What is Escrow?
Escrow.com makes it easy for people to pay for services and goods online at affordable rates. The financial arrangement implies a third-party, which holds and regulates the payments. This means that buyers and sellers don’t take any chances, since their money is kept safely in an escrow account. Among those who use the service there are people who make large transactions and want to have the risks minimized. The result is a safer transaction that can easily be performed even by regular people.
Key facts about Escrow
- Escrow is an easy to use payment service for both regular people and companies.
- Users don’t take any chances, because their money is kept safely by a third-party special account.
- Escrow enables customers to buy and sell products or pay for services over the Internet.
- Several payment methods can be used to fund the account and pay for goods and services.
- Only when both parties are satisfied will Escrow disperse the funds held in its accounts.
How does Escrow Work?
Escrow.com requires users to sign up for an account and the registration takes only a couple of minutes. Once they become members, they gain access to a broad spectrum of services and several useful features. The buyer and the seller need to agree to terms, but any of them can initiate a transaction. Both parties need to be registered members and abide by the rules governing all these transactions.
The buyer is the one to submit the payment using one of the financial instruments accepted. Escrow will verify the payment and notify the seller that the funds have arrived and are kept safely in an account. This is when the seller ships the product or service to the buyer, with the appropriate tracking information. The company will make sure that the buyer receives the merchandise, with the option of accepting or rejecting it. If the buyer is satisfied and then accept the package, the funds will be released to the seller.
Escrow uses a simple system, so that anyone can use the service with little experience. By logging into their accounts, members will be able to check out the status updates. This allows them to now at all times how long will it take until the payment is made and products are delivered. The advantages of using a step-by-step timeline are self evident for buyers and sellers.
Escrow accounts are protected against chargebacks and other types of fraud. Only when both parties are satisfied is the money released, so the risks of fraud are greatly mitigated. There are plenty of online shops where people can purchase products, such as Lazada, Snapdeal, OLX and Flipkart. When shopping over the internet, it's always important to keep your funds safe. The escrow service make this possible.
Escrow payment methods and times
Escrow.com has diversified its list of accepted payment methods, to include all the popular solutions. Users can now rely upon money orders, credit cards, checks and wire transfers as well as PayPal. All these payments work smoothly, but there are some limitations that apply to each financial instrument. For instance, PayPal and credit cards allow transfers of no more than $5000 and are subject to extra fees. Money orders and checks are capped to $2000 and incur a hold of up to 10 business days.
Users who choose wire transfers won’t have to deal with these limitations and this is the payment method of choice when paying for expensive product. Credit cards have the upside of being processed within a single business day, therefore the waiting time is the continued use. People from many countries can sign up for an account, but the waiting time also differs. They always tried to reduce it to the very minimum, so the buyers and sellers enjoy outstanding service.
Users are supposed to pay some fees when performing transactions and they differ based on the currency of choice. Both USD and Euro transfers are reasonably priced and they only differ slightly based on the financial instrument chosen. They have a standard amount for small amounts, another one for concierge service and an express deposit fee on some payment methods. The commission charged tends to shrink as the amounts go up, so larger transactions are going to be charged a smaller percentage.
Escrow service and support
Escrow.com strives to make its service as easy to use as possible. Users can easily navigate the website and make the most of the features available without outside help. The FAQ section is always a good starting point because members share their insights and answer many questions. The services offered are licensed and regulated, so users don’t take any chances regardless of the amount transferred.
Those who need assistance with the service or want to learn more about security can get in touch with customer support. Friendly and professional Escrow specialists are always happy to assist those who run into trouble. Phone support is available from Monday to Friday starting at 8 AM until 11 PM. Outside working hours users are advised to use the email support, which is available 24/7.
The reason for why the vast majority of users prefer phone support is that it delivers immediate answers. Those who reside in Canada and United States can use toll free numbers, while the rest have the international number to dial. Customer support specialist can help with verifying transaction status, sending amendment forms and explaining general escrow.
Despite their best intentions, Escrow experts cannot perform certain actions on the behalf of users. They can help with accepting and rejecting the merchandise, agreeing on terms, submitting a payment and sending a lost password. They will provide step-by-step assistance, so the users can solve all these problems themselves. It helps a lot that they are all fluent in English and have a friendly demeanor.
What are others saying about Escrow ?
There is no shortage of Escrow.com reviews online, some of them dating from 2010 and before. This means a great deal for a business that relies on the transferring of money beyond borders. Most of those who signed up for an account several years before are still using the service and are very happy with it. They praised the customer support for helping them overcome unexpected obstacles. Overall, there are very few who complain about technical glitches or other types of inconveniences.
Some long-term users were unhappy with the manner in which the service has changed over the years. A few reviewers claimed that customer support used to be better and paid more attention to their instructions. They claim that they made specific requests and their expectations were not met. Another thing that some people have complained about is the fact that confirmations usually take too long. Mixing up the bank names, Swift codes or account numbers can also cause funds to get stuck for a long time.
My experience and rating of Escrow
I was quick to jump on the bandwagon of online shopping and money transfers. In my constant quest for a trustworthy and effective partner, I also stumbled upon Escrow.com. These guys have a user-friendly interface that makes it easy to fall in love with the promise of stellar service. What I like the most is the fact that they greatly reduce the risks of online shopping, especially when you play a lot of money. You can buy anything including vehicles and they will keep you safe by protecting the funds you deposit.
I’ve had my fair share of mishaps with products that didn’t meet expectations. While I was hoping to have the funds released after, I completely understand the reasoning behind waiting time. What matters the most is that when you pay for a product that is of inferior quality, you will get your money back. I doubt that most users read all the terms and conditions and I’m happy to say they keep them simple and easy to understand. You know what you’re getting into and the only surprises you have our pleasant ones.
Compared to other Escrow.com who has been around for more than a decade, I’m a newbie. While I can’t say for sure how customer support evolved over the course of time, I’m happy with what you get right now. They try to make you understand how the system works and provide step-by-step assistance. Most of the information needed is already available online if you enjoy a hands-on approach. The bottom line is that I enjoy buying stuff using their license escrow service and I would rate it 9 out of 10.