The world started using the internet in the 1990’s and within 30 years of its existence, the internet has become extremely popular due to its innumerable benefits. The outbreak of the coronavirus pandemic early this year gave a thrust to digital penetration, changing its status from just being a popular facility to being an indispensable need. Government’s ‘Digital India’ initiative is a step in this direction.
Today, millions of users in India make use of the internet for various purposes, but primarily for conducting payments / business. Digital Payments are a major chunk of the business conducted during online transactions which include activities like bill payments, online shopping, ordering food online and banking transactions.
The digitization of transactions and banking facilities has also given rise to cybercrimes and fraud. A number of online fraudsters and hackers are always on the lookout for an opportunity to cheat and rob people of their hard earned money. And this is the reason why we need Escrow, to enjoy the convenience and benefits of online transactions without worrying about fraudsters.
Escrow is a method by which businesses can secure all their online transactions. It is essentially a third party account which holds the money paid by the buyer, and transfers it to the seller only when all the agreements between the buyer and seller have been fulfilled. It thus protects users from online fraudsters and thefts and keeps your funds safe.
One of the easiest ways to use the advantages of Escrow is to use EscrowPay. All you have to do is to add EscrowPay to your mobile app, online store, or website associated with payments, marketplace or a classified site. Once EscrowPay has been enabled on the portal which involves payments, then through Escrowpay APIs, it will automatically direct in order to conduct an Escrow transaction.
EscrowPay provides its clients and their users with not just security but enables them to use the payment method of their choice since it accepts all payment modes including net banking, UPI payments and card payments. One of the most trusted online Escrow services; Escrowpay offers payment gateway, trusteeship services and banking services as one solution. It uses digital KYC to verify the identity of all its users and therefore prevents any fraudulent transactions. It enables people to send and receive money without any worry and allows its users to formulate digital agreements with complete security. The extremely user friendly APIs of Escrowpay allows you to make payments seamlessly.
The small and medium business enterprises can avail the many benefits that Escrowpay has to offer. Escrowpay enables them to provide their customers with a variety of payments modes supported by them so that the transactions and business becomes easy for them. Small and medium businesses can offer a layer of trust and transparency to their user transactions by offering escrowpay digital escrow account. Escrowpay in association with leading banks brings the banking infrastructure to doorsteps its users, thus enabling them to carry out any banking activity from the comfort of their own homes in a secure manner.
Digitization has become the way of life today. We only have to be careful in choosing who and how we do our online transactions. With Escrowpay taking care of the identity verification and security, online transactions have become trouble free.