Cavex is a live trading exchange platform and security of our members details and wine data are taken seriously. The following sections detail how we look after your data whilst it is in our database.
The live trading platform is protected by Secure Sockets Layer (SSL) technology to allow for the encryption of personal information such as name, address and other sensitive details. Information passed between a private individual’s computer and the Cavex website cannot be read in the event of someone intercepting.
This technology includes the following features:
- Authentication: this assures your browser that data is being sent to the correct computer server, and that the server is secure.
- Encryption: this encodes data so that it cannot be read by anyone other than the secure server.
- Data Integrity: this checks data being transferred to ensure it has not been altered.
Payments made by bank transfers will be paid directly into the Cavex Segregated Client Account held with Natwest Plc.
Members may also submit payments via their PayPal account or by credit/debit card using PayPal. All personal details used during a transaction via this method are held by PayPal and not by Cavex.
The Cavex trading process ensures that all our members are kept informed as to which stage they are at during each transaction created. It can be simplified into three key stages as shown in the following diagram:
The full transaction procedure runs as follows:
- A Trade is matched by both parties
- The Buyer submits payment via their chosen method, including all handling or cross border charges
- Cavex confirm receipt of full payment into the segregated client account on the Sellers behalf. This releases email notification that the Seller is safe to instruct the delivery or the release of their stock as required. The email contains the Buyers storage account number and address details, or the chosen export shipper
- Delivery is instructed by the Seller to their third party provider using the details provided by Cavex
- The Seller should receive notification from their storage provider that the instructions have been carried out in full
- The Seller completes their next stage by notifying Cavex that delivery has commenced, providing the dispatch or collection number, with an Estimated Time of Arrival (ETA) or a collection date
- In turn the Buyer is notified via email that the stock has been instructed to their default bonded storage account. Alternatively if they are exporting, they receive the release number required by their nominated shipper. Collection must be arranged within seven days
- The delivery is carried out by the required method whilst under the full insurance of the seller ‘s delivery provider or the Buyer’s approved export shipper. Exporters must have the required insurance in place
- Once the goods arrive at the Buyers warehouse these should be inspected and checked by their storage provider. If exporting, the nominated shipper must confirm to the Buyer that the goods are as expected and therefore ready for export. The Buyer must ensure this is carried out before the goods leave the country. Shippers will provide this service as required. It must however be requested
- Once the goods are received as per the condition expected, the Buyer accepts delivery via their transaction page. Notification of acceptance is emailed directly to the Seller
- Cavex will then promptly remit the required funds to the Seller notifying them of Bank Transfer payment minus the required commission including VAT.
- The Cavex transaction is then complete
The provision of the Cavex Segregated Client Account means:
- The Seller may confidently release wines they have sold, whilst awaiting to receive their payment
- The Buyer can be confident that their payment is protected should wine arrive in a lesser condition to that expected as per the contract purchased
- Cavex will not instruct the Seller to release stock without first ensuring full payment is received from the Buyer on their behalf
- Cavex will not release any funds to the Seller without first receiving notification from the Buyer that they are satisfied with the purchase
Should either party wish to raise a grievance at any time, please be assured that Cavex offers a thorough resolution process.
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