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Payment Protection

Updated

Payment Protection keeps your money safe on Yaga by holding payments securely until an item is received, and it covers how purchases, sales, and payouts to your bank account work.

As long as the payment is done through Yaga, your money will always be safe.

In this article:

  • Making a purchase
  • Making a sale
  • Transferring money from Yaga wallet to bank account

Making a purchase

Transactions made through Yaga are the only way to keep your payments safe. Security is our main priority, so we only accept 3D secure for Credit Card payments and bank verified EFT/OZOW payments via our payment gateway.

  • The system authenticates the cardholder before any transaction can take place, by diverting the cardholder to the browser of the bank that issued the card.
  • The bank then requests a password or One Time Password/PIN (OTP) from the cardholder, which is typically sent to their mobile phones. This proves that the person undertaking the online transaction is the authenticated cardholder and therefore entitled to use the card.

When you make a purchase, the money is deposited into Yaga's account and won't be released to the Seller before you have indicated that you received the item by clicking the Item received button in Yaga.

Making a sale

After the Buyer pays for an item, the money is deposited into Yaga's account and appears under Pending orders in My wallet. This means the money has been safely deposited to Yaga, and the Seller can be certain that the item has been paid for and it is safe to ship it out.

The money is safely on hold while the item moves from the Seller to the Buyer. Once the Buyer has received the item, they confirm receiving it, and the money is automatically released to the Seller's Yaga wallet (Completed orders).

From there, the Seller can choose between using this money for future purchases in Yaga or paying it out to a bank account from My wallet.

Note: If the Buyer has forgotten to complete the order in Yaga and has not expressed dissatisfaction with the item, Yaga Support will assist in completing the order.

Transferring money from Yaga wallet to bank account

Money from a successful sale, as well as from a cancelled order, is automatically released to your Yaga wallet. From there you can choose between using it for future purchases in Yaga or paying it out to a bank account via My wallet.

To initiate a payout to a bank account, first provide your banking details:

  1. Open the bottom navigation bar and tap My Yaga.
  2. Tap Settings.
  3. Tap Bank account.

Then initiate the payout:

  1. Open the navigation bar and tap My Yaga.
  2. Tap My wallet.
  3. Tap Payout to bank account.

Money transfers will reach the bank account in 1-3 business days, depending on the bank. Money is transferred to the account provided by the User at the time of transfer.

For any additional questions, don't hesitate to contact our Support team by submitting a request below.

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