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Escrow Services

 ESCROW SERVICES

Escrow services is not unique to digital products and services. It has been used whenever a buyer or seller (of any product) doesn't trust that the other party will meet their obligation.

WHAT IS ESCROW

Escrow Services allow both buyer and seller to protect a transaction by placing funds (or products, whichever is convenient) in the hands of a trusted third party that collects, holds, and disburse funds until a specified set of conditions is met by both parties.

WHY IS IT NEEDED?

When interacting with someone you have not interacted with before, to minimise your risk, you ask for payment in advance, but this also inadvertently creates an issue for the buyer. Who is as well not certain that the seller will deliver as promised. Step in, escrow service. 


HOW IT WORKS


The buyer sends the agreed purchase amount to the escrow service. After payment is verified, the seller is instructed to send the goods. Upon delivery, the buyer has a predetermined period of time to inspect and accept the goods. Once accepted,  the funds are released by the escrow service to the seller. 

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