Top 5 things you need to know about escrow process
Digital transaction has become the way of life these days. Almost everyone is using digital payment methods for shopping, paying bills and sending or receiving money. The governments are also encouraging the digitization of transactions by giving tax exemptions. However, these online payment platforms are liable to be hacked by frauds and cyber thieves who may steal your banking details and money. In these situations, Escrow comes to the rescue by providing a secure environment for such cashless transactions. Since we have to be careful regarding our online money transactions, Escrow has become a popular and much needed means to secure your transactions. So, here are 5 things you need to know about Escrow
- It uses a third party account: Escrow uses a non interest bearing third party account which holds the money deposited by the buyer until all the terms of an agreement are fulfilled by the transacting parties as supervised by the escrow company. This payment method helps in enabling trust among the involved parties and also avoids fraud. It acts as a trustworthy third-party that collects, holds and releases funds only when both the buying party and the selling party are satisfied.
- It is secure and affordable: Digital Escrow keeps you updated and informed at every step of the transaction process. Their services are licensed and regulated by government laws and they are extremely affordable. There is no room for deceit or worry since the payments; shipping, delivery and inspection are carried out under the watchful eyes of the Escrow professionals. Thus, with the use of Digital Escrow, any transaction not only becomes secure but also becomes uncomplicated and hassle free.
- Avoids Legal Battles: An unsatisfactory money transaction, be it online or offline, where the buyer or seller is not happy, leads to a series of court battles. These legal battles are a waste of time and money which makes a person wary of doing a transaction again. Escrow avoids such situations by creating a trustworthy environment and satisfies the needs of both the buyer and seller.
- User friendly: Digital Escrow is extremely user friendly and enables transactions to take place with ease. It has a brilliant user interface which gives you the real time status of your transactions and is extremely transparent.
- Csecurity for corporate business transactions. But today, with the diversification of digital payment methods, Escrow is being used for all sorts of transactions, especially those which are associated with some type of risk like contingency transactions. They are now widely used in large corporate companies, all types of businesses like large or small enterprises, cross border payments, onlineshopping and other transactions in our daily spheres of life.an be used for all types of transactions: In the past, Escrow was mainly used to provide
Escrow is an easy to use platform that secures all our transactions at an affordable price. Hence, the use of Escrow should be encouraged to enable people to do any type of business securely and fearlessly.
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