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.
What are the benefits of using an escrow service?
For sellers:
Sellers are protected against bad checks, non-sufficient funds, scams, fraud.
Especially useful for expensive items such as antiques or computer equipment 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 merchandise 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 items.
Takes the worry out of buying from unknown sellers.
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, real estate escrow, timeshare escrow, telecommunication escrow, escrow loans.
Competency
Some escrow companies claim that they are licensed and accredited and that may be very well true. However, it is what they do not say that is alarming. For instance, a dot com in California is licensed and accredited, but only in California. They offer their services nationwide and even worldwide. Arizona also has a escrow law according to their financial code. This means that if this dot com assists online buyer or seller located in Arizona, then they are conducting an escrow transaction illegally. We must point out that escrow originates from real estate. In other words, the way we are applying escrow is a far stretch from its origins. How should these laws apply online.
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.