Smart Contracts on PayDocker are essentially a digital contract. It facilitates the establishment of a binding partnership between users and governs the way you transact with another user on PayDocker.
Once a smart contract has been created between a buyer and supplier, it takes effect immediately. This makes your transactions safe, efficient, and irreversible.
On PayDocker, it is important to understand the roles in a transaction. We have two roles: Buyer and Supplier. A Buyer procures services or inventory from a Supplier. By the nature of how travel-related transactions work, a travel agency can assume both buyer and supplier roles. Property businesses can only act as the buyer in a transaction.
This article will cover both roles, outlining what to do and how to manage smart contracts from the perspectives of both travel agencies and properties.
You can navigate the contents of this article here:
- Set up a smart contract with your property
- Set up a smart contract with your buyer
- Configure your smart contract details
- Send out your smart contracts
- Negotiate your smart contracts
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Set up a smart contract with your Property
1. Access this page by clicking Setup (1), then property (2) in the left panel.
2. On the Demand Setup Page, select the same purpose as your connection to the Property.
2.1 Room Procurement & Booking Related Services - Select Bookings (1)
3. Click on the buyer (1) for whom you intend to begin the setup process. You'll recognize it by the To Start status (2).
Configure your smart contract details
1. On the Setup Management page, select Edit (1), and input the Internal ID (2) utilized by your company for that specific buyer. Then, you can optionally assign a name (3) to the smart contract with that buyer.
2. Below, you'll commence the setup of the Smart Contract details, where all the information previously prepared in the Settings section will be displayed.
3. Under Branch (1), select the branch (2) that will be transacting with the buyer and click Next Step (3).
4. Under Model (1), select the relevant payment model (2) applicable to this partnership with the property and proceed by clicking Next Step (3).
An important concept to understand is the relationship between the Model and the Terms. The type of models selected will have an impact on the kind of Terms that you can choose.
Please refer to this table for more information:
| Model Selected | Terms you can select |
|
Hotel Collect (Only for Property) |
Payment terms: Receivable Dispute terms: Receivable |
5. Under Terms (1), choose 1 payment term and 1 dispute term (2) that are applicable for transactions with this buyer, then proceed by clicking Next Step (3).Do ensure that the selected terms meet these criteria:
| Ref # | Area | Criteria |
| a | Category |
If you're a supplier, by default, only Receivable will be displayed. |
| b | Type | You must select 1 Payment & 1 Dispute. |
| c | Details | Must be the same for both payment and dispute terms. |
6. Under Taxes (1), choose the tax model relevant to this buyer, then click Next Step (2). If there are no applicable taxes, simply proceed by clicking Next Step (2).
Taxes is optional, you may choose to skip if this does not apply to you.
Send out your smart contracts
1. Under Connection (1), now that the smart contract has been drafted (2), click Submit Changes (3) to send the proposal to the buyer. They'll receive it promptly in their account.2. Once the buyer accepts your Smart Contract Proposal, the status displayed on the Smart Contract entry will change to Accepted.
Set up a smart contract with your buyer
As a supplier, you will be able to send smart contracts and set up smart contracts for your
1. Access this page by clicking Setup (1), then Demand (2) in the left panel.
2. On the Demand Setup Page, select the same purpose when you connect to your buyers.
2.1 Room Procurement & Booking Related Services - Select Bookings (1)
2.2 Any Other Services - Select Services (2)
At this stage, you will be prompted to set up your branches, terms, and models as well. To set up for your buyers, you will have these options available to you:
| Model Selected | Terms you can select |
|
Agency Collect |
Payment terms: Payable |
|
Delivery Split |
Payment terms: Payable |
3. All Smart Contract proposals sent by service providers will be displayed on this page. The proposal status will indicate New Terms (1). To view a proposal, simply click Manage (2) on the desired Smart Contract entry.
Accepting Smart Contract
In the pop-up, review the transaction terms provided by the Service Provider. Then, input the ID utilized for that specific buyer
If they meet your approval, click Accept Proposal to finalize the agreement. You can then proceed to conduct transactions with the service provider on PayDocker.
Once the smart contract has been accepted, the other party will also receive a confirmation email if they have set up their notifications on PayDocker.
Negotiate your smart contract terms
You can choose to re-negotiate the terms if you disagree with the proposed terms. You can initiate re-negotiation by sending messages in the message box before accepting the proposal, then select 'Request Update'.
The other party will receive email notifications of your messages, as well as a status update on their smart contracts setup dashboard.
Here's how you can re-negotiate through our platform:
1. Click Request Update.
2. Within the Smart Contract entry, select Connection (1), and you will be directed to the message box where you can review the message they sent.
If you agree with the modifications, you can go back to the models and terms to make your adjustments. If you do not have the required terms, you may need to return to the Terms page to create a new one.
E.g. We agree to extend payment terms to 14 days for this buyer. However, we do not have any terms that match this request. To make the changes, navigate to Settings (1) and access the Terms Page (2). Then, we create a new payment term (3) specific to this Smart Contract.
4. Once done, return to the Smart Contract entry and choose the section requiring modification (1). Make the necessary adjustments (2) and click Next Step (3) till you reach the Connection section (4).
E.g, we chose Terms (1), checked the box for the new payment term (2), and clicked Next Step (3) till we reached Connection Section (4).
5. When you're ready to send the updated proposal and have accessed the Connection section, you can send a reply (1) and/or directly click Submit (2) to dispatch the updated proposal. Your buyer will then receive the updated proposal.
6. The entry status will then change back to 'Waiting Approval'.
7. Once the buyer accepts your Smart Contract Proposal, the status displayed on the Smart Contract entry will change to Accepted.
💡 Feel free to renegotiate and revise the Smart Contract Proposal as many times as needed. Utilize our message box and internal notes to track the negotiation progress effectively.