FAQs on Funding Transactions from Online Payment Platform
Are Online Payment Platforms (such as Wise) a supported Payment Option on Escrow.com?
Yes. Buyers can pay for an Escrow.com transaction using an online payment platform, provided that we are able to verify your banking details as explained below.
Escrow.com is obligated to treat them as third-party payment institutions as most online payment platforms are not considered a banking institution according to US, UK and other regulatory bodies. They are able to hold and transfer money, and provide limited services, but they cannot lend money or custody funds.
For customers who will use Wise, an article regarding their protocols may be found here: How does Wise protect my money?
How do I provide verification details of my account for an Online Payment Platform?
Our protocols require us to ensure that sufficient due diligence is conducted, and we confirm the source of funds of a transaction.
Upon confirming that you have used an online payment platform to pay for a transaction, our support team will ask for the following: - a wire receipt as evidence of ownership of the online payment platform account - an online payment platform banking statement showing sufficient proof of funds
The funds must be dated approximately between 30 to 90 days prior to the current transaction.
What if an online payment platform account is my only available banking solution?
If an online payment platform account will be used to fund an Escrow.com transaction, we will need to confirm ownership of that account. The following documents may be requested: - a wire receipt - an online payment platform banking statement showing sufficient proof of funds
The funds should be dated approximately between 30 and 90 days prior to the current transaction. This is to ensure the utmost transaction security for the Buyer and Seller, and to confirm a relationship between the Buyer and the source of payment.
What if the online payment platform account is not under my name?
If you wish you fund an Escrow transaction with an account that is not under your name, we will require extra verification to ensure: - that the Buyer and Seller are protected - we complete our regulatory obligation to verify the source of funds; and - that there is a proven relationship between the Escrow.com customer, and the payment method they used.
Additionally, the third-party individual will also be subject to the verification procedures as outlined above.
If you are unable to comply with any of the requirements above, your transaction will not be able to proceed.
Will I have to provide other details to complete my transaction?
If our support team is unable to confirm verification based on the details initially provided, or if activity exhibits the need for further due diligence prior to continuing the transaction, we may request additional details. As a licensed institution, we are obligated to conduct due diligence to prevent and combat any potential Money Laundering or Terrorist Financing activity. Please see the following article for more information: Which legislation requires Escrow.com to complete KYC?
Will I need to provide this information more than once?
Currently, we will require the above information for your first transaction funded by an online payment platform with Escrow.com. If your subsequent transaction is of a similar nature, our compliance team will take that into account before determining if you need to resubmit documentation. In order to make that decision, we will look at the following: - dollar amount of the transaction - location of Buyer and Seller; and - the item being purchased
Any questions about providing ongoing information can be sent to firstname.lastname@example.org.
How can I ensure that my funds will be secure, and that the information provided to you is safe?
Please visit our Escrow Security page for additional details on our regulatory permissions and how we protect customer funds.