What is an Escrow ?
An escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure escrow account which is only released when all of the terms of an agreement are met as overseen by the escrow company.
Escrows are very useful in the case of a transaction where a large amount money is involved and a certain number of obligations need to be fulfilled before a payment is released like in the case of a website being built where the buyer might want confirmation of the quality of work being done before making a full payment, and the seller doesn’t want to extend a massive amount of work without any assurance that he or she will receive payment. While traditional escrow service is quite difficult and must be obtained through banks and lawyers, EscrowOP.com provides online escrow services at affordable rates. While the payment is 'In Escrow' the transaction can be safely carried out without risk of losing money or merchandise due to fraud. This eliminates all legal jargon and allows for secure transactions and confident buyers and sellers.
How does EscrowOP Work?
EscrowOP.com reduces the risk of fraud by acting as a trusted third-party that collects, holds and only disburses funds when both Buyers and Sellers are satisfied.
Buyer and Seller agree to terms - Either the Buyer or Seller begins a transaction. After registering at EscrowOP.com, all parties agree to the terms of the transaction.
Buyer pays EscrowOP.com - The Buyer submits a payment by approved payment method to our secure Escrow Account, EscrowOP.com verifies the payment, the Seller is notified that funds/BTC have been secured 'In Escrow'.
Seller ships merchandise to Buyer - Upon payment verification, the Seller is authorised to send the merchandise and submit tracking information. EscrowOP.com verifies that the Buyer receives the merchandise.
Buyer accepts merchandise - The Buyer has a set number of days to inspect the merchandise and the option to accept or reject it. The Buyer accepts the merchandise
EscrowOP.com pays the Seller - EscrowOP.com releases funds to the Seller from the Escrow Account.
Transaction is complete - safely and securely!
How does the payment system works?
The EscrowOP payment system allows to make reversible e-commerce transactions using multi-signature smart contracts.
The buyer and seller make a deal. The buyer then makes the payment to our provided Escrow multi-signature Bank, which is locked until two of the parties agree to release it.
The payment process consists of of four steps:
After agreeing on a contract, a new "Transaction" is created by the buyer or the seller.
Both parties are required to review & authorize their participation in the trade.
The buyer is requested to make the payment into our provided Escrow multi-signature Bank. The seller can verify that the payment is secured in the multi-signature and provides the goods/service to the buyer.
The payment is now locked for the duration of the trade, until the two parties agree to release it.
This can go in two ways:
When everything goes well, the buyer & seller agree and release the payment to the control of the seller.
When a dispute arises, we will review the case and decide which party to side with either refunding the payment to the buyer, or releasing it to the seller.
How much does it cost?
We take 5% fee from the Seller, no other charges.
How do I know my Bitcoins are safe with you?
In case of an escrow, coins are transferred straight to our offline wallets where they will be transferred to a cold wallet until the reception of the item is confirmed by the other party.