Know where the agreed money is held
A buyer may want the supplier paid after completion. A supplier may want the agreed funds in place for the deal. The bank's role connects those commitments.
With PaySec, UAE businesses record the scope and payment terms in a digital contract. The buyer transfers the agreed funds to the bank. The bank holds that money for the transaction.
Buyers and sellers use existing bank accounts
The buyer pays from their existing bank account. The seller receives payment into their existing bank account. Those accounts remain the starting and receiving points for the payment.
The bank holds the funds between funding and release. PaySec provides the technology platform for the agreement, completion confirmation and release instruction. The bank carries out the payment under the agreed terms.
The amount relates to the business agreement
The contract identifies what the buyer is paying for. A single payment can relate to the completed deal. Separate milestone amounts can relate to agreed delivery stages.
For the sequence from agreement to payment, the overview explains how PaySec works.
Example of a Dubai equipment purchase
A Dubai business agrees an AED 40,000 equipment order. Its digital contract identifies the goods and payment terms. The buyer transfers the agreed funds from its existing account to the bank.
The bank holds the funds while the supplier completes the order. After buyer confirmation through PaySec, the release instruction goes to the bank. The supplier receives payment into its existing bank account under the agreed terms.
Questions about funds and accounts
Does PaySec hold the customer money?
Customer funds are held by the bank. PaySec provides the technology platform connecting the deal and bank instructions.
Which account does the buyer use?
The buyer transfers the agreed funds from their existing bank account to the bank.
Where does the seller receive payment?
The seller receives payment into their existing bank account under the agreed terms.
What identifies the purpose of each payment?
The digital contract identifies the goods or services and the amount attached to the deal or milestone. Business payment records connect the agreement with completion confirmation.