Using a licensed escrow service to buy and sell merchandise, services and more is the most convenient way to complete transactions online. Facilitated by a trusted third-party, the escrow process acts as your personal tool to ensure a safe, secure and intuitive sale for both buyers and sellers.
What is an escrow?
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 allowing payments to be released only when all of the terms of an agreement are met as overseen by the escrow company.
Escrows are very useful in the case of a transaction where a large amount money is involved and a certain number of obligations need to be fulfilled before a payment is released like in the case of a website being built where the buyer might want confirmation of the quality of work being done before making a full payment, and the seller doesn’t want to extend a massive amount of work without any assurance that he or she will receive payment. While traditional escrow service is quite difficult and must be obtained through banks and lawyers, Escrow.com provides online escrow services at affordable rates. This eliminates all legal jargon and allows for secure transactions and confident buyers and sellers.
Why Should We Pay Online?
With dozens of other payment options available such as checks, drafts, money orders, and electronic bank transfers, one may wonder why so many people use this new method of payment. Indeed, the older payment methods are tried, tasted, and a lot more comfortable for some people. However, online payment offers exclusive advantages that other payment options don’t.
When paying online, you can easily use your credit card to process a transaction much faster than the check-and-stamp method. Automated payments also mean that there are no delays or late penalties. Contrary to popular belief, it is much safer to conduct your transaction online as everything is documented, and there are no sensitive details on paper. Online payment eliminates clutter by, in some cases, eliminating the need for paper bills that require filing. It makes organizing and keeping track of payments easier and more convenient. Finally, if using online payments, many banks will provide graphs and information that help you track your spending and keep your budget on task.
There are many types of transactions that can be made online, everything from paying your phone bill to purchasing small gifts for family members. For larger transactions, though, you may want to seek the services of an escrow company.