At times escrow transactions can have issues, whether it be goods damaged enroute or the items not being as describe when they arrive. If there is a disagreement when using your escrow service, you’re supported by your escrow agent who is available to provide dispute resolution. This ensures that both parties can negotiate and effectively resolve their dispute.
The process for the dispute resolution is a formal process, so both buyer and seller receive the support from the neutral escrow agent so that their transaction can be revoked and funds and terms be agreed upon during the dispute process.
Step 1 - Rejecting the goods / service If a buyer receives the goods and is unhappy with the items, they are within their right to return the merchandise and request for the funds to be returned. During the resolution process, both parties have 14 days of arbitrations. After this time, the case is closed and the refund is made (fewer fees) to the buyer.
Step 2 - Returning the goods to the seller If goods or services are rejected by the buyer, the fee for the escrow service is still held by Escrow.com for the transaction. When the buyer rejects the item, they agree to promptly return the goods to the seller, and the buyer is liable for all shipping and insurance costs during the return process.
Step 3 - Seller confirms the goods have been returned Once the goods have been shipped and returned by the buyer to the seller, a number of steps need to be confirmed ahead of the funds being released. The seller should acknowledge the receipt of the goods and a receipt of shipment should be received by the escrow service to prove that the goods have been returned.
Step 4 - Once goods are returned, the payment minus escrow fees are returned to the seller As the transaction has taken place and an escrow agent has been engaged throughout the process, 100% of the escrow fees will be retained by the escrow service.
While rejecting of shipped goods is not common, this service allows further protection for buyers and sellers in the transaction should goods or services be received and notes as not as per transaction agreement.
Using Escrow.com allows buyers and sellers of online goods the freedom to transact knowing that they are supported by a licensed and audited escrow service.
Fees are set based on the value of the item, and buyers and sellers can purchase and transact with ease. Throughout the process, Escrow.com hold the payment until the goods are approved, adding an extra layer of support and confidence to the buying and selling process.
As a fully licensed and accredited escrow company, Escrow.com adds a additional layer of safety to your online transaction so you can buy and sell with 100% confidence.
To find out more about how you can be protected by dispute resolution during your escrow transaction, speak with the team from Escrow.com today or read more in our terms of using the Escrow platform section.