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Buyers' Guide to
Online Payment Acceptance
Chapter 3: Escrow Services
Escrow
services act as a middleman for a payment
transaction. They ensure the buyer is happy with
the product they've received and that the seller
gets paid accordingly. This solution provides
good security and trust that are an essential for
high ticket items (i.e. domain names, company
buy-outs, etc.) and auction-type websites.
Here's a step-by-step explanation of how Escrow
services work:
Step 1: The Buyer makes payment
for the order to the Escrow service with a credit
card, money order, check (business, personal,
certified), wire transfer, or direct deposit.
Step 2: Once the Escrow service
receives the Buyer's payment, they will then
notify the Seller to ship the merchandise to the
Buyer.
Step 3: After the Buyer receives
the merchandise, he or she then notifies the
Escrow service that they are happy with the
purchase.
Step 4: The Escrow service then
pays the Seller accordingly by either check or
wire transfer into your bank account.
If the Buyer is not satisfied with the
merchandise, they can notify the Escrow service
that the item has been returned to the Seller.
Once the Seller receives the merchandise back,
they are given a period of time (about a week)
for inspection of the returned item. The
inspection period allows the Seller time to
ensure the merchandise was returned in the same
condition as it was shipped. The Escrow service
will refund the Buyer for the amount paid, less
the Escrow service fee (usually around $5 or so).
If you're interested in using Escrow services
check out one of the companies listed below:
Escrow.com
Escrow.ca
i-Escrow,
Inc.
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