What is Escrow ?
What is an escrow service?
Escrow is a defined process whereby a buyer puts money into the custody of a trusted third party with a guarantee that funds are available for payment to the seller after a specified set of conditions has been met.
How does an escrow service work?
It’s very simple. The Buyer deposits funds into the escrow’s custody. The Seller ships item or performs work. The Buyer approves. The escrow service pays the Seller. It’s that easy.
Why should we call upon your escrow services when many sites offer their own escrow?
Bear in mind that if you come across a site who offers their own escrow services, then by definition, escrow is no longer impartial. In such a situation, favoritism, unfair practices, disputes are more likely to occur. Let us consider a situation where a dispute arises: One user is a long-time client who has brought a lot of business and another user who is a new client. If in-house escrow handles such a transaction but a dispute surfaces, chances are in-house escrow will favor their long-time client. To remain true to our code of ethics and to our customers, escrow must remain unbiased. Our services are impartial. As a third party, we do not take sides. For instance, the same code of ethics applies to self-escrow. Escrow can never be applied to itself, to their employees. In such a case, we must call upon another legitimate escrow service.
What are the benefits of using an escrow service?
For Sellers
-Sellers are protected against chargebacks, non-sufficient funds, scams, fraud.
-Especially useful for intangible services and for transactions across the country or around the world .
-Added security for both parties. Minimizes the likelihood of a dispute.
For Buyers:
– Buyers are able to inspect the deliverables before the payment is finalized. No more buying sight-unseen.
– If buyer pays escrow fees and requests escrow, there is no reason for a seller to deny our services.
– Buyers have the right to return unsatisfactory services (to be proved factually).
– Takes the worry out of buying from unknown serive providers.
Plus, No need to send personal information to an unfamiliar party
What types of escrow services do you offer?
We offer two types of escrow services: Tangible and Intangible. Tangible escrow services applies to physical items such as jewellery, electronics, hardware, goods, etc. whereas intangible escrow services is adapted for the employment or the performance of work, duties or impalpable products and services such as source code, written software, graphic design, etc. We do not offer escrow account, payment recovery, timeshare escrow, escrow loans.
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