What is an escrow service?
An escrow service benefits buyers and sellers by facilitating the transfer of
goods for payment and adding an extra layer of security and convenience.
i-Escrow is a company
that can provide this service.
How does an escrow service work?
When an auction ends, your end of auction email contains a link to begin an
escrow transaction. You will go through the following steps to complete
your transaction.
- Start the escrow process by clicking on the i-Escrow link in the email.
This will prompt our system to gather your auction information for
submission to i-Escrow eliminating the need to complete this information
by hand once at i-Escrow.
- The other party receives an email from i-Escrow requesting an acknowledgement
of the terms of the transaction.
- Once the transaction is acknowledged by the other party, the buyer pays
i-Escrow the agreed upon price, by credit card or other means.
- Upon verification of payment, i-Escrow informs the seller that payment has
been received along with the address where the seller should ship the
merchandise for the buyer's inspection.
- The seller provides i-Escrow with the tracking number of the shipment.
- The buyer receives the merchandise and, upon approval of the shipment,
logs in to i-Escrow to confirm approval.
- i-Escrow sends the check to the seller.
What are benefits of using an escrow service?
For sellers, i-Escrow provides:
- The assurance of prompt payment in good funds as well as protection
against credit card fraud and chargebacks.
- The ability to accept multiple forms of payment, including credit cards,
checks and money orders.
- A convenient way to overcome the concerns of wary buyers.
- QuikTrack, an online tool that manages and keeps track of all your transactions.
For buyers, i-Escrow provides:
- The ability to receive and inspect merchandise before the seller is paid.
- The flexibility of multiple payment options and the access to a trusted
source to hold those payments.
- QuikTrack, an online tool that manages and keeps track of all your transactions.
What are i-Escrow's fees?
i-Escrow's fees are based on the amount of the transaction and the method of payment.
Visit i-Escrow to view their fee schedule.
Using i-Escrow may be worth the peace of mind that you'll get by knowing your
transaction will be secure and easy.
For more information about i-Escrow click here.
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