GearSource.com is a Global Marketplace and accepts bank transfers and most major credit cards. GearSource has once again rebuilt our secure platform to allow our Buyers to be even more confident that their information is very safe and to get our Sellers paid out immediately.
Effective November 15, 2023, the GearSource Payments System is powered by Airwallex, a multi-national financial technology (fintech) company and software as a service (SaaS). Their cloud-native platform has been built to take the friction out of our global payments and financial operations. Unlike our previous payment service providers, Airwallex will give us the security, speed, simplicity, and savings to seamlessly operate across borders.
Here's how it works:
- Buyer finds the items they are looking for and checks out
- Shipping, fees, and taxes are applied
- Buyer accepts and pays for the order, instantly and securely from anywhere in the world using their preferred payment method, which reduces (or eliminates) the transaction and exchange fees
- The funds are immediately distributed by GearSource Payments, according to the terms of the Seller's agreement with GearSource. The Marketplace fees and taxes are sent to GearSource, the Shipping fees (if not handled by the seller) are distributed to the Carrier and the seller payout is immediately distributed to the Seller's secure Wallet.
The GearSource Payments System manages incoming and outgoing payments in the currency of the user - both Buyer and Seller. Incoming international and domestic payments are converted to the currency of the seller at the foreign exchange rate captured at the time of the payment, much more cost-effectively and immediately. The Seller's funds are immediately moved to their "Wallet" and held until the order reaches the payout threshold, at which point it automatically releases and sends the payout by local bank transfers to the sellers account. GearSource does not have access to these funds at anytime. The entire process is automated and is 100% PCI compliant and provides the highest level of fraud and security measures to protect you and your transactions, whether you are the Buyer or the Seller.
With these changes, GearSource is reducing the permitted amount allowed to be paid by credit card to $5000, primarily due to the higher-risk to us and the Seller. In addition, credit card payments incur high fees to a Marketplace, therefore, effective November 1, 2023, all orders paid by credit card will be charged a 3% processing fee at checkout.
All credit card data is protected by TLS, which refers to the process of securely transmitting data between you the Buyer and our server.
What TLS does:
Encrypt and verify the integrity of traffic between the customer and our server
Verify that the customer is communicating with the correct server. In practice, this usually means verifying that the owner of the domain (GearSource) and the owner of the server are the same entity.
If you are a Seller on GearSource.com, managing your GearSource Payments account is now a very simple process, user-friendly experience and only takes a moment. Just have your bank transfer information handy. Please contact Customer Experience - [email protected] - if you have any questions or to schedule your complimentary Onboarding Call.
If you have questions about Payments (incoming) and/or Payouts (outgoing) or you are experiencing any difficulties, please email our Customer Experience team - [email protected] - or click on the Chat button in the lower right hand corner of each page.