CollexArt Purchase Request
Purchase Requests aim to improve the quality of the pre-order information between Buyer and Seller. When a Buyer places a Purchase Request, CollexArt places an authorization hold for the amount of the artwork as part of a screening process. CollexArt alerts the Seller about the request, the status of the authorization hold, as well as any transaction flags. No funds get transmitted during this screening step. CollexArt communicates with the Seller in order to give the Buyer information about artwork availability and a detailed artwork condition statement. A Purchase Request period can last from 7 to 14 days. Either party or CollexArt may cancel the Purchase Request and the authorization hold.
When the Seller issues an invoice, the authorization hold gets removed, and the Purchase Request gets accepted. A Seller Invoice will include either a secure PayPal or Stripe payment button. Upon receipt of the Seller's Invoice, the Buyer has five days to send payment. The purchase of the artwork via the Seller's Invoice constitutes a transaction between Seller and Buyer; while CollexArt is not a party to this transaction, it does provide a Buyer Satisfaction Guarantee.