A Smart Contract is a digital contract that facilitates the establishment of a binding partnership between users. It governs the way your payments will flow on PayDocker with another business.
Smart Contracts are essential for your recurring or automated payments. For ad-hoc payments, it is not necessary to establish Smart Contracts.
Here is an overview of how you can kickstart this journey:
Step 1: Create your Smart Contracts terms, models, and taxes
Smart Contracts consist of 4 parts:
- Branches - Your business details
- Models - What payment model are you following for your payments
- Terms - Your payment and dispute due terms
- Taxes - Taxes to be applied to your sales
Each part above can be customised to the details of your current contracts with your partners. We will speak in detail about each step in the following articles:
- Create and manage your business branches
- Create and manage your Smart Contract models
- Create and manage your Smart Contract terms
- Create and manage your Smart Contract taxes
This step is only applicable to Non-Accommodation accounts. If you are an accommodation, kindly reach out to your Non-Accommodation partners to complete this step.
Step 2: Send out/accept your Smart Contract proposal
Once you have completed the setup (Step 1), you will need to send a proposal to your partner for review. Only when the proposal has been accepted will the Smart Contract be executable. Your payments will be strictly in accordance with your configured settings.
When you receive the proposal, you will be able to suggest changes before accepting the Smart Contract proposed. This keeps your business safe.
You can update the setup of your contract terms with your partner. Each update must be accepted before the new setup can be used.
Read: Sending out or accepting your smart contracts (Demand, supply, property)