Is escrow safe?
Setting up your account
Paying on the Internet is usually scary or at least respectful. Or it should be, since there are websites and people who are engaged in unscrupulous scams. To avoid falling into their nets (which is not always as intuitive as you might think), there are payment methods such as escrow.
Escrow consists of the money paid by the buyer in advance being deposited in someone else’s account, instead of being paid directly to the seller. When the product arrives at its destination in good condition or the service has been successfully completed, the payment is transferred to the seller.
This is a very innovative form of payment that prevents almost any type of fraud. However, the opinions you can find on the net are very varied and may make you hesitate. Below we will summarize them for you to draw your own conclusions. First, remember that an escrow account has many applications, so we are going to focus only on buying and selling items in a Marketplace.
Most of the opinions found on the Internet about escrow are good. In fact, it is the form of payment that incorporates large successful Marketplace as Blablacar, Airbn or Freelancer and on their websites and explain why they choose.
Buyers who operate with escrow agree in praising the fact that you can be sure that the seller will not disappear with the money after an advance payment, a type of scam that is very easy to carry out with a bank transfer or a card payment. They also appreciate the fact that it is possible to check that the product is in good condition.
Sellers praise the fact that they know that the payment has been made correctly before shipping. This also ensures that there will not be the typical haggler who will ask for a price reduction at the last minute.
How to implement escrow in your Marketplace?
There are many more positive opinions than negative ones. And the negative ones do not criticize the payment system, but the scammers who take advantage of its name.
One of the positive things we haven’t talked about yet is the confidence that comes from having such a method in a Marketplace. If you have such a business or are thinking of creating one, transmitting security will be one of your main missions. To learn more about how to implement escrow in your Marketplace, contact us without any obligation.
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