What is Escrow?
An escrow is a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, or an account established by a broker for holding funds on behalf of the broker’s principal or some other person until the consummation or termination of a transaction or, a trust account held in the borrower’s name to pay obligations.
We can also say that an escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction.
It helps make transactions more secure by keeping the payment in a secure escrow account which is only released when all of the terms of an agreement are met as overseen by the escrow company.
How does Escrow Work?
Escrow-coin.com is step ahead of the existing escrow services. It allows you to escrow funds in multiple cryptocurrencies. It reduces the risk of fraud by acting as a trusted third-party that collects, holds and only disburses funds when both Buyers and Sellers are satisfied.
1. Buyer and Seller agrees to terms – Either the Buyer or Seller begins a transaction. After registering at Escrow-coin.com, all parties agree to the terms of the transaction.
2. Buyer pays Escrow-coin.com – The Buyer submits a payment by approved payment method to our secure Escrow Account, Escrow-coin.com verifies the payment, the Seller is notified that funds have been secured ‘In Escrow’.
3. Seller ships merchandise or provide service to Buyer – Upon payment verification, the Seller is authorised to send the merchandise and submit tracking information. Escrow-coin.com verifies that the Buyer receives.
4. Buyer accepts – The Buyer has a set number of days as per the terms to inspect the merchandise and the option to accept or reject it. The Buyer accepts the merchandise.
5. Escrow-coin.com pays the Seller – Escrow-coin.com releases funds to the Seller from the Escrow Account.
EscrowCoin
