Add cows and other livestock to the growing list of items you can purchase through online escrow startup PaySAFE.
The Bellevue, Neb.-based company, which provides online secure transactions for buyers and sellers of high-ticket merchandise, is partnering with Cattle-Exchange.com, one of the largest online private treaty sales markets for cattle buyers and sellers.
Decades ago, major Midwestern hubs like Omaha, Chicago and Sioux City, Iowa, thrived on a physical stockyard marketplace where farmers would bring their livestock to market and would sell through a commissioned salesperson.
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Today, the livestock industry has moved online where there’s more choices, more exposure and more convenient transactions. Online exchanges operate on commission on the sale just as historic livestock transactions have done. Now PaySAFE will help facilitate the cash exchange in a safe, secure manner, says founder Matthew Medlock.
While PaySAFE is used by a variety of industries for buying and selling vehicles, real estate, agricultural and construction equipment, livestock has become a fast-growing segment of the company’s client base.
“We have been seeing more and more livestock industry buyers and sellers take advantage of our services individually,” Medlock said in a press release. “So it made good business sense for us to reach out to one of the largest online cattle markets and create a partnership that could provide benefits for this entity as well as potential buyers and sellers.”
PaySAFE’s escrow service provides financial protection for both the buyer and the seller when purchasing livestock outside of a traditional auction house setting. The company works as a neutral third party to collect and hold funds safely in escrow until the transaction is completed to both parties satisfaction. PaySAFE allows both parties to conduct the transaction with confidence and peace of mind, Medlock said in a release.
The private treaty livestock marketplace can be complicated just as any high-ticket transaction conducted on the Internet, Medlock said. Things like documentation, transport, non-payment are all issues that can make the transaction difficult.
Through PaySAFE, buyers can keep track of head counts and breed, inspection documents and photos, transportation and final pricing. Funds are only released once pick up or delivery is verified.
Sellers have the security of knowing the sales funds are secured and verified, Medlock said. The buyer’s funds are secured upfront, locking in the sale and eliminating fraud. The seller uses a simple mechanism to upload all pertinent documentation. A comprehensive history is kept for any communication that takes place within the PaySAFE platform.
