Every day more people buy things online. It is so easy to click on an item, put it in your cart, and checkout. You don't have to get dressed or brave the elements to do any of it. With the convenience come serious concerns about security and the legitimacy of some companies. The best option to ensure the purchaser and seller complete the transaction satisfactorily is an escrow service.
Escrows have been required for real estate transactions for many years. When you sign a contract to buy a house, you have to put down a certain percentage as a down payment, or good faith money. Those funds are set aside in a special trust account and held until closing. At closing the funds are applied to the sale. When you buy something online, you probably assume the seller gets your money right then. This is true in some cases, but not in others.
When escrows are used, the third party verifies the buyer's funds are available, withdraws the amount of the purchase, and holds it. This company will let the seller know the transaction is ready to go forward, and the merchandise can be sent to the buyer. Once the buyer receives the merchandise she has a limited time to inspect and accept it. If everything is as it should be, the third party releases the funds to the seller.
This process works for payments that are large or small. If you have decided to purchase a vehicle online, the company will do more than hold your funds until you pick up the car. It can work with you on titles, liens, and shipping documents. There are a lot of online scammers selling jewelry. If you are purchasing an expensive piece, you don't want the seller paid until you have verified the authenticity.
Specialty items like guns can pose problems when you attempt to purchase them online. You need to know your money is in safe hands and that your purchase is being tracked. Even general merchandise, without great value attached to it, is important to the purchaser. When there are problems with transactions, customers are unhappy, and retailers lose business.
The benefits for buyers are numerous. Most buyers feel much better knowing their money is in third party hands instead of going directing into the seller's bank account. They have a reliable company tracking their packages for them. Buyers have a small grace period to look over what they bought before they accept it.
This has advantages for sellers too. When they release the merchandise, they know the funds are available and being held. This avoids the charge back problem. The escrow agent tracks the package. The seller gets paid as soon as the purchaser accept the transaction. Sellers know they have a satisfied customer who will probably return.
Buying and selling online is great as long as everything goes smoothly. An escrow agent helps to ensure that. Each side can be confident that the other to living up to expectations.
Escrows have been required for real estate transactions for many years. When you sign a contract to buy a house, you have to put down a certain percentage as a down payment, or good faith money. Those funds are set aside in a special trust account and held until closing. At closing the funds are applied to the sale. When you buy something online, you probably assume the seller gets your money right then. This is true in some cases, but not in others.
When escrows are used, the third party verifies the buyer's funds are available, withdraws the amount of the purchase, and holds it. This company will let the seller know the transaction is ready to go forward, and the merchandise can be sent to the buyer. Once the buyer receives the merchandise she has a limited time to inspect and accept it. If everything is as it should be, the third party releases the funds to the seller.
This process works for payments that are large or small. If you have decided to purchase a vehicle online, the company will do more than hold your funds until you pick up the car. It can work with you on titles, liens, and shipping documents. There are a lot of online scammers selling jewelry. If you are purchasing an expensive piece, you don't want the seller paid until you have verified the authenticity.
Specialty items like guns can pose problems when you attempt to purchase them online. You need to know your money is in safe hands and that your purchase is being tracked. Even general merchandise, without great value attached to it, is important to the purchaser. When there are problems with transactions, customers are unhappy, and retailers lose business.
The benefits for buyers are numerous. Most buyers feel much better knowing their money is in third party hands instead of going directing into the seller's bank account. They have a reliable company tracking their packages for them. Buyers have a small grace period to look over what they bought before they accept it.
This has advantages for sellers too. When they release the merchandise, they know the funds are available and being held. This avoids the charge back problem. The escrow agent tracks the package. The seller gets paid as soon as the purchaser accept the transaction. Sellers know they have a satisfied customer who will probably return.
Buying and selling online is great as long as everything goes smoothly. An escrow agent helps to ensure that. Each side can be confident that the other to living up to expectations.
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