Why You Should Use Online Escrow

There is no doubt that the web has helped our economy and put more marketers and consumers in a more harmonious relationship than before. It’s easy to find almost every item you’re looking online and locate it at a cost you consider to be reasonable. It’s also simple and less costly to offer products and services through your site and add new sources of revenue to boost your earnings.

Unfortunately, commercial activity isn’t the only thing that is growing in popularity as the Internet grows and gets more sophisticated. Fraud and theft are increasing at an alarming rate that often draw inspiration from the growth of online commerce. Both online and offline marketers are being hit.

A method commonly omitted which can reduce the risk of swindles both for buyers and sellers is the escrow service. Escrow services are an uninterested third-party that handles the transaction and ensures that neither the seller nor the consumer is in possession of the product and the payment simultaneously. The online escrow services are particularly important when buying expensive items like video games, electronics consoles, and jewellery. In fact, eBay the most popular auction platform on the Internet recommends Escrow services for all large purchases.

A site for escrow services is distinct from sites which sell. When buyers find something they likes on one site, or a seller receives an inquiry from a person who is intent to purchase at their site, that transaction is transferred to the escrow website which is then audited by the escrow firm in each step. When both parties reach an agreement and then approve the purchase using the escrow company (to which both parties pay a small amount) and then the buyer pays the escrow firm. When the escrow service has verified that the funds are legitimately transferred transfer, it directs the seller to deliver the merchandise or offer the service. The consumer must inform the escrow firm that the product has arrived or that the service has been offered. Once the proof for delivery of the item or services has been verified, the payment is made to the company providing the service.

Benefits for Customers – Guaranteed that you will be satisfied with the product or service you purchase before the payment to the seller is made.
Pay a authorized and regulated business instead of an unidentified amount
There are a variety of payment options, including debit cards, credit cards, money transfers and more – with the freedom to pay more than the merchant can offer

Pay to any of the widely used global currencies

Benefits for Providers

The payment is confirmed prior to you can deliver your product or service
– Protection from charge backs or bad cheques, insufficient funds, fraudulent payment or non-payment
– Get multiple payment options without having a merchant account
Validation that the product was provided and services were rendered No fraudulent claims of non-receipt
Close deals internationally using a variety of currencies that include EUR, USD and GBP
There is no pressure to collect or retain customers’ details about their credit cards or finances, eliminating the possibility of becoming one of the victims Internet security breaches that target identity thieves.

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