Escrow is a system that creates a third party in the middle of a transaction. In this way, when purchasing goods online, the money is kept in escrow after payment. If the buyer receives the product or is satisfied then the money will be released and the seller will get the money.
Is escrow just for e-commerce?
Yes it can be said that this only applies to online transactions. Because after paying online, if the buyer does not get the right product, Escrow provides a security for the buyer.
Who has more advantages in escrow.
Escorw actually benefit both buyers and sellers. Of course more advantage buyer. Sellers who want to do business with buyer's money. It is a little difficult for them.
How does Escrow work?
When a buyer pays in a marketplace or online shop, the money goes from the buyer's card or account to the escrow. When the buyer receives the product or at a specified time (1 day / 2 days / 3 days / 7 days) it is assumed that the buyer is satisfied, then the escrow transfers the money to the seller's account. Payments are made to the seller in favor of the updates that are given to the system when the buyer receives the product. If the buyer does not make any complaint within 3 to 15 days of making payment in escrow, the money goes to the seller.
In addition, the buyer will be able to reimburse the seller at any time.
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