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ClearPurchase: System Information
ClearPurchase Guarantees
Customer
The design of the system allows ClearPurchase to guarantee to the merchant that the customer is legitimate.
There will be no chargebacks by the customer claiming they did not make the purchase.
The customer may still raise a dispute for any other reason.
Merchant
The design of the system allows ClearPurchase to guarantee to the customer that the merchant is legitimate.
If the customer does not receive the goods/services ordered, then the customer can raise a dispute and (provided the claim is legitimate) receive a refund for the payment amount.
There is a time limit of 2 months after the authorization on the raising of a dispute.
A dispute can be raised after this time limit, but the Clearpurchase system does not guarantee a reversal of funds in this situation.
No Pulling Funds from Customer Account
Most fraud currently is the result of transactions taking place on a customer’s account without the customer’s knowledge or consent.
While reported fraud is a huge problem, what is not known is the amount of fraud which is noticed too late to report it, or not noticed by the customer at all.
With ClearPurchase, this is not a problem.
A key design component of the ClearPurchase system is that funds are never pulled from the customer’s account for any reason.
The only time funds can ever be transferred from the customer’s account
is when the customer specifically requests to their bank that these funds be transferred from their account.
ClearPurchase Characteristics
Immediate Funds Transfers
At the point that funds are to be transferred from the customer to the merchant for a purchase of goods or services,
the ClearPurchase system ensures funds are credited to the merchant’s account immediately.
The same is the case for reversals from the merchant back to the customer.
Merchant Self-Registration
The design of the system allows merchants to self-register into the ClearPurchase system,
while still allowing ClearPurchase to guarantee the merchant to the customer.
Dispute Resolution System
The ClearPurchase system includes an automated Dispute Resolution system.
In this system, the customer can raise a dispute on any transaction, with an automated procedure for resolution.
If the customer and merchant cannot agree on a resolution then arbitration will resolve the issue.
Steps have been taken to minimize the likelyhood of false dispute claims.
At no time in this process does the Financial Institution need to be involved.
International Processing
The ClearPurchase system is designed to accommodate multiple currencies, and multiple languages.
The initial focus will be to launch ClearPurchase in North America in early 2013.
This system will become available in other countries and for international transactions later that year.
System Security & Reliability
Information Security
One of the basic principals of the ClearPurchase system is the idea that information should stay where it is, unless it is absolutely necessary.
As a result, there is no sensitive financial information within either the merchant or the ClearPurchase systems
that can be of any value to anyone in event there is a security breach.
Transactions Security
The ClearPurchase system has been designed so that transaction cannot be modified, deleted or added within the system.
This ensures the integrity of the transactions within the system.
System Availability
Soon after the launch of the Clearpurchase system, it is intended that a second data center be built to process transactions.
Either data center can process transactions, and therefore in event that an entire data center becomes unavailable there is always another system able to process transactions.
Eventually there will be many data centers in different locations throughout the world.
Intellectual Property
Patent Protected
The ClearPurchase system is patent protected.
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