What is Escrow? How Does Escrow Work?
What is Escrow?
An escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure escrow account which is only released when all of the terms of an agreement are met as overseen by the escrow company.
Escrows are very useful in the case of a transaction where a large amount money is involved and a certain number of obligations need to be fulfilled before a payment is released like in the case of a website being built where the buyer might want confirmation of the quality of work being done before making a full payment, and the seller doesn’t want to extend a massive amount of work without any assurance that he or she will receive payment. While traditional escrow service is quite difficult and must be obtained through banks and lawyers, Escrow-giant.com provides online escrow services at affordable rates. While the payment is ‘In Escrow’ the transaction can be safely carried out without risk of losing money or merchandise due to fraud. This eliminates all legal jargon and allows for secure transactions and confident buyers and sellers.
How does Escrow Work?
Escrow-giant.com reduces the risk of fraud by acting as a trusted third-party that collects, holds and only disburses funds when both Buyers and Sellers are satisfied.
- Buyer and Seller agree to terms – Either the Buyer or Seller begins a transaction. After registering at Escrow-giant.com, all parties agree to the terms of the transaction.
- Buyer paysEscrow-giant.com – The Buyer submits a payment by approved payment method to our secure Escrow Account, Escrow-giant.com verifies the payment, the Seller is notified that funds have been secured ‘In Escrow’.
- Seller ships merchandise to Buyer – Upon payment verification, the Seller is authorised to send the merchandise and submit tracking information. Escrow-giant.com verifies that the Buyer receives the merchandise.
- Buyer accepts merchandise – The Buyer has a set number of days to inspect the merchandise and the option to accept or reject it. The Buyer accepts the merchandise
- Escrow-giant.com pays the Seller – Escrow-giant.com releases funds to the Seller from the Escrow Account.
Transaction is complete – safely and securely!
When you make a transaction using Escrow-giant.com, your funds are held in secured, non interest bearing trust Escrow Accounts until the transaction is completed. This ensures that your transaction is protected against chargebacks, fraud or wrongly described goods.
Advantages of Using Escrow-giant.com
Escrow-giant.com tracks your merchandise to make sure that it is delivered in time according to the conditions mentioned in the agreement. The seller is not paid until the buyer accepts the merchandise and has the chance to fully inspect it. After the buyer inspects and accepts the merchandise, the funds will be moved from our escrow account to the seller’s account.
There is no scope for uncertainty or worries as the entire transaction is conducted under the supervision of Escrow-giant.com’s honest and diligent professionals. With Escrow-giant.com’s reliably shielding your transaction, you can rest assured that your funds are in safe hands, free from fraud. The sale is highly simplified as you, the buyer, just pay off your price and let Escrow-giant.com handle everything else, be it shipping, delivery or quality inspection. Escrow-giant.com’s sliding revenue scale ensures that large transactions don’t mean huge chargebacks and fees.
1- Who is responsible for paying the escrow fees to Escrow-giant.com ?
When you agree on the price and delivery method for your escrow transaction using Escrow-giant.com, you will also have the option to specify who pays the escrow fee. For a normal transaction, you can select ‘Buyer’, ‘Seller’, or ‘50% Buyer / 50% Seller’.
2- How long does the escrow process take?
It depends upon :
- The inspection period agreed upon by both parties.
- The Buyer’s payment method.
- Delivery time from Seller to Buyer.
4- How does Escrow.com protect me?
With Escrow-giant.com, every step in your transaction is verified.