Long gone are the days when you purchase an item, write a check, address an envelope, place a stamp on it, and drop it in the mail box. While there may be people who still prefer this method of paying, the modern world is a busy and bustling place filled with instant gratification and the buying and selling of goods is no different.
While online transactions are handy and efficient, there can be fraudulent activity if you’re not using a safe and secure payment and transaction system to buy and sell your goods.
People who are less familiar with scams and fraudulent activity can fall victim to such activities, and if you are looking to tap into the convenience of using an online buying or selling platform you should consider using a dedicated escrow service to protect your funds and your possessions every step of the way.
By definition escrow is something that is of value be it a deed, money, goods or services that’s put into the custody of a 3rd party to be retained until the goods are received and validated by the buyer at the other end of the transaction.
An escrow agreement is a contract and both parties do need to agree to all parts of the transaction before the process is initiated. Unlike buying and selling privately, using an escrow service protects both parties and allows for both persons rights to be protected when buying and selling.
Escrow.com provide a variety of payment options so you can pay with confidence for you goods or services and have piece of mind during the shipping process without fear of misconduct or fraud.
One of the most common ways to transfer funds for goods or services is via a dedicated escrow service using a wire transfer. Wire transfers are a convenient way to transfer funds electronically from person to person. But how do you keep your money safe?
The process for a wire transfer is simple and is outlined below:
- Escrow transaction is created and the details such as item, email address for buyer, phone number for the buyer, currency and finer details are added into the transaction.
- Once everything is set up, the wire transfer is initiated and once received this is held by the escrow service until the goods are received and checked.
- Once the goods are accepted, the funds are released to the seller and the transaction is complete.
Fees for Escrow.com are calculated based on transaction amount and also have the option of concierge and payment processing fee. Transactions for buyers outside the USA attract an additional bank fee, and all details of fees can be obtained from your bank.
If you are looking for a convenient, efficient and safe way to transact online using an escrow service allows individuals to buy and sell items of value, using Escrow.com will allow you to monitor and your transaction and be confident that your goods or services are safe throughout transit until they are delivered and accepted by the buyer.