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PLATFORM

PrepayWay provides tools that make real estate reservation anywhere in the world direct, flexible, transparent, and secure, at a fraction of typical cost. The platform features customizable agreement templates in many languages and guarantees secure transfer of reservation deposits using smart contract functionality. By streamlining the reservation process, PrepayWay saves its clients’ time and money, and brings the much needed convenience and security to the reservation stage of real estate transactions.

Our services are unique: we offer valid country-specific agreement templates developed by local lawyers in local languages, we accept traditional methods of payment and electronic money, and we provide international mediation and arbitration network for dispute resolution.
Earnest money transferred via PrepayWay is deposited into a partner bank escrow account. Funds are released or returned automatically according to the terms and conditions of the reservation agreement. At no point in time does PrepayWay or any third party have access to funds.
We aim to achieve global presence and offer our services to customers worldwide.

PrepayWay’s geographical expansion is planned in stages. We will go global one country at a time.
No. Depending on the location of the buyer/tenant and the seller/landlord, the most optimally located escrow partner account will be selected for efficient transfer.
In most cases, the currency is agreed upon by the parties.

However, in some countries payments for real estate transactions have to be made in the currency of the country where the property is located.

Pros and cons of different currency choices are explained in our user-friendly system.
Buyers and tenants receive the following documents:

  1. Reservation agreement between the buyer/tenant and the seller/landlord
  2. User agreement between the client and PrepayWay
All of these documents are available in English as well as in the official languages of the countries of the seller, the buyer, and the property.

Additionally, our clients can order other documents required by the legislation of their country of residence, the country where the bank of the sender is located, or the country where the property is located.
Sellers and landlords receive the following documents:

  1. Reservation agreement between the buyer/tenant and the seller/landlord
  2. User agreement between the client and PrepayWay
All of these documents are available in English as well as in the official languages of the countries of the seller, the buyer, and the property.

Additionally, our clients can order other documents required by the legislation of their country of residence, the country where the bank of the sender is located, or the country where the property is located.
PrepayWay customers have the opportunity to choose between fiat currency and tokens for their payment.

If customers choose payment in fiat currencies (EUR or USD) the system automatically converts the fiat currency value of the amount of fees due into InBit tokens and locks them into the smart contract until execution.
Yes, it is possible. Our platform is accessible for anyone, from anywhere, and on any device, as long as a safe connection to the internet can be established.

BUSINESS MODEL

We are unique in that we offer an all-in-one set of tools for drawing up real estate reservation agreements, tailored to international real estate transactions. Our goal is to simplify the complex and imperfect real estate transaction process and turn it into a streamlined process, saving time and money. Clients navigate the process safely and easily, without any knowledge of legal intricacies and foreign languages, without physical presence in the country of deposit payment, and without blind trust in unknown parties and lawyers abroad. We offer a complete solution: customizable reservation agreement templates in multiple languages, escrow services executed via smart contracts on the Blockchain, and, if necessary, dispute resolution services by independent mediators and arbitrators from the SmartArb Institute. Once land registry systems start to conduct Blockchain title registration, PrepayWay will develop title transfer service.

While our initial focus is on reservation agreements for rent or purchase of real estate abroad (Stage 1), we are currently working on other agreements for real estate industry (Stage 2), expansion into other types of international business transactions (Stage 3), as well as the development of our proprietary Blockchain (Stage 4).
PrepayWay is much more than an escrow company. We provide a complete service for real estate reservations: preparation of reservation agreements, transfer of the earnest money into an escrow account, release or return of earnest money, and dispute resolution services.

Traditional escrow companies only hold funds and documents until all conditions have been met. You would have to hire a lawyer, use bank services, and, in case of disputes, arbitration services or even court. With PrepayWay, clients no longer need any of these intermediaries.
The benefits of using PrepayWay are unique for each user group – buyers, sellers, renters, landlords, and real estate agents. The main advantage of our platform is the cost and time efficiency of a streamlined reservation process.

We offer customizable country-specific agreement templates accompanied with recommendations and hints. Both templates of agreements and instructions are provided in multiple languages, giving our clients full control over terms of agreements, without the need for foreign lawyer services.

We deliver maximum convenience to our clients by making smart contract activation accessible anywhere, anytime, and from any device.

We guarantee transparency and security: earnest money deposits are secured on the Blockchain and are only released or returned if all the conditions of the agreement are met.

Finally, in case of disputes, SmartArb Institute offers efficient enforceable mediation and arbitration services.
When a buyer (individual or corporation) decides to purchase or rent real estate in another country, he often has to transfer earnest money deposit immediately after signing the agreement, to demonstrate good faith. The buyer has several choices how to send the money, none of which is particularly appealing.

  1. One possibility is payment by giving credit card information to the seller abroad. This typically costs between 1.5 and 3% of the amount, which is relatively cheap. However, in the process, the buyer has to entrust the highly sensitive credit card information to the seller abroad. Unfortunately, it is not uncommon that the credit card information is subsequently abused, either by an untrustworthy seller, by middlemen, or even hackers who gain access to the information.
  2. An alternative payment method is a wire transfer or sending a certified or banker’s check in the mail. While this system does not reveal sensitive financial information of the buyer and is also relatively cheap, it takes several business days to execute and is often not very reliable.
  3. In the case of transferring a large amount, the buyer can use a letter of credit issued by the buyer’s bank to the seller as a beneficiary. Again, this system does not reveal sensitive financial information of the buyer to the foreign seller. However, the combined fees of the buyer’s and seller’s banks may add up to thousands. Moreover, letters of credit usually require competence of large commercial banks. As a result, more than half of all transactions involving letters of credit fail at least at the first attempt.
PrepayWay solves the problems with costs, speed, ease, and security of money transfers. The combination of smart contracts that automatically verify, initiate, and control all activities and transactions with decentralized storage of all transaction data on the Blockchain ensures complete transparency and eliminates fraud risk.

We offer our clients the convenience of making transfers from their computer or smartphone, without middlemen.

No financial information is revealed at any point in time. Transactions are recorded on the Blockchain and cannot be tampered with.
When a buyer (individual or corporation) decides to purchase or rent real estate in another country, he has to sign an agreement prepared by the other party.

Typically, in the case of foreign real estate reservation or purchase, the applicable law is the law of the country where the property is located. What this means for the buyer is that he has to sign an agreement drawn up in a foreign language and in the legal environment that is familiar to the seller but entirely unfamiliar to the buyer. The buyer has two options, and none is particularly appealing:

  1. The buyer has to trust the foreign seller or real estate agency and sign an agreement that was prepared by the seller or the seller’s agent to protect, first and foremost, interest of the seller.
  2. The buyer hires a foreign lawyer to review and explain the agreement to make sure the buyer’s interest is equally protected. However, reliable lawyers are not always easy to find, and their services certainly are costly. Language barriers between clients and lawyers further complicate the matters.
PrepayWay solves the problem of navigating foreign agreements by providing valid and enforceable country-specific agreement templates prepared by our network of local lawyers and notaries in different countries. Our simple and user-friendly system provides detailed explanation of terms and conditions, unusual clauses alerts and suggestions.

Furthermore, both templates of agreements and instructions are provided in multiple languages. Thus, for instance, a buyer from the US is able to read and understand the English-language version of the agreement that he is signing for the reservation of a vacation home in Mexico, and a buyer from Germany can read the German-language version of the agreement for the reservation of a factory building in Poland.

Last but not least, our agreement templates are highly standardized, which allows us to charge very low fees and stay competitive in terms of cost-effectiveness.
The weakness of the resolution process currently in place becomes apparent as soon as anything goes wrong. When a buyer (individual or corporation) decides to purchase or rent real estate in another country, he often has to transfer earnest money deposit immediately after signing the agreement. This often occurs before the buyer has a chance to inspect the property.

The buyer then travels to the country where the property is located to finalize the deal. Unfortunately, it is not uncommon that costly defects of the property or other deal-breaking issues are discovered at this point, negatively affecting the value of the property or even rendering the acquisition undesirable.

The biggest problem at this stage is for the buyer to return his earnest money deposit back. Years of experience in a wide range of countries show that more often than not, sellers refuse to return earnest money, leaving yet again two undesirable options for buyers: either forfeiting the earnest money or hiring a real estate attorney in the foreign country to try to recover them.

In the subsequent pre-litigation, success depends to a large extent on the terms of the original agreement.

PrepayWay minimizes the risk of disputes by providing standardized and customizable agreement templates for every country, developed by experienced real estate lawyers, whereby the rights of both the buyer and the seller are clearly defined. The terms for the earnest money release to the seller and its return to the buyer are coded in a smart contract and are executed automatically when all conditions are met.

Finally, in case parties disagree about fulfillment of the contractual conditions and a dispute arises, SmartArb Institute provides dispute resolution services by independent mediators and arbitrators, eliminating the need for attorney and courts.

OTHER

Customer support will be offered in the official languages of the countries in which we operate.
Our services are for everyone, everywhere. Anyone can use PrepayWay, including those who have never used cryptocurrencies, know little about them, or do not wish to use them.

Our client has an option to pay the PrepayWay fee in fiat currency in order to avoid any transactions involving cryptocurrency. In this case, the system performs conversion of fiat currency into InBit tokens and uses them for smart contract activation completely automatically.
No, it is not necessary for PrepayWay customers to understand the technical details. Our goal is to offer a service and a set of tools for real estate transactions that are simple and easy to use.

From the customer perspective, the Blockchain is a bit like a smartphone and the PrepayWay services are like an app on the smartphone. The user needs to understand neither the technology of the phone nor the programming details of the app in order to be able to use the app.

Some countries have restricted or banned dealing in cryptocurrencу.
PrepayWay services will be available even in those countries where cryptocurrencies are restricted or banned, since using PrepayWay services does not require direct cryptocurrency transactions. Users from these countries can simply make both the payment for the real estate transaction and the payment for our fees in fiat currency.

Get in touch

Don't hesitate to contact us

PrepayWay AG

Address:
Haldenstrasse 5,
6340 Baar
Switzerland

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