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Invite a Carrier to Do Business or Confirm an Existing Deal
There are always three basic steps to creating a new transaction with a carrier. They are (i) the offer to buy or sell minutes (or other services), (ii) the acceptance of the offer, and (iii) the creation of the escrow.
The initial offer and the negotiation can be done using the Vertecto Transaction Protection System ("TPS") or by direct discussions between your company and the carrier. No matter which method you use, you will create an Invitation by navigating to the Send Invitation screen.
If you use the TPS to make your offer and to negotiate the terms of your transaction, you will start that process by creating an Invitation and sending it to the carrier. The TPS will allow the carrier to accept your offer or to make a counteroffer. If you have already negotiatiad the terms of your transaction with the carrier, you will create an Invitation when it is time to create the escrow that secures the transaction.
The Project. When the Buyer or the Seller accepts an Invitation, they have created an agreement. The agreement is called a Project in the TPS. Each Project has a Buyer and a Seller. We call the Buyer and the Seller "Transaction Partners".
No matter which option you choose, you will need to provide some basic deal information: The Project name, the other party, billing increments, payment terms, and contract. Although Vertecto does not require pricing information, you will need to include route pricing or reference a pricing schedule in your contract terms.
Vertecto strongly urges both parties to include dispute resolution terms. After Vertecto sends the Invitation, the other party can accept the Invitation or it can make a counter offer by preparing its own invitation.
After you have logged in as a member, you can navigate to the "Send Invitation" page by clicking "Invitations" on the main navigation bar and then clicking "Send Invitation" on the secondary navigation bar.
Give a name to the Project. Use something that is meaningful to you and to the other carrier, such as "Mexico Cell from Carrier X to Carrier Y at $0.11 USD/Minute". Make it short, you will have the opportunity to add a long description later.
You must identify the carrier with which you are doing business (your "Transaction Partner"). If you are buying minutes (sending calls), your Transaction Partner is the carrier to which you are sending calls. If you are selling minutes (receiving calls), your Transaction Partner is the carrier which is sending calls to you. The way you identify or reach your Transaction Partner depends on whether or not it is already a Vertecto member.
If your Transaction Partner is already a member of Vertecto, you must enter its Vertecto Member ID on the Send Invitation screen. ((1) in the illustration below). The best way to obtain the Member ID is to ask your Transaction Partner. You can also enter the Transaction Partner's email address used on the Vertecto TPS ((2) below) or search for the Transaction Partner by name ((3) below). If your Transaction Partner is NOT already a member of Vertecto, please go to the next illustration.
If your Transaction Partner is NOT already a member of Vertecto, or if you are unable to find a member using the search function, you can choose a carrier from the dropdown list as shown in the following illustration. The TPS will send your invitation to the carrier you choose.
A minimum billing increment is the minimum amount of time (in seconds) that a Buyer will be billed by the Seller for calls. Minimum billing increments can vary by Seller, by country and by contract type. Billing increments are expressed in terms of Initial Billing Increment and Additional Billing Increments separated by a slash, so 6/1 means that the initial increment is six seconds and additional increments are one second. Example: If the billing increments are 30/6, a one second call will be billed as 30 seconds (the minimum initial increment)and a 31 second call will be billed as 36 seconds (the minimum initial increment plus one additional 6 second increment). Common increments for high volume wholesale transactions include 6/6 in the USA, 60/60 in Mexico and 1/1 in EU. Low volume or retail transactions can be 30/6, 12/6 or other variations.Payment terms, are how often the Seller will issue an invoice and how many days the Buyer has to pay after the invoice is issued. Some examples are 1/1 (Seller issues an invoice every day and Buyer must pay within a day), 7/3 (Seller issues an invoice every 7 days and Buyer must pay within 3 days), 15/7 and 30/15.
In the following illustration, (1) the carrier that is sending the Invitation is the Seller, (2) the Initial Billing Increment is six seconds and each Additional Billing Increment is six seconds, and (3) the Seller will send an invoice every seven days and the invoice is payable within one day.
The blue numbers correspond to the numbers on the illustration which follows this explanation.
(1) The Invitation must specify who pays the escrow fee. Usually, the Buyer pays this fee. However, Vertecto allows the Buyer and the Seller to decide who will be responsible for the fee. The amounts entered can be whatever the parties agree but the amounts in box (a) and box (b) must add to 100. Examples: 100/0 (100% paid by the Buyer), 0/100 (100% paid by the Seller), 50/50 (50% paid by the Seller and 50% paid by the Buyer).
(2) Use the "Amount Escrowed" box to enter the amount of the escrow for the Project.. Use only numbers. Do not use commas or decimal points (10000, not 10,000.00).
(3) The default currency is United States Dollars. However, one of the great advantages of the Vertecto Transaction Protection System is that it also allows you to conduct your entire transactions in Euro, Great Britain Pounds or Hong Kong Dollars (and to withdraw your money in 33 national currencies). This can save you substantial amounts by avoiding currency exchange fees and by avoiding the need to maintain separate bank accounts. If your escrow is not in United States Dollars, use the drop down menu to choose the correct currency.
(4) In case of a disputed invoice. If a Buyer disputes an invoice, this item tells Vertecto how to handle the disputed amount. The default choice is for Vertecto to release the undisputed amount to the Seller and to hold the disputed amount until the Buyer and the Seller resolve the dispute. You should not change this item unless you have a very good reason for doing so, because choosing another option may significantly reduce the Buyer's protections. what to do with What happens if there is a dispute?This sectionn the vent of a dispute, This is very
(5) Choose the billing method for the escrow. This is very important! Vertecto's pricing can save you significant fees and makes escrow a sound business decision even for domestic traffic. Which option you should choose depends on the price per minute that the Buyer is paying to the Seller. If your transaction involves USA domestic routes, you should almost always choose the percentage fee. If the transaction involves international routes which are $0.03 USD per minute or less (or the Euro, GBP or HKD equivalent) , you should choose the percentage fee. Otherwise, you should choose the per minute fee. NOTE: If you are handling substantial USA Domestic traffic with a price of more than $0.02 USD per minute, please call us directly so that we can discuss your needs.
The Project Description will help you and your Transaction Partner to more easily identify the Project in the future. The Project Description should include a specific description of the Project and may include other terms between the Buyer and the Seller. These terms can include, but are not limited to, minimum usage or minimum payment requirements and prices. The description is also the place to include references to pricing schedules and other information you may want to refer to in the future. If you use the Project Description to record a price rate, the price should be entered in the currency in which payment will be made by the Buyer.Choose your Agreement. At Vertecto we are dedicated to standardizing and expediting telecom transactions to reduce your costs and increase your safety. As a service to you, we provide standard forms of telecom buy-sell agreements for your company to use. You can review these agreements by clicking "Forms & Notices" on the upper right corner of your screen and then clicking on the name of each agreement. Although we provide you with a default agreement, you are not required to use one of Vertecto's forms. REMEMBER: Always include the route price in the Project Description or upload a rate sheet using "Upload Additional Terms and Conditions". You can upload your pricing as a .csv or .xls file.
You will be bound by the terms of the buy-sell agreement you choose. If you do not choose an agreement, you will be bound by the terms of the default form agreement. For further information and additional conditions and restrictions, please review the TPS Agreement. NOTE: The standard forms are provided to you by Vertecto as a convenience and a courtesy to you. Vertecto makes no representation regarding the agreements or their enforceability in any or all jurisdictions. We urge you to have your lawyer review any agreement you intend to use.
If you don't want to use the Vertecto default form buy-sell agreement, use the "Choose Agreement" dropdown menu to choose an alternate form agreement. REMEMBER: Always include the route price in the Project Description or upload a rate sheet using "Upload Additional Terms and Conditions".
To confirm that the Invitation was sent, simply click "Invitations Sent" link on the menu at the top of the page, as shown in the following illustration. You can also view the Invitations Sent table by clicking on the appropriate link on your Dashboard. If your Invitation was sent, it will appear in the Invitations Sent table. Use the Invite ID in the Invitations Sent table if you need to contact Vertecto Support concerning any issues or problems. You can click on the Invite ID to see a copy of the information in your Invitation. If the status is listed as "Pending" it means that your Transaction Partner has not yet responded to your Invitation.
When your Transaction Partner receives your Invitation, it can accept the Invitation or it can decline. If the Transaction Partner declines, it can send you a counter offer to consider. EXAMPLE: You propose a $10,000.00 USD escrow, but your Transaction Partner requires a $15,000.00 USD escrow. Your Transaction Partner would decline your Invitation, but send you an Invitation (or ask you to make another Invitation) that contains the higher escrow amount.
If your Transaction Partner accepts your Invitation (or if you both agree on the counter offer) a Project is created on the Vertecto TPS. If the Buyer has sufficient funds in the correct currency on account in the TPS, those funds are immediately dedicated to the new Project and the project will be listed under "Funded Projects". Otherwise, if the Buyer does not have sufficient funds on account in TPS, the Project is listed as an "Unfunded Project" and remains inactive until Vertecto receives the escrow funds. REMEMBER: Never allow a buyer to send minutes or use other services covered by an Unfunded Project.