How it works
Sellers qualify buyers, Buyers show they are serious by depositing money in Lockbox Local. The Seller has an assurance the Buyer will complete the transaction, the Buyer maintains control of their money.
Buyers and Sellers can invite users to download the app to complete a transaction
- Download the app and install
- Register with Lockbox Local
- Register with Plaid
1) Buyer contacts Seller and asks for an item to be held for pickup; Seller asks Buyer to deposit money in Lockbox Local
2) Buyer deposits the money in Lockbox Local
3) Lockbox Local waits for both Buyer and Seller to approve the transaction
4) Mutual Fund Release: Buyer meets Seller, with Buyer’s acceptance both approve the transaction
5) Lockbox Local releases the payment to Seller
If Buyer is unable to make it, or the product is not acceptable, Lockbox Local will return the payment back to the Buyer at a specified time expiration. Seller is aware the transaction is cancelled and can move on to the next buyer.
*Lockbox Local used ACH (Automated Clearing House) to transfer money, it may take 3-5 days to receive funds