How Professional Services Escrow Works

Standard Fee
  1. Buyer and Seller agree to terms
  2. Buyer submits payment to Escrow
  3. Seller delivers goods or service to buyer
  4. Buyer approves goods or services
  5. Escrow.com releases payment to seller

When your business requires the use of professional services, it can often be a complex process to negotiate. There are no guarantees that you’ll be given the service that you are promised at the agreed price, and there are no guarantees that, if you are the provider of professional services, payment will be made once the work is complete. If you are faced with a situation where you require the provision of professional services then to remove all risk to both parties, Escrow.com can help.

Professional services is the broad term used to describe a service which is intangible for example marketing, photography, the web or graphic design, dressmaking, mechanics, journalism, cleaning or dressmaking.

As a consumer you are not paying for a product but a service and the results of the quality of the service you receive can’t be guaranteed in advance.

When using professional services escrow, the consumer pays the cost of the service into an online account held with Escrow.com account, which is then held until the service has been completed to a satisfactory standard. This offers protection for the purchaser that they will get the service that they have been promised and provides protection for the seller that they will get paid once the work is complete.

Advantages of Escrow.com for the consumer: As a customer of a service provider, there are many advantages of using Escrow.com. Paying into escrow gives complete confidence that the professional services will be carried out as guaranteed. The money has not been paid to the supplier directly as it is taken out of Escrow.com once both parties are satisfied with the work that’s been completed, so the supplier of the professional service still has an incentive to carry the work out to their highest standard. If there is a dispute of any description, then Escrow.com will attempt to resolve this on your behalf so that the transaction can be completed.

Advantages of Escrow.com for the supplier: Offering escrow as a payment option lets the consumer know that the professional service offered is of the highest quality. If a provider has such a high level of confidence in their service that they know there will be no question of payment once the work is completed, this will increase the reputation and, therefore, the popularity of the business.

Using Escrow.com will also show the supplier that there will be no question of payment once the service has been provided. Professional services escrow allows money to be released in one lump sum or as deposits each time a milestone is reached depending on the terms and conditions of the agreement that was entered into with Escrow.com at the initial negotiation stage so there is always the guarantee to the supplier that payment will be received as initially agreed. Whether you are the provider of a professional service or the consumer, providing professional services escrow as offered by Escrow.com gives benefits to both.

There is a firm guarantee that the service that has been paid for will be completed to a high standard and as the services provider, the payment is guaranteed for the work that is carried out eliminating the need for chasing payments and invoice disputes all with low-cost fees and rates.

Contact www.escrow.com for further details of this essential service.

Frequently Asked Questions

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Not sure if your transaction can be covered? Call our friendly support team on 888-511-8600 to find out