Buyer Policy

Last Updated: 07/12/24


BUYER OBLIGATIONS


WHEN AN ORDER FOR A PHYSICAL WATCH IS PLACED AND SUCH ORDER IS ACCEPTED BY THE SELLER, PAYMENT IS IMMEDIATELY DEDUCTED FROM THE BUYER'S SELECTED PAYMENT WALLET AND SECURELY HELD IN AN ESCROW SMART CONTRACT ON WATCHES.IO, AUDITED BY OTTER SECURITY. ONCE THE ORDER IS ACCEPTED BY THE SELLER, THE SALE IS FINAL. THE BUYER CANNOT RETRACT, CANCEL, OR REQUEST A REFUND. HOWEVER, IF THE SALE IS DECLINED BY THE SELLER, THE FUNDS IN ESCROW ARE RELEASED BACK TO THE BUYER'S ORIGINAL WALLET.

WHEN AN ORDER FOR A PHYSICAL WATCH IS MADE USING A CREDIT OR DEBIT CARD, THERE IS AN AUTHORIZATION HOLD PLACED ON THE BUYER'S PAYMENT METHOD. ONCE THE ORDER IS ACCEPTED BY THE SELLER, THE SALE IS FINAL, AND THE BUYER CANNOT RETRACT, CANCEL, OR REQUEST A REFUND. IF THE SALE IS DECLINED BY THE SELLER, THE AUTHORIZATION IS REMOVED, AND THE BUYER'S CREDIT OR DEBIT CARD IS NOT CHARGED.

BUYERS ARE ADVISED TO THOROUGHLY REVIEW ALL DETAILS OF THE ORDER, INCLUDING THE SPECIFICATIONS AND DESCRIPTIONS OF THE WATCH'S CONDITION, BEFORE PROCEEDING. WATCHES.IO DOES NOT ACCEPT LIABILITY FOR ANY DISSATISFACTION WITH A WATCH AFTER THE COMPLETION OF A SALE.

IN THE EVENT THAT A PURCHASED WATCH IS UNAVAILABLE, BUT A COMPARABLE MODEL WITH A MORE RECENT YEAR, BETTER CONDITION, OR MORE COMPLETE ACCESSORY PACKAGE IS AVAILABLE, WATCHES.IO RESERVES THE RIGHT TO PROCESS THE TRANSACTION FOR THE UPDATED WATCH. CUSTOMERS WILL BE NOTIFIED WITHIN 24 HOURS OF THE SUBSTITUTION.

WATCHES.IO IS COMMITTED TO THE USER EXPERIENCE AND WILL ALWAYS MOVE ITS POST-PURCHASE PROCESS FORWARD. IN THE CASE OF A SELLER TRANSPOSITION ERROR ON A YEAR, IF THE YEAR IS MORE RECENT ON A MODERN WATCH, THEN WATCHES.IO RESERVES THE RIGHT TO PROCESS THE TRANSACTION AND COMPLETE THE SALE.


WATCHES.IO DOES NOT PROCESS ANY PAYMENT FOR ANY SERVICE. For crypto transactions, The Buyer can utilize the embedded Privy wallet or link an external wallet to the Buyer’s account. Buyer obtains a Privy wallet address while using the Watches.io platform, but the use of such wallet and its address is at the Buyer’s own risk. Buyer represents that it is the sole owner or controller of any Privy or any other external digital wallet address that it provides or uses for purposes of payment; further, Buyer waives any and all claims-related harms, damages or liability against Watches.io that may be caused by Watches.io sending or receiving funds to and from the last Privy digital wallet address or any other external digital wallet address that Buyer used or provided to Watches.io for this purpose. Buyer acknowledges and accepts that Buyer may also be subject to any terms or conditions imposed by Privy or any other third party digital wallet provider related to the creation or use of a digital wallet address on Privy or any other third party digital wallet provider. It is the Buyer’s responsibility to stay informed about and comply with such wallet provider's terms as it relates to interacting with Watches.io. Watches.io disclaims any liability for losses, damages, or disruptions from the use of any third party digital wallet provider. Further, Watches.io is not responsible for any actions or omissions, policies or performance of Privy or any other external blockchain wallet provider. Buyer is responsible for the management, custody, security or control of any wallet address Buyer uses to interact with the Watches.io platform.

Our escrow process ensures secure and transparent transactions by holding funds until the physical watch has been thoroughly inspected and certified authentic by our watchmakers at Watches.io. Buyer has the option to cancel their offer for a Vaulted Watch up until the seller accepts the offer. Buyer is aware that certain blockchain fees, such as gas, or network fees, are not covered by Watches.io and may vary in value according to the blockchain network used. Watches.io is built on Ethereum Mainnet at this time and may change blockchains in the future. Buyer may incur such fees at their own expense. Transaction duration depends on the type of transaction. Buyer has the option to cancel their orders for a physical watch up until the seller accepts the order. Buyer is aware that certain blockchain fees, such as gas, or network fees, are not covered by Watches.io and vary in value according to the blockchain network used. Canceling an order may result in a violation notice or losing the future ability to use the platform and is at the sole discretion of Watches.io.

To facilitate payment for the Service via credit card, we use Coinflow, a third-party payment processor and/or its affiliates (collectively, “Coinflow”). Such payment processing services are provided by Coinflow and are subject to the terms and conditions and other policies available here. The Buyer acknowledges that such terms and conditions may be amended from time to time and agrees to be bound by such other terms and conditions if they opt to make a purchase using a credit card. Please contact Coinflow for any more information regarding using Coinflow. Watches.io is not liable for any payments you make or fees you are charged when using Coinflow.


Vaulted Watch Transactions: When Buyer places an offer for a Vaulted Watch, and the offer is subsequently accepted by the seller, the total purchase amount is immediately taken from the Buyer's designated wallet. For purposes of clarity, each physical watch represented by a Vaulted Watch has been thoroughly inspected by our official watchmaker to ensure authenticity. To learn more about our authenticity standards, contact concierge@watches.io


For Physical Watch Transactions: When an order to purchase a physical watch is placed, the purchase amount is immediately taken from the Buyer’s designated wallet and held in escrow until completion of the inspection process. Subsequently, after the watch is sent to the Watches.io headquarters and successfully passes through the official Watches.io inspection process, the watch shall be shipped to the Buyer via priority overnight shipping. Buyer should anticipate that this process may take 1-3 business days. We use several insurance providers to insure the value of your purchase. If the value of your watch purchase exceeds $10,000 USD in value, we may need to delay your shipment to contact you directly to ensure your availability for direct signature or to receive the watch at a nearby fedex location, among other alternative options to ensure your watch gets to you safely.

Watches.io reserves the right to amend this policy and any fees associated with making a purchase on the Watches.io platform. Please note that you will not, at any time or for any reason, earn any interest on the purchase amount while such amount is held in escrow. If you experience any issues with your purchase, or have any questions at all, please contact us at concierge@watches.io


SAFE AND SECURE TRANSACTIONS

At Watches.io, we go above and beyond to safeguard the integrity and value of your purchases, ensuring a seamless and trustworthy experience from start to finish. Our meticulous inspection process and commitment to excellence mean that every watch or Vaulted Watch you acquire through our platform meets the highest standards of authenticity and quality. We stand firmly behind the authenticity and condition of each watch, providing you with peace of mind and a purchase you can be proud of.


PHYSICAL WATCHES


Escrow Service for Buyer Protection

  1. When you purchase a physical watch on Watches.io, the purchase amount is securely held in escrow via an audited smart contract on the Ethereum blockchain. This means that the payment you make is kept perceivably safe and is not released to the seller until specific conditions are met, including a thorough inspection of the watch (and its components) to ensure its authenticity.
  2. The escrow service ensures that your money is protected until we have verified that the watch you purchased meets our standards of authenticity and matches the descriptions and pictures provided in the listing.

Inspection Process

  1. Upon receiving a watch from the seller, Watches.io conducts a detailed inspection led by a qualified watchmaker. This process includes:
    1. Authenticity Verification: Experts check each component to ensure the watch's authenticity.
    2. Condition Assessment: The condition of the watch is verified against the seller’s listing descriptions and images.
  2. The inspection covers key areas such as:
    1. The Case: Consists of the case itself, bezel, crown, pushers, lugs, and caseback.
    2. The Dial: Includes the dial itself, hands, indices, and the sapphire crystal.
    3. Functionality: Features the movement caliber and pressure testing.
    4. Service Details: Assesses if the watch has been polished, and whether any service is required.

SHIPPING INSURANCE

Rest assured that we prioritize the safety of your purchase when it's on its way to the Buyer. Watches.io utilizes IFS Inforsure and/or Malca Amit for comprehensive shipping insurance coverage when the watch is in transit. In the unfortunate event of theft or loss of your watch during transit, we will seamlessly navigate the insurance claim process with our trusted provider, ensuring that you receive adequate protection for such theft or loss. Buyer acknowledges and understands that recovering any losses from IFS Inforsure and/or Malca Amit may take up to 6 months. For more details, you can find more information on what's covered here.


What Happens Next?

  1. If the watch passes our official inspection process, the purchase amount is released from escrow to the seller, less any fees owed to Watches.io, and the watch is shipped priority overnight to you within 1 business day. Watches.io uses a third party insurance provider to safely ship your watch insured up to the value of the purchase. See Shipping Insurance.
  2. In the event that the watch fails to meet our inspection criteria, you will be notified immediately of next steps. Your funds will remain safely in escrow while we address the issue, which may include offering a replacement, a refund, or another resolution if appropriate. This is to be handled on a case-by-case basis.

Your Responsibility as a Buyer

  1. Please ensure that you review the listing details carefully before making a purchase. Pay attention to the watch specifications, condition, and seller's terms.
  2. Buyer acknowledges and agrees that Buyer shall respond promptly to any inquiries from Watches.io regarding shipping a purchased watch. Delay or failure to respond may lead to delays in shipment. Further, Buyer acknowledges and understands that to ensure safe and secure delivery of the watch, Buyer may be required to pick up the watch in a nearby shipping center. Watches.io reserves the right to designate a shipping center for the Buyer and shall use best efforts to ensure such shipping center is convenient for Buyer.
  3. In case of any concerns or questions about a listing, we encourage you to contact us at concierge@watches.io before completing your purchase.

Vaulted Watch

  1. All physical watches representing Vaulted Watches on Watches.io have been thoroughly verified and assessed for its authenticity prior to being listed on Watches.io. The watches are securely vaulted at the Watches.io headquarters.
  2. When purchasing a Vaulted Watch, transactions are almost instantaneous. Buyers receive a Non-Fungible Token (NFT) representation of a physical watch that is already verified and securely vaulted with us until June 2025. In contrast, if a buyer opts for a Physical Watch listing as a Vaulted Watch, the physical watch must first undergo an inspection process and be vaulted before an NFT can be issued. This ensures that all NFTs represent watches that meet our quality and authenticity standards.
  3. If a Buyer wishes to obtain the physical watch represented by their Vaulted Watch, they can redeem it through our platform.
  4. The Buyer acknowledges that redeeming a Vaulted Watch may be subject to additional fees, including but not limited to blockchain fees, shipping and handling charges, transaction fees, and fees associated with the inspection and authentication of the physical watch.
  5. Vaulted Watches offer unique flexibility
    1. Buyers can make offers on Vaulted Watches that are not actively listed for sale. If the seller accepts the offer, the Vaulted Watch is then subsequently transferred to the Buyer.
    2. Buyers can also purchase listed Vaulted Watches directly.
  6. The purchase of a Vaulted Watch provides the Buyer with a unique and secure digital representation of ownership, while the physical watch remains under the safekeeping of Watches.io.

How do we ensure sellers are trustworthy?


To ensure the highest quality and trustworthiness of sellers on our platform, Watches.io vets and approves each seller individually. In addition to undergoing an identity verification process or in some cases, background checks, Sellers also go through a digital authentication process when listing a watch. [Learn more about our vetting process by visiting our Seller Policy Seller Policy.] This is done by assessing an item’s photos and description prior to approving any watch listing. If we believe an item may be inauthentic or does not meet our quality standards, the item will not be listed on Watches.io.


What if a seller does not confirm my order and it is cancelled?


We have policies in place to strongly discourage sellers from being unable to fulfill orders as purchased. If something of this nature happens, Watches.io will work directly with the Buyer to try to find an alternate solution.


NO RETURNS OR REFUNDS

Watches.io strives to ensure that you are satisfied with the watch you purchased. While our policy generally does not allow for refunds or returns for watches that pass through our inspection process, we understand that unique situations may arise. Please don't hesitate to reach out to concierge@watches.io and we'll handle any requests on a case-by-case basis.


OUR COMMITMENT TO YOU


At Watches.io, our primary commitment lies in ensuring a purchasing journey that is both secure and transparent, designed to meet and exceed your expectations. We understand the significance of trust and satisfaction in your experience with us, which is why we are dedicated to providing unparalleled support from the moment you start exploring our collection until the purchase is complete and beyond. Our goal is to make every transaction smooth and rewarding, offering personalized assistance to guide you at every step. Please do not hesitate to reach us at concierge@watches.io.