own.
In this scenario payment is made immediately to your Stripe account once you indicate that the asset has been picked up by the buyer or their shipper.
3. After payment is transferred to your Stripe connect account (this is set-up automatically when you signup as a seller and no action is required on your part) it will be automatically transferred to the bank account associated with your seller account in 2 business days.*
*NOTE THAT FOR YOUR FIRST PAYOUT, IT WILL TAKE APPROXIMATELY 7-10 DAYS (AS OPPOSED TO THE USUAL 2 DAYS) PURSUANT TO STRIPE POLICIES. You can learn more here.