Secure Payments via Escrow
Make down-payments with confidence
Whenever you rent a flat, the host will ask you for a down payment of the first week's or months' rent in oder to secure the booking and hold the accommodation for you until your arrival.
Normally, you would be asked to transfer money into this hosts bank account. Such bank transfers are irreversible and therefore require a lot of trust. If something about your accommodation is not right, you need to chase the host to get all or some of that money back.
We have figured out a better way!
Secure Escrow Payments
We have partnered up with a specialised payment provider in oder to offer a better solutions for both tenants and hosts.
What is Escrow?
A contractual arrangement in which a third party (not WeFindFlats or the Host) receives and disburses money for the primary transacting parties (tenant and host). The disbursement is dependent on conditions agreed to by the transacting parties.
You may know this as 'Treuhand', 'fiducie' or 'depósito fiduciario'.
Who is the Escrow Provider (the Third Party)
Paylax (relax & pay GmbH) is a company from Stuttgart, Germany that specialises in facilitating online transactions in eCommerce, services and secure deposits. All payments are executed via Mangopay one of the largest online payment providers in the world.
How does it work?
Once you and the host have agreed all terms we send you a link to setup the escrow payment via Paylax.
The host will be able to see that you have funded the account but won't be able to withdraw the money until you say so.
You will be required to release the money in order to complete the move in process on your arrival date.
HOW IT WORKS
Fraud protection - host receives the money only after you have inspected the accommodation.
You keep control - PAYLAX does not take part in the underlying contract
Secure payments across borders - PAYLAX supports secure payments in EUR, USD and GBP
Safe - Funds are kept safe in a insolvency secured trust account of ING (EUR), Commerzbank AG (EUR) or Barclays (other currencies)
1. You and the host agree on the down-payment amount.
2. You deposit the money to the secure escrow account.
Plus a 1% fee.
3. Host and you do check-in and key handover. You release the money.
4. Host receives money in real time
pay & relax GmbH, provider of PAYLAX escrow service, was founded in Stuttgart in 2015. PAYLAX is based on a cooperation between pay & relax GmbH and MANGOPAY SA, an e-money institution licensed throughout the EU and supervised by the CSSF (Luxembourg Financial Supervisory Authority). Funds of all PAYLAX customers are kept safe in a insolvency secured trust account of ING, Barclays or Commerzbank AG. You can find more information on the website https://paylax.de