Crediting Rules

So called “Credit Transactions” can be used by WM-customers to buy goods and services on credit or to give credit (finance) other users. Credit amount and period are fixed automatically in the history log of both creditor and debtor and is monitored for the purpose of its timely repayment.

Granting the Credit

The buyer forwards a request to the seller applying for payment on credit. The request is sent either via WM-mail or e-mail and should contain Buyer’s WMID. Upon receiving the request, the Seller bills the buyer and indicates the number of his D(-debt)-Purse for receiving the funds. Together with that, a seller can check the buyer’s credit status. As soon as the Buyer receives the Invoice, he clicks “Pay” and indicates his/her C(-credit)-Purse to send the funds. At that, an appropriate amount appears at the Seller’s D-Purse, while a Buyer’s C-Purse is showing the same amount “in credit”. A Seller then transfers the goods/renders the service to the Buyer Credit Repayment To repay the received credit the Buyer should go to the C-Purse Credit History , choose the outstanding credit and click “Repay”. He is then redirected to the application form and should choose one of his Z-Purses from which credit is to be repaid ( by default the System picks up the Purse with the maximum amount stored on it). After clicking “Proceed” the amount is transferred from this Purse to the Creditor’s account. At this point, figures at D- an C- Purses are either cleared or reduced for the amount repaid. Credit can be repaid in full or partially. For more details, please see The Agreement on Using the Credit Service.

To be eligible for the credit the customer should be a verified WM user with the Passport not lower than personal. To give and receive credits you should enable Activation mode for your WM Keeper Classic. Credits can be given/taken not earlier than in 2 weeks after the last activation. For further details see the FAQ section.

Important! Please note, that transferring an amount from your Z Purse to the Z Purse of your Creditor is not treated as credit repayment. Credit is considered to be repaid and closed only via C- and D- Purses. In case the Debtor doesn’t close the credit in time, all his activities in the system, except purse funding and incoming exchanges will be blocked. At this point, credit is repaid automatically (i.e. as soon as any amount appears at the Debtor’s purse, it will be immediately transferred to the Creditor). C- D- Purses are created once only and cannot be removed.