Airtm Marketplace
The Airtm Marketplace is where our users are able to perform P2P transactions, also known as peer-to-peer or person-to-person transactions. This is one of the first ways in which users are able to buy and sell (adds and withdrawals) digital dollars, represented as USDC in the platform.
Airtm P2P gives you access to a global marketplace of USDC users and cashiers. They can interact from over 190 countries and trade in a matter of minutes.
Airtm Marketplace offers a wide range of payment methods (more than 400), which means that most users can find a suitable way to use the platform.
Below you will find everything you need to know to start operating at Airtm!
- Who is who in Airtm?
The User is anyone with an Airtm account.
The Cashier (“Cashier”) is an Airtm User that completed certain verification processes allowing it to accept User’s transactions in the P2P network. Cashiers have their own dashboard in the platform, named “I am Cashier”.
Airtm’s Best Practices
Recommended Best Practices for Third Party Transactions
A third party transfer is defined as an attempt to use a Payment Method or account that is registered under the User’s primary contact information. For example, a User attempting to withdraw to a local bank account which is not under the name of the User but rather another person.
Third party transactions are only allowed when they are generated from the withdraw menu and the User explicitly selects that this account is not owned by him/her but rather by another person. Otherwise those transactions are prohibited.
This is a guide to the steps you can take when you are faced with a third party transfer attempt by your counterparty, from identifying the attempt to resolving the problem.
Allowed or forbidden?
Third party ADD transactions are prohibited on Airtm, but this will not stop malicious people from trying to trap you into doing so. If you allow third party transfers, you will put your funds at risk.
Do not complete an ADD transaction when the funds are sent from an account, digital wallet or any other payment method held by a third party (different from the Airtm User requesting the transaction).
Third party transactions are only allowed for WITHDRAW transactions and when the User requesting the transaction explicitly selected the account to be a third party’s in the withdrawal transaction flow.
How to detect third party transactions?
What happens if the User you are interacting with in a transaction insists on using a payment method that is different from the one selected in the initial transaction request? In this case, you've just run into a third party transfer attempt.
There are a few ways to detect when your counterparty is attempting a third party transfer:
The bank account provided is in someone else's name. Each individual using Airtm P2P has the responsibility to provide an account that matches the identity they provided on the Airtm platform. If you see a name that does not match the name of your counterparty, take it as a red flag.
The name provided on the bank account does not match the name on the Airtm account. This case is similar to the first example, but in a more subtle way. A counterparty may have an excuse for the Airtm account name not matching the bank account name. This is a red flag because the counterparty should resolve any name inconsistencies in its Airtm P2P announcements and should not mention it belatedly in the middle of a transaction.
The counterparty chats with you about using another payment method.
Sometimes your counterparty comes up with an excuse to get you to use another bank account to complete the transaction. The counterparty may claim a problem with the published payment method. Don't listen to their excuses. The payment methods published in the ad should be the only channels you use to make a payment.
What to do when you notice an attempt to make a transfer to a third party?
Cancel the transaction. Once you notice the inconsistency in your counterparty's bank account information, you should cancel the transaction immediately. There is no need to clarify the inconsistency with the counterparty. Cancellation works best if you did not make the payment.
Refund the payment and cancel the agreement. If you are on the receiving end of the cash transfer as the first step of the P2P transaction, you should verify that the sender's information matches the Airtm P2P account information. If the information does not match, it could cause problems in the future in case your counterparty tries to invalidate your transaction. The best option is to return the funds to the same account they came from, inform the counterparty of the reasons and then cancel the transaction.
Reach out the mediations team in the “Mediations” section inside the transaction.
Appeal the transaction. There may be cases where you cannot verify the counterparty's account before it is too late. Even if you have already sent the payment, you still have the option to appeal the transaction by claiming a third party transfer. Our Support team will look into the matter immediately and resolve it on your behalf. We encourage you to report the problem even if you made the transaction to get your cash or cryptocurrency as you intended. We take third party transfers very seriously and punish those who bypass the proper channels to send funds.
What are the risks you face when you allow a third party transfer?
Allowing third party transfers to go through unverified leaves your account and your funds vulnerable to other actions your counterparty may take. These are some of the risks you face when you do not execute P2P transactions in the correct manner:
You will be vulnerable to reimbursement requests.
Your bank account could be frozen.
You may not receive the cryptocurrencies or cash involved in the transaction.
Other Best Practices for our Marketplace
Be polite with your counterpart. No rudeness or discrimination is allowed.
It is essential that interactions with the counterparty take place in a cordial and friendly environment, in order to favor the correct development of the transaction.
Always check twice the contact details of the Account involved in the transaction.
Prior to proceed to each step, do not forget to review correctly and carefully all the contact details of the counterparty. Whether operating inside or outside Airtm, this is essential to avoid possible mistakes or conflicts.
Always verify that the funds are correctly deposited in your account before completing your part of the transaction.
It’s very important that you check that the funds are correctly deposited in your external account before you proceed to the next step of the transaction.
Waiting times.
Transactions should be carried out as quickly as possible by the Users, with the time margin corresponding to the payment method selected.
After that time, the Airtm’s Support Team will take action on the transaction. If you let the time margin elapse without completing the transaction, you may be charged with a No Show Fee.
If you notice suspicious activity or behavior by your counterparty, please reach out to the Airtm Support team.
Mediation Procedure & Parameters
What is a mediation?
Mediation is the process in which the Airtm Support team intervenes to resolve any inconvenience or conflict with a P2P transaction.
When a mediation is initiated?
The mediation is initiated usually when one party confirms the funds has been transferred through the selected payment method and the other party does not confirm its reception and/or the transaction remains uncompleted for the time period corresponding to the payment method. In such an event, a member of the Support Team is assigned to verify any inconvenience and resolve it through the mediation process.
How does the mediation process work?
The mediation process takes three steps:
Understanding the problem: The Airtm Support team will first work to understand the inconvenience or conflict in the transaction. The User that has not completed the transaction will have to explain the reason why he/she has failed to do so. The Support team will assess arguments of both Users and the evidence presented.
Resolve the problem: The second step will have the Support team laying out the process to resolve the transaction. This process will vary depending on the transaction type, payment method and the conflict occurred. The affected Users will be notified through the Chat tab in the transaction.
Decision: The Airtm Support Team will guide the affected User through the mediation and end the transaction. If the Airtm Support team identifies a failure from the non-compliant User and/or not enough evidence is submitted, the transaction will be canceled.
Recommendations to operate without activating the mediation process
Always engage in a conversation with the transaction counterparty through the internal chat that opens with each transaction.
Keep an eye on notifications: make sure you keep an eye on your email inbox and notification bar within the app; this way you can keep all your transactions up to date.
Always read all instructions before confirming any transaction.
Confirm the transaction: confirm the reception of funds only when you are sure to have received funds in the selected payment method.
If you notice any problem with the transaction or the User on the other end of the transaction, please contact support at support@airtm.com.
Try not to close your session for the duration of the transaction.
Process the transaction as quickly as possible to avoid any problems with external factors.
Payment triangulations are prohibited: it is completely forbidden in Airtm to complete payments from third party accounts, failing to comply with this rule will not only generate mediation processes, but will also cause penalties to your account. This applies when transacting with unregistered accounts or incorrectly configured payment methods.