Sometimes no matter what you do things can go wrong, P2P trading is no different. However, there are some things you can do before or even after you run into a problem.
Sometimes, no matter what you do, problems can arise. Thankfully, when trading on LocalCoinSwap, you don't have to worry as much as you have the escrow process to protect yourself, even in a dispute. Nevertheless, it's vital to use escrow when trading P2P so that whether the trade goes well or you run into a disagreement, you can rest easy as long as you hold up your end of the transaction.
Minimizing Dispute Rates
As a growing vendor, disputes are just something that you can expect to deal with from time to time. It doesn't matter what business you're in; it's just the nature of dealing with people personally. Of course, when money is involved, this only amplifies the potential for disagreements, but you can do a few things to reduce the chances of a dispute to help save you time and focus on completing trades rather than solving problems.
Focus on Communication:
One thing that always has a chance to result in a dispute is miscommunication. Whether you are sharing payment information that is incomplete and resulting in a failed transaction or a user getting confused by your directions, this is a crucial part of the trade that can result in issues. So pay attention to the pain points in your initial trades, even small ones, and look at ways to better communicate with your customers.
The Importance of Clarity:
We've discussed how important it is to get your trade terms right. Ensuring that you have your trade terms clear and that they cover all potential areas that a customer could get confused with or have expectations outside of what you are willing to offer can help reduce problems. Regularly review your trading terms and do your best to get across all the critical elements of a trade that require a specific agreement. The clarity in your terms can not just help you avoid disputes, but it can also help get them resolved in your favor quicker if a buyer is going against the rules that you have set out for a trade.
Be Patient:
Rushing your customers is an easy way to get people confused, especially those newer to cryptocurrency. There's nothing wrong with wanting to be prompt in your trades but if you can tell a trader is struggling, do what you can to assist as it will likely pay off in repeat business and reduce the chance of disputes caused by mistakes. Sharing your knowledge as a vendor is not just great for your customers. It's a great way to stand out and passively market yourself via positive feedback and word of mouth. Some of the most prominent vendors are well known for their top-tier customer service, which is likely reasonably correlated with how they become great large volume traders in the first place.
Providing Proof of Payment
Providing proof of payment is important, and sometimes (depending on the payment method), it's crucial to prepare this in advance and always assume you could need it. One excellent example is cash by mail trades which are growing in popularity among P2P traders. However, these trades require additional attention to detail to become great at providing. Filming yourself packaging the cash and posting it can protect you against claims of non-payment, especially when you have marked the package in a unique way that shows it is indeed the same package.
Many digital payment methods allow for easy proof of payment, but not always. For example, if your account gets blocked, restricted, or flagged due to cryptocurrency trading by anti-crypto payment providers, you could find it hard to provide payment proof of a recent trade when required. Getting in the habit of recording evidence in screenshots or, better yet, video is an excellent way to help protect yourself from payment providers that may decide to restrict your account without warning.
While proof of payment won't always be necessary during a trade, it's vital when a problem arises, or in the case of a slower payment method, it can help comfort a customer while they wait for the payment to be received. So look at the payment methods you provide (or are considering) and ensure that there is a practical way to record proof of payment for those times you need it and provide peace of mind even if you don't.
Sometimes the Best Thing to Do is Ask for Help
Now and then, as a vendor, you may run into a situation you haven't experienced before and aren't sure how to resolve it or what the best way to proceed may be. While resources about bitcoin and other cryptocurrencies are abundant online, finding quality information or advice as a P2P trader on how to deal with a specific situation can be challenging.
If you run into an issue that you can't seem to resolve, it's important to acknowledge when you may need a little help. There's nothing wrong with asking for help when you need it, and an excellent P2P marketplace will offer support to help you deal with problems you can face as a vendor. What you may see as a complex problem may very well be a situation that the team at a P2P marketplace may see regularly and have some advice to help you get it resolved.
When it comes to getting support, finding community, and obtaining help when you need it, this should play a crucial part in deciding which platform you choose for your P2P trading. LocalCoinSwap offers customer support that exceeds the standards of other popular marketplaces where you can frequently see concerned users online dealing with extensive wait times and automated responses. While you can contact support anytime, you can also pop into the LocalCoinSwap telegram group and get help from staff and advice from the active community loaded with traders.
Sometimes part of becoming the best possible vendor you can be is knowing when to seek advice, and if you've chosen LocalCoinSwap as your P2P marketplace, that's easy.
Keeping Records So You Can Rest Easy
When running any business, keeping records of your transactions is essential. You never know when you may need some critical data, and finding out you've lost track of it can cause various headaches depending on the circumstances. Whether you are trying to prepare for taxes, dealing with a payment provider that has reached out requesting information about a specific transaction, or law enforcement wanting assistance regarding potential fraud, it's vital to keep records of your interactions and, of course, your transactions.
Spreadsheets are a fantastic tool for not just doing things like dealing with trade history exports but for keeping track of the traders you deal with and those trades' specifics. Logging information like accounts you've deposited funds into, dates, and anything else you can easily record can be a metaphorical lifesaver when a situation arises that can be managed with the correct information. Unfortunately, centralized exchanges also have a habit of only storing your trade history for a certain period, so be sure to regularly export and manually gather anything that isn't included, as you may log in one day to find that you lost the information you needed to record.
It doesn't matter if it's for taxation, working out your profit and loss, or dealing with a disputed payment; records are one of the keys to becoming a large and efficient vendor who can solve problems when they arise.
The Key to Getting Help Fast is Providing the Right Information
When solving a problem as a vendor, information is king. As we've just discussed, recording information is crucial, especially as you grow in scale, but so is providing the correct information when you require assistance.
If you lodge a support ticket, are dealing with a dispute, or anything else that requires you to submit some information about your problem, reducing the recipient's requirement to ask further questions can significantly reduce the back and forth needed to get your problem solved. For example, lodging a ticket with a payment provider or your P2P marketplace that merely describes the problem you have will likely result in you waiting for a response asking for the details of the specific case you are dealing with at the time.
When you need help or are providing information, be specific and thorough. Every response you can reduce when solving a problem is more time for you to focus on completing trades and less time you have to spend solving problems.
You'll also typically find that support staff can be far more efficient at their jobs when provided with more information. There's nothing wrong with giving a little too much information, even if they turn out not to need it to help you with your situation. There are limits to this, such as when dealing with payment providers, it can be beneficial to avoid mentioning cryptocurrency where possible; however, if you suspect that someone you are dealing with will ask you for further information, and that information is acceptable to provide, why not just provide it initially.