How VeraHold Works

Overview

VeraHold helps users verify that funds are available and authorized through an Authorization Hold before money changes hands.

Instead of sending a deposit or advance payment to someone you may not know, VeraHold allows one party to show that the agreed funds are available and authorized through an Authorization Hold while maintaining control of their money during the verification process.

This helps both parties move forward with greater confidence before completing a transaction in person. An Authorization Hold confirms that funds were available and authorized at a point in time; it is not a guarantee of any outcome. See Step 2 for details.

Step 1: Create an Offer

One user creates an offer by choosing whether they are:

●        Placing a Hold

or

●        Requesting a Hold

The user then selects:

●        Hold Amount

●        Agreement Duration

●        Optional Note

The offer is then sent to the other user for review.

Step 2: Accept the Offer

The receiving user reviews the offer and chooses whether to accept it.

If accepted, VeraHold verifies that the agreed funds are available and places an Authorization Hold on those funds, creating an active agreement.

An Authorization Hold verifies that the agreed Hold Amount was available and authorized at the time the hold was placed. It does not guarantee that funds will remain available indefinitely or that a transaction will be completed. VeraHold does not verify the identity, honesty, intentions, or legitimacy of users. Users remain responsible for evaluating the people and transactions they choose to engage in.

Step 3: Agreement Becomes Active

Once accepted, the agreement becomes active for the selected duration.

Both parties can now see that the agreed funds were available and authorized through an Authorization Hold.

Step 4: Meet in Person

The parties meet at the agreed location to move forward with the transaction.

Step 5: Check In

When both parties are present, one user initiates Check-In through VeraHold.

Check-In should only be initiated when both parties are physically present and ready to proceed.

Step 6: Confirm Check-In

The other user confirms Check-In through VeraHold.

When Check-In and Confirm Check-In are completed, the Agreement is recorded as successfully completed within VeraHold, and the Authorization Hold is released according to the Agreement terms.

Completing these steps helps create a clear record that both parties met and participated in the Agreement process.

Step 7: Complete the Transaction

The parties complete their transaction outside of VeraHold.

This may include inspecting an item, viewing a property, receiving a service, exchanging payment, or completing any other agreed-upon transaction.

VeraHold does not participate in, inspect, guarantee, or verify the transaction itself.

Mutual Hold

Need verification from both parties?

VeraHold also supports Mutual Holds, allowing each user to confirm that their agreed funds are available and verified through an Authorization Hold before moving forward.

When both parties choose to place a hold, each user verifies that their agreed funds are available and authorized through an Authorization Hold.

A Mutual Hold may be useful when both parties want verification from one another before moving forward with a transaction.

Why Use VeraHold?

For Buyers

Show that your agreed funds are available and have been verified without sending money in advance.

• Maintain control of your money throughout the process.

• Move forward with greater confidence before completing a transaction.

For Sellers

• Receive verification that the agreed funds were available and authorized through an Authorization Hold when the offer was accepted

• Know that the buyer completed VeraHold's verification process before the transaction takes place.

For Both Parties

• Start with the same information.

• Create greater confidence and transparency.

• Move forward without requiring money to change hands first.

Verify. Meet. Complete.