How the CaribPay Gift Certificate Voucher Program Works
How it works - Vendor
Vendor signs up at CaribPay using the special vendor link at www.CaribPay.com. (Vendor must have internet access and a printer to participate)
Vendor sets up, within the CaribPay account, a receiver as "Send Money to Bank Account". (Vendor must have a bank account at any of the four major commercial bank in Jamaica)
Once the vendor has completed the registration process at CaribPay, the vendor will be provided with an administrative interface to a designated area of the CaribPay portal.
At the vendor designated administrative area of CaribPay the vendor will be able to setup participating location(s), cashier information, manage cashier(s) information per location, view gift voucher information per location per cashier, etc.
To redeem a gift voucher a cashier/customer service representative for the vendor will log into the designated area of the CaribPay portal to validate the gift voucher number.
Once the gift voucher number is validated and appropriate ID information is taken from the receiver, CaribPay will generate a check, drawn against the sender's transaction to the vendor, for the amount, in Jamaican dollars (J$), equal to the CaribPay exchange rate applied to the sender's transaction at the time the gift certificate was purchased. Vendor may receive money in US$ if the account on file at CaribPay is a US$ denominated account.
The check issued to the receiver by the vendor is usable only at the specific vendor's location(s) and a minimum purchase amount (J$500) must be made by the receiver at the vendors location(s) before vendor is can provide receiver with the balance on the amount sent in "cash" form.
The money for the checks drawn to the receiver will automatically be deposited by the CaribPay money transfer process to the vendor's bank account. The terms and conditions applied to the transaction will be the same as the CaribPay money transfer terms and conditions applied to sending money to bank accounts in Jamaica from the USA.
How it works - Sender
The money transfer dynamics at CaribPay on a vendor gift voucher transaction will work exactly the same as a normal CaribPay transaction to a Jamaican commercial bank account.
The sender will be able to "purchase" a vendor gift voucher from a participating vendor, where such a vendor would have registered at CaribPay and holds a "normal" vendor CaribPay account.
The act of purchasing a vendor gift voucher by the sender will be the same as the senders' action to transfer money to a person's bank account in Jamaica. The difference in this case is that the money is being sent first to a vendor by the sender.
The maximum purchase value on a vendor gift certificate will be the Jamaican equivalent of US$250.
How it works - Receiver
The receiver will go to the specified Vendor with a gift voucher number that the sender provided.
Upon validation, CaribPay will generate a vendor gift certificate check for the vendor payable to the receiver. The receiver will collect said check and will be able to use it to make purchase(s) at the specific gift certificate vendor's place of business.
If the receiver does not spend the entire "gift voucher" amount, the vendor is required to provide the receiver with "cash" on the unspent balance of the of gift voucher.
General
There are no additional fees or charges by CaribPay to provide this voucher payment option. The standard CaribPay charges as are applied to a person to person payment will apply to the gift certificate transaction.
The participating Vendor should not charge any special fees for accepting the CaribPay gift voucher. The funds paid out by Vendor to receiver are secured funds deposited directly to Vendor's bank account by CaribPay on behalf of the sender.
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