Internet sales have been on the increase since the early 90's due to the convenience it provides. Consumers have gotten accustomed to shopping on store websites and auction sites such as Ebay and Craigslist from the comfort of their home. However, with this rise in popularity also comes a rise in those looking to misrepresent their items or services. In order to help prevent such issues, Ebay and other sites suggest the use of online escrow services for purchases over a certain dollar amount.
Online escrow services allow a buyer to receive the item they have purchased and inspect it before the funds are released to the person selling it. What if you order a one-of-a-kind item only to find out that it's not real? What if the person you are buying a service from ends up being a fraud or if they don't actually provide the service that they guaranteed? What if you're buying a used vehicle and need to have it looked at by a mechanic to make sure you're not the proud new owner of a lemon? At times like these, unless you are utilizing an online escrow service, your options are probably extremely limited and you may find yourself out of a lot of hard-earned money.
There are many online brokers out there who only care about getting paid and not about developing a client for life. Be assured, these sellers are out there and should be avoided at all costs. They require buyers to pay in full for products or services without any guarantee that the products will arrive as described or that the service will be completed within the specifications agreed upon. How do you know in advance if the vendor you are dealing with is unsavory and simply trying to scam you? Well, for the most part, you can never be 100% sure. Unless you use an online escrow service.
Online escrow services put the trust back into online shopping. Companies like Escrow.com and EscrowsRUs.com can act as the middle men for risky transactions. It's simple to get started. Either party can provide information about the specifics of the transaction. Once the details are provided, each of the parties are notified by email. Each of the parties verify the details and the transaction is started. The buyer transfers the funds for the transaction to the escrow company, who will then hold the funds in a dedicated non-interest bearing account. The escrow company notifies all of the parties that the funds have been received and that the seller can now ship the product or arrange for the completion of the service. The buyer receives the item or service and is allowed an inspection to verify that the product condition matches what was promised. Once satisfied, the funds are given to the seller.
This process provides additional security that other online payment options do not offer. With online escrow, buyers are given the peace of mind that they need when buying high value items. Sellers no longer have to worry about fraudulent credit card charge backs or false disputes being filed. This wayboth sides win. Online escrow sites like Safefunds.com and EscrowsRUs.com are known and trusted to protect online shoppers and vendors