With the development of e-commerce, the way scammers and hackers can manipulate online transactions has also evolved. And that’s why you need methods for making safe payments. Digital escrow has proved itself to be a quick and safe method for vendor payments and other similar transactions.
Escrow has crossed the mark of two billion dollars in secured transactions. It collects and holds the funds and only disburses it when both the buyer and the seller approvethe transaction 100%. It has a five-step payment method that makes sure that both parties get equal protection. Also, it is licensed and regulated by the government and is compliant with law everywhere.
As mentioned above, Digital escrow follows a five-step payment method to deliver secure and safe payments. Here’s how Escrow handles the payments.
Agreeing To Terms
Usually, either the buyer or the seller initiates a transaction. But when they register to Escrow.com both the seller and the buyer must agree to the transaction terms. You can’t have an escrow account without agreeing to the terms.
Buyer Pays Escrow
In this method, the buyer uses an approved payment method to deposit the payment into the escrow account. Escrow, then, verifies the payment, and then it notifies the seller that the vendor payment is secure in the escrow account.
After the payment is verified, the seller authorizes the sale of the merchandise. He, then, submits the tracking information. Upon the information of delivery, Escrow verifies with the buyer if he has received the merchandise.
After the merchandise is delivered, the buyer has a fixed number of days for checking the merchandise and either accepting it or rejecting it. If the buyer rejects the merchandise, he is notified to return it, and when seller receives the product, the buyer gets back all his payment. And if the buyer accepts, Escrow finishes the last step of its payment process.
Release of Payment
After the buyer accepts the product, Escrow releases the funds to the seller and makes safe payments to the vendors.
This is how all vendor payments are carried out by the digital escrow. You can keep an eye on the status of every step of the payment method by logging into your escrow account. So, if the process requires some action, you can know that and take the action accordingly.
When you have the entire timeline, step by step, you will never have to wonder what’s happening and what you have to do next. In the escrow account, the fund is secured, and the account doesn’t give any interest like your usual bank accounts. It makes sure that your transaction is free of fraud and chargebacks and you don’t receive wrongly described goods.
When you need, you will get an escrow professional to help you with anything regarding the account and the payments. You can count on their help round the clock and throughout the week through email. This is how digital escrow works on making safe vendor payments.