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How Digital Escrow Can Be Used as a Payment Mode

    In the current era of ever-evolving technology, making a secure business transaction is becoming very tricky due to a surge in hackers and fraudsters. Very often we hear of sellers not receiving the promised amount after the sale of a commodity and buyers who are dissatisfied with the product that was guaranteed to them. This not only leads to a long series of court trials but also makes one wary of making that transaction again.

    In such situations, Escrow comes to the rescue, so as to satisfy the needs of both the buyer and seller by ensuring a secure transaction which fulfills the terms and conditions that is mutually agreed on by both parties.Escrow is the use of a third party account which holds the money deposited by the buyer until all the terms of an agreement are fulfilled by the transacting parties as supervised by the escrow company. This payment method helps in enabling trust among the involved parties and also avoids fraud.

    Escrow services traditionally required the involvement of banks and lawyers, but today you can avail it online at reasonable rates. While using Digital Escrow, the online payments and transactions can be carried out safely without the danger of losing money or assets to frauds.

    Similar to the conventional Escrow servicesthe Digital Escrow also acts as a trustworthy third-party that collects, holds and releases funds only when both the buying party and the selling party are satisfied. Digital Escrow can be easily used by following the steps mentioned below:

    • A transaction may be initiated by the buyer or seller by registering at a Digital Escrow portal. Then all parties have to agree to the terms and conditions of the business deal.
    • The buyer then deposits the payment into the Escrow account using an approved online payment method. The Digital Escrow verifies this payment and notifies the seller regarding the same.
    • Once notified, the seller ships the merchandise to the buyer and also submits the tracking details to Digital Escrow.
    • Using the tracking information Digital Escrow ensures and verifies if the buyer has received the merchandise. Once received, the buyer has a certain number of days to inspect the product and either accept or reject it depending upon the quality promised to him.
    • After the buyer accepts the merchandise, Digital Escrow disburses the funds in the Escrow account to the seller.

    The Escrow services are proving to be a boon across national and international markets. Digital Escrow uses a non interest bearing Escrowaccount for all transactions and keeps you updated and informed at every step of the transaction process. Their services are licensed and regulated by government laws. The Escrow professionals are able and available to support and assist you with all queries that you may have during the entire transaction process. There is no room for deceit or worry since the payments, shipping, delivery and inspection are carried out under the honest and watchful eyes of the Escrow professionals. Thus, with the use of Digital Escrow, a business transaction not only becomes secure but also becomes uncomplicated and hassle free.