Jun 12, 2020 - 01:22 AM
An escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties engaged 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 terms of the agreement are met as managed by the escrow organization. Escrow.com is a fully licensed, bonded, and audited secure online escrow company. When one performs a transaction on Escrow.com, all payment is held in the most secured Escrow Account. This protects against all fraud, chargebacks, and wrongly described goods.
Government agencies perform regular audits of independently licensed escrow companies. The audit examinations serve to protect public funds, determine the safety and soundness of operations, and determine compliance with escrow statutes and regulations. Internet Escrow Services at Escrow.com, located in the state of California, is audited regularly by the following entities:
i. California Department of Business Oversight License #9631867
ii. Arizona Department of Financial Institutions License #EA 0908016
iii. Idaho Department of Finance License #ESC-1050
How does Escrow Work?
Escrow.com decreases the risk of fraud by acting as a trusted third-party that collects, holds, and releases funds only when both Buyers and Sellers are satisfied.
1. Buyer and Seller agree to terms - Once registration is done at Escrow.com, all parties consent to the terms of the transaction.
2. Buyer Pays Escrow.com - The Buyer submits a payment by approved payment method to the secured Escrow Account. Escrow.com
verifies the funds sent by the buyer, then notifies the seller that the funds have been secured in the escrow account.
3. Seller ships goods to the Buyer - Upon confirmation of the payment, the Seller is approved to send the goods and needs to submit tracking information. Escrow.com tracks your goods to make sure that it is delivered on time as per the conditions mentioned in the agreement.
4. Buyer acknowledges the goods received - The Buyer has a set number of days to inspect the goods and has the option to acknowledge or dismiss it.
5. Escrow.com pays the Seller - Once the buyer acknowledges the goods, Escrow.com releases the funds to the Seller from the Escrow Account. If the buyer rejects the goods Escrow.com refunds the amount.
To start a Transaction with Escrow.com :
1. Visit Escrow.com, where you need to set up an account.
2. Select Payment options: Escrow.com offers numerous kinds of payment choices including wire transfers, checks and money orders, credit cards, and PayPal. Although, Escrow.com may refuse to accept certain payment types, including credit cards and PayPal, for any reason, at its discretion. Escrow.com has a step by step process that ensures security for both the Buyer and Seller when using a bank account for online transactions.
3. Verification: Both the buyer and seller are required to verify their accounts in order to transact on Escrow.com. Both sides of the transaction are protected by verifying the identity of all users. The verified identity must be the same as the beneficial account holder's name on any bank account used to pay or receive funds from Escrow.com.
Escrow.com aims to safeguard the interest of both the parties and it guarantees that every one of their clients is protected equally and disputes are managed properly and fairly.
I hope this helps.
If you have any more queries please feel free to contact us at firstname.lastname@example.org
Thanks and regards, go4WorldBusiness.com Team