Published: 01/04/2016 - Updated: 23/06/2016 - Tags: Payment Methods
Escrow.com is an incredibly safe way to pay online, as it protects both the buyer and the seller. In an Escrow transaction, payment from the buyer is held in a secure trust account by Escrow.com while the goods (or services) are delivered by the seller. Once both parties are satisfied that the transaction is complete, Escrow.com releases the funds to the seller.
This is far safer than a regular credit card or PayPal transactions as it removes the chance of payments being made for goods that 'go missing' while they are being delivered, or customers requesting charge backs or refunds on payments that have already been completed successfully.
The History of Escrow.com
Fidelity National Financial, an American investment company, founded Escrow.com in 1999 in response to its competitor, Bank of America, acquiring Loans.com a few years earlier. Fidelity’s involvement with Escrow.com was shortlived however. After three years, Fidelity liquidated Escrow.com in 2002 in exchange for a software license with iLumin. Escrow.com would then go on to be purchased by a private investor in 2004.
Today, Escrow.com provides online escrow services for a number of well-known ecommerce sites including eBay, GoDaddy and AutoTrader. Escrow.com handles smaller scale accounts as well for small businesses. Escrow.com has recently partnered with the President of the United States, Barack Obama, and his National Export Initiative.
Escrow.com Services and Features
Domain and Website Escrow: A service that ensures that the purchaser receives his or her website and that the seller receives the promised funds for the transaction.
Domain Name Holding Escrow: This service exists to assist in transactions where a seller agrees to hold a domain for a purchaser as partial payments are made toward the purchase.
Vehicle Escrow: This service is designed with auto purchasers and sellers in mind. Funds cannot be released from escrow until the vehicle is confirmed delivered to the purchaser.
Milestone Escrow: A process by which partial payments are made to a contractor at specified progress points are made during a project.
Broker Escrow: This special three-party escrow transactions provides brokers with private and secure platform to manage the transaction process.
Escrow.com works to protect both the buyer and seller in online transactions. For instance, the buyer’s funds must be verified before the seller is notified by Escrow.com to ship their product to the purchaser. The sender is required to use tracking services on each shipment so that it may be ensured that the buyer receives the promised item. If the product is not as described, the buyer can prevent funds being held in escrow from being released to the seller and send the item back. This method keeps both the buyer and seller safe when completing transactions online.
As the number of fraudulent online escrow companies continues to grow, some may feel that using such a service is unsafe and exposes both the buyer and seller to unnecessary risk. Despite some common misconceptions, Escrow.com is completely safe and secure. The company is fully licensed and accredited government entity and is the number one provider of escrow services online. Industry standard encryption practices are used to protect all transactions and all consumer data that is stored by the site.