Payment Services: Super-Safe Third-Party Transactions
March 30th, 2005 by Laurie BarakSource: eBay and Escrow.com
Escrow.com protects both Buyers and Sellers by acting as a trusted third-party during the transaction and managing the payment process from start to finish.
Escrow is ideal for transactions over $500 because it provides added protection. Services are provided by Escrow.com, a fully-licensed escrow provider.
Here’s how it works:
Step 1: The buyer and seller agree to the terms and details of the transaction.
Step 2: The buyer sends payment to Escrow.com. Payment is verified and deposited into a trust account.
Step 3: The seller ships the merchandise to the buyer, knowing that the buyer’s payment is secured.
Step 4: The buyer accepts the merchandise after having the opportunity to inspect it.
Step 5: Escrow.com pays the seller after all conditions of the transaction are met.
The advantages for Buyers and Sellers are:
Buyers and Sellers Know What to Expect: The buyer and seller view and agree to terms before the transaction begins.
Payments are Guaranteed: Instead of sending payment directly to the Seller, the Buyer sends payment to Escrow.com where it is held in a trust account.
Shipments are Safe: The Seller may feel safe when shipping the merchandise to the Buyer, knowing that the Buyer’s payment has been verified and is safely held by Escrow.com.
Inspect Before You Pay: If the Buyer and Seller agree to an inspection period, the Buyer may examine the merchandise before payment is released to the Seller (and if the Buyer rejects the merchandise, the Seller may inspect the merchandise upon return before payment is refunded to the Buyer).
