What is Peermoolah? And Why Deposit?

We’ve been asked many times about Peermoolah. “What is it?”, “How does it work?”, and “Why should I put a deposit?”. Check out the infographic below to find out why.

Why PeerMoolah Deposit

For example:

With Bank Transfer

  1. Mary makes a deposit of $10.00 using bank transfer into her Peermoolah’s wallet.
  2. Her wallet now is credited with $10.00.
  3. She decides to make a request for item X with a refundable deposit of $5.00. The amount she deposits for the item is hidden to everyone except herself.
  4. Ben sees her request and is willing to get item X for $3.00. He makes the offer of $3.00, and TPTW adds on a 5% transaction fee. The offer price shown to Mary is now $3.15.
  5. Mary accepts the offer price of $3.15, and the money is now held in escrow while the transaction is pending. Her remaining deposit of $1.85 is returned back to her wallet.
  6. Ben meets up with Mary and passes her the item. The $3.15 previously held in escrow is now released into Ben’s wallet.

With PayPal

  1. Mary wants to make a deposit of $10.00 using PayPal into her Peermoolah’s wallet.
  2. She will need to fork out $10.93 taking into consideration PayPal’s processing fee.
  3. Her wallet now is credited with $10.00.
  4. She decides to make a request for item X with a refundable deposit of $5.00.
  5. Ben sees her request and is willing to get item X for $3.00. He makes the offer of $3.00, and TPTW adds on a 5% transaction fee. The offer price shown to Mary is now $3.15.
  6. Mary accepts the offer price of $3.15, and the money is now held in escrow while the transaction is pending. Her remaining deposit of $1.85 is returned back to her wallet.
  7. Ben meets up with Mary and passes her the item. The $3.15 previously held in escrow is now released into Ben’s wallet.

If you have any questions or comments, or would like to use Peermoolah as a payment service, please leave a message in the fields below.

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