When you are buying and selling items online, the payment method you choose is essential for allowing you to have a smooth transaction process.
Escrow services allow a smooth and safe transaction to occur and encourage buyers and sellers from across the globe to transact with the confidence that payments and selling agreements are protected by a secure and professional escrow service.
Buyers and sellers that use escrow services can buy and sell any number of items, services, and goods, from computer software including installation, to bulk merchandise right through to boats and high-end jewelry. Transacting is protected by an escrow service that acts as a third party for the convenience of both groups involved in the sale.
The escrow process is simple and follows the steps below:
- Transaction is initiated
- Agreement is set up with escrow service such as Escrow.com
- Buyer uploads payment to be held by the escrow service
- The assets or services change hands via shipping or an agreed arrangement
- If the buyer is happy with the goods they can accept them
- The payment is released
- Transaction is complete
Bank transfer for escrow accounts is a common payment method and allows buyers to send funds to services such as Escrow.com from their dedicated bank account.
Once you have set up your Escrow.com account and you have started the transaction process, you will be asked to select a payment method. There are a range of options in additional to a bank transfer of funds including wire transfers, credit card, PayPal, check or money order.
If you are looking to arrange a bank transfer for your escrow transaction the steps are outlined below:
- Set up your account on Escrow.com
- Start your transaction and note your transaction number
- If you are transacting in USD, bank details can be provided for a USA bank
- If you are transacting in EUR, bank details can be paid into a UK bank
- All details for bank accounts are outlined in your transaction
- Please be aware that international transactions may incur an additional fee
Using a bank transfer during your escrow transaction can provide a safe and secure payment method for your items. While credit cards and PayPal may be instant, these methods can only be used when transactions have been conducted in the past by both parties.
Protect yourself from fraud and scams online by using a licensed and accredited company such as Escrow.com. As an accredited escrow service, Escrow.com is governed by regulation and is regularly audited to ensure best practice and safety online.
Escrow.com monitors the whole transaction to ensure both buyers and sellers hold up their side of the bargain in the buying and selling process.
If you’re looking to use Escrow.com and wish to pay by bank transfer, it is widely available on the platform. Full details are on the website which provides step by step instructions as guidance during the transaction process.