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Online escrow services Escrow.com is the most convenient way
to buy goods via Internet. It acts as a secure third party to protect the
buyer and seller. Escrow.com is well-suited for items purchased on auction
sites, automobiles, motorcycles, domain names, jewelry, specialized computer
equipment, and other high-ticket items.
All escrow services offered on website Escrow.com are provided
independently and exclusively by Internet Escrow Services, Inc. (IES),
one of the operating subsidiaries of Escrow.com. IES is fully
licensed and accredited
as an escrow company and is subject to compliance with all
applicable escrow regulations, including the California Financial
and Business Code.
The process of buying with Escrow.com consists of 5 steps:
1) Buyer and seller agree to terms
Both parties agree to terms of the transaction, which includes a
description of the merchandise, sale price, number of days for the
buyer's inspection, and any shipping information
2) Buyer pays Escrow.com
The buyer submits a payment, selecting check, money order, wire
transfer, or credit card online. Escrow.com verifies the payment.
Processing time varies by payment method
3) Seller ships merchandise
Upon payment verification, the seller is authorized to ship
merchandise and submit tracking information. Escrow.com verifies
that the buyer receives the shipment
4) Buyer accepts the merchandise
The buyer has a set number of days for an inspection and the option
to accept or reject the merchandise. For more information, FAQs -
Return Questions
5) Escrow.com pays the seller
Escrow.com pays the seller by check or wire transfer. The
transaction is complete.
How buyers are protected:
- Escrow.com tracks the shipped merchandise and verifies its proper
delivery.
- The seller isn't paid until the buyer accepts the merchandise, or
the inspection period expires.
How sellers are protected:
- Escrow.com confirms when the buyer receives merchandise.
- The seller is authorized to ship only after Escrow.com verifies
good funds.
Escrow Services FAQ
The Escrow Process:
- Do the services offered through
Escrow.com favor either the buyer or the seller?
- How long does the escrow process
take?
- How is Escrow.com different than
PayPal?
- Can I use the services offered
though Escrow.com if I am not a member?
- If I have any questions about the
product, do I contact Escrow.com?
Payment:
- How much does using the services
of Escrow.com cost?
- Who is responsible for paying the
escrow fees to Escrow.com?
- Who is responsible for taxes,
customs, and import fees?
- What forms of payment does
Escrow.com accept?
- Can I use my credit card as
payment for a transaction?
- What is the verification of "good
funds" or "secured funds"?
- Are credit card transactions
treated as cash advances or purchases?
- When is my credit card charged?
- How quickly are all payments
processed?
- As the buyer, what happens to my
money when I send it to Escrow.com?
- How does Escrow.com protect
against fraud?
- What is Internet Escrow Services
(IES)?
- If I live outside of the United
States, are there any forms of payment that you do not accept?
- What currencies does Escrow.com
support?
- Who do I make the check or money
order out to?
- Are there any limits to how much
I can charge on a credit card?
Transaction and Terms:
- What is an inspection period,
when does it start, and how long does it last?
- How do I change transaction
details and terms?
- How do buyers or sellers cancel
transactions?
- What if the seller does not ship
the items?
Shipment:
- Who pays for shipping?
- How do I have to ship items?
- What if the items are damaged
during shipping?
- When does the seller ship the
items?
- What if the buyer refuses to
receive the shipped items?
- If the buyer returns an item, who
pays for shipping?
Returns:
- How long does the buyer have to
inspect the items?
- How does the buyer decline or
reject items sent by the seller?
- How does the buyer decline only
some of the items sent by the seller?
- What if the buyer forgets to
accept or decline the items online at Escrow.com?
- What if the buyer does not like
the items?
- What if there is a disagreement
during the transaction? What is dispute resolution?
Security and Privacy:
- Are services offered through
Escrow.com safe?
The Escrow Process:
- Do the services offered
through Escrow.com favor either the buyer or the seller?
- No. Escrow.com is a neutral, third party
intermediary that assures a secure and smooth transaction process
for both buyers and sellers.
Top
- How long does the escrow process
take?
- It depends upon three factors: 1) the
inspection period agreed upon by both parties; 2) method of shipment;
3) the method of payment selected. For instance, credit card
payments are secured fastest, whereas a paper check from the buyer
can take several days in order to allow time for the mail and fund
verification by the buyer's bank. Generally, most escrow purchases
can take from 5 to 14 days.
Top
- How is Escrow.com different than
PayPal?
- PayPal is a person-to-person payment service:
it does not offer any formal protections for fraud against either
the buyer or seller, so there is no guarantee for recourse if the
merchandise isn't as advertised, or the payment wasn’t made with
good funds. Escrow.com is accredited to offer protections as
prescribed by the law to both the buyer and seller.
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- Can I use the services offered
though Escrow.com if I am not a member?
No, however registering yourself as a user is
safe, fast, and free. We guarantee that your private contact
information will never be shared with any person or organization,
for marketing or any other purposes, without your permission.
Top
- If I have any questions about
the product, do I contact Escrow.com?
- No. Escrow.com is a neutral third-party that
protects both the buyer and seller to ensure the transaction is
processed. We have no knowledge about what is actually being sold.
In most cases, Escrow.com has a very limited relationship with
either party. If the buyer has any questions, they should contact
the seller directly.
Top
Payment:
- How much does using the
services of Escrow.com cost?
- To secure your transaction, the fee is
calculated on the purchase price and the method of payment (for this
purpose use escrow fee
calculator).
Top
- Who is responsible for paying
the escrow fees to Escrow.com?
- During the Agreement Phase of the
transaction, the buyer and seller would normally negotiate who will
pay the escrow fees. Either the buyer can pay the fees, the seller
pays, or the buyer and seller each pay half of the escrow fee. In
the event of a rejection of the merchandise or cancellation of the
transaction, the buyer is responsible for escrow fees, return
shipping fees, and original shipping fee if the buyer agreed to pay.
The escrow fee and any original shipping fees will be taken out of
the original payment made to Escrow.com.
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- Who is responsible for taxes,
customs, and import fees?
- Taxes, customs and import fees are typically
the responsibility of the seller, but the seller is free to
negotiate any additional fees as part of the purchase price.
Top
- What forms of payment does
Escrow.com accept?
- Escrow.com accepts Visa, Mastercard,
American Express, wire transfers, money orders, personal or company
checks, or cashiers checks. Credit cards are accepted only for
Premier Service level and only for transactions up to $5000.
Remember that each form of payment takes a
different length of time to process. Checks require 7 to 10 business
days, while payments with a credit card are processed within five
business days. Note that certain payment types are limited to
transactions in specific countries and currencies, and international
buyers are advised that the fastest method of payment is wire
transfer. International checks, international money orders, or any
currency other than that specified for a transaction is not accepted.
Escrow.com, at its sole discretion, reserves the right to refuse a
payment type (such as a credit card) for any transaction.
Top
- Can I use my credit card as
payment for a transaction?
- Escrow.com only accepts credit card payments
for Premier Service transactions. Please note that Premier Service
transactions are limited to $5000 USD. In addition, Escrow.com has
strict policies governing the acceptance of credit card payments.
Below are the some of the more common reasons a credit card payment
may not accepted for your transaction:
- The transaction involves time sensitive
goods (i.e. tickets).
- The transaction is for certain types of
merchandise, including software and services.
- The transaction does not involve shipping.
- The buyer or seller is located in certain
countries.
- The name and address on the card do not
match the name and address used when registering with Escrow.com.
- Information provided to Escrow.com is
determined to be incorrect, or, in certain situations, when we can
not reach you at the phone number you provided.
- A card security code is not present on a
card or is not provided to Escrow.com correctly.
- Our transaction security team detects
certain fraud indicators for a transaction.
- The card has been reported as stolen or
missing, or the card fails a screening process set up with our
merchant processor.
- You, or the other party to a transaction,
have been involved in a previous dispute or chargeback in connection
with an Escrow.com transaction.
- The transaction is in a currency other than
United States Dollars.
By special arrangement with certain sellers,
the use of credit cards for purchases may be further limited.
Escrow.com may refuse to allow a credit card as payment for any
reason in our sole discretion. Any rejection of credit card as a
form of payment is not necessarilly determined by information
provided by the cardholder. We apologize if we are unable to accept
a credit card for your transaction. In addition, when paying by
credit card, you will generally be required to sign a credit card
authorization form and FAX it to Escrow.com.
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- What is the verification of "good
funds" or "secured funds"?
- When you buy an item at a store with a check
or credit card, you are promising that the money is available in
your account. The store doesn't receive the money for another 3 to 7
days. Sending a check to Escrow.com works exactly the same way. To
ensure payment, Escrow.com waits until the money is deposited into
our trust account, which is then considered "good funds." This takes
longer, but gives buyers and sellers an extra level of security.
Top
- Are credit card transactions
treated as cash advances or purchases?
- Your credit card transactions are treated as
purchases, thereby avoiding the typical cash advance fees assessed
by most credit cards.
Top
- When is my credit card charged?
- Before the seller sends the buyer any item, Escrow.com must have
the purchase funds in its escrow trust account. Therefore, your
credit card is charged the purchase amount plus any escrow fees you
have agreed to pay immediately after you and the seller conclude the
agreement phase of the transaction. Note that this charge is a
payment to IES's escrow trust account, not to the seller.
Top
- How quickly are all payments
processed?
- Wire Transfers: It depends upon your
financial institution; some require a few hours or even a few days
before they can wire funds. We process wire transfers each business
day.
- Credit Cards: Payments with credit
cards are processed within 5 business days.
Top
- As the buyer, what happens to
my money when I send it to Escrow.com?
- Your funds remain in our secured escrow
non-interest bearing trust account until the transaction concludes.
All of our escrow trust accounts are maintained by Internet Escrow
Services, a licensed and accredited operating subsidiary of
Escrow.com. Top
- How does Escrow.com protect
against fraud?
- Escrow.com takes several steps to protect
both the buyer and seller against fraud: 1) all payments by the
buyer are verified as "good funds" before the seller is instructed
to ship, 2) all shipments are tracked to ensure the seller shipped
and the buyer received the merchandise, and 3) if the merchandise is
fraudulent, it gives the buyer the chance to return the merchandise
before payment is released to the seller.
Top
- What is Internet Escrow
Services (IES)?
- Online escrow services provided by
Escrow.com are provided independently and exclusively by Internet
Escrow Services, (IES), one of its operating subsidiaries. IES is
fully licensed and accredited as an escrow company and is subject to
compliance with all applicable escrow regulations, including the
California Financial and Business Code.
Top
- If I live outside of the United
States, are there any forms of payment that you do not accept?
- Escrow.com accepts most forms of payment
from international parties, but we only accept amounts in US Dollars.
Also certain countries may be prohibited from using certain forms of
payment.
Credit Cards - Credit Cards as a form of
payment are not available in Indonesia and Romania.
Checks - Checks and money orders are only
accepted when drawn on U.S. Banks.
International wire transfers - Wire transfers
from non-U.S. Banks are sent through an international clearinghouse,
and require a separate transaction fee. This fee should be added to
the buyer's payment.
Top
- What currencies does Escrow.com
support?
- Escrow.com supports the following currencies:
USD - United States dollars
GBP - Great Britain pounds
Top
- Who do I make the check or
money order out to?
- All payments for online payment services
need to be made out to Internet Escrow Services.
Top
- Are there any limits to how
much I can charge on a credit card?
- The limit on any transaction paid by credit
card is $5,000, plus resulting escrow and transaction fees.
Top
Transaction and Terms:
- What is an inspection
period, when does it start, and how long does it last?
- The inspection period is the amount of time
agreed to by both parties in which the buyer may examine the items.
The amount of time selected can be from 1 to 30 days. The inspection
period begins when Escrow.com confirms the shipment has been
received, and the buyer must accept or reject the goods within this
period. When the buyer rejects the items, the seller has 5 days to
examine the merchandise after it is returned. Buyers and sellers
should make sure the inspection period provides adequate time for
any authentication and/or appraisal process that may be necessary to
complete the transaction.
Top
- How do I change transaction
details and terms?
- During the Agreement Phase only, either the
buyer or seller may change transaction details by logging into
Escrow.com and making changes in the Online Agreement Form. Once
both parties have agreed to the details, they must email their
change requests to ies@Escrow.com. Changes after the terms have been
agreed to must have the consent of both the buyer and the seller.
Top
- How do buyers or sellers cancel
transactions?
- Prior to agreement of terms by both parties,
the buyer or seller can cancel the transaction. Once both parties
have confirmed transaction details in the Agreement phase, either
party may cancel the transaction only if buyer has not delivered
payment.
The buyer may reject the transaction during
the inspection period after receiving the items, but the buyer is
still responsible for shipping the merchandise back to the seller,
and for paying any escrow fees.
Top
- What if the seller does not
ship the items?
- Your funds will not be released to the
seller until you have received and approved the items you are
purchasing. This eliminates the concern for non-shipment of goods.
Top
Shipment:
- Who pays for shipping?
- During the agreement of terms, the buyer and
seller agree who's paying for shipping, but the seller will
initially pay at the time of shipment. If the buyer is responsible
for the shipping charges, the shipping amount is specified by the
seller and added to the total purchase price. In this case, the
buyer is responsible for the shipping costs even if they reject the
merchandise. Top
- How do I have to ship items?
- For most major shipping companies,
Escrow.com provides the tracking of merchandise from the seller to
the buyer as a service. This facilitates the escrow process. In the
case where the seller or buyer uses a shipping company outside of
our list, the receiving party will have to notify Escrow.com if the
merchandise has arrived.
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- What if the items are damaged
during shipping?
- If the shipment was insured, the shipping
company is responsible for damages. If the shipment was not insured
and the buyer and seller cannot come to a resolution, the
transaction will likely enter into dispute resolution. In most cases,
whoever shipped the items will be responsible for any damages to the
merchandise. Top
- When does the seller ship the
items?
- The seller is notified by Escrow.com to ship
the items once IES verifies the payment from the buyer is secured in
the escrow account.
Top
- What if the buyer refuses to
receive the shipped items?
- buyers who refuse to receive the shipment
will be responsible for paying both the initial and return shipping
fees. The buyer's funds will be returned after the seller's shipping
costs and the escrow fees have been deducted. The seller will then
be reimbursed for their shipping costs.
Top
- If the buyer returns an item,
who pays for shipping?
- As specified in the escrow terms, if the
buyer rejects the merchandise, they pay for return shipping fees.
Top
Returns:
- How long does the buyer
have to inspect the items?
- When the buyer and seller agree to terms,
the inspection period is the time the buyer has to inspect the
merchandise. If the inspection period has expired, Escrow.com
assumes that the buyer has approved the merchandise, and the seller
is paid. Top
- How does the buyer decline or
reject items sent by the seller?
- In the online inspection period, the buyer
would click on "Reject". At that point, the buyer is responsible for
arranging return shipment with an approved shipper. The buyer
receives returned funds only after the seller confirms receipt of
the returned items in the same condition it was sent.
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- How does the buyer decline only
some of the items sent by the seller?
- If the seller allows partial rejection, upon
declining the merchandise the buyer can reject certain items. In
that case, the buyer is still responsible for return shipping and
the escrow fees.
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- What if the buyer forgets to
accept or decline the items online at Escrow.com?
- Escrow.com will release funds automatically
to the seller at the end of the inspection period, as long as the
buyer has not declined the items.
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- What if the buyer does not like
the items?
- The buyer has the inspection period (a
length of time agreed to by both parties) to approve the items. If
dissatisfied, the buyer must return the items to the seller. Once
the seller has received the items and confirmed that they are in
satisfactory condition, Escrow.com will release the funds back to
the buyer. In any case, on return, the buyer is responsible for
escrow fees, return shipping fees, and original shipping fee if the
buyer agreed to pay. The escrow fee and any original shipping fees
will be taken out of the original payment made to Escrow.com.
Top
- What if there is a disagreement
during the transaction? What is dispute resolution?
- If the buyer and seller haven't resolved the
dispute within 60 days, the matter is sent to dispute resolution -
an arbitration process administered by the American Arbitration
Association in accordance with the provisions of its Commercial
Arbitration Rules.
Top
Security and Privacy:
- Are services offered
through Escrow.com safe?
- Definitely. You and your transaction are
protected every step of the process, thanks to our stringent logging,
tracking and verification procedures.
Top
Escrow Licenses
Government agencies perform regular audits of
its independently licensed escrow companies. The audit examinations
serve to protect public funds, determine safety and soundness of
operations and determine compliance with escrow statutes and
regulations.
The following is a list of these agencies,
with our license numbers:
California Department of Corporations
License #963-1867
Arizona State Banking Department
License #EA-0903361
Regulation and Licensing Department State of New Mexico
License #86
Utah Department of Financial Institutions
License #00-024
The California Department of Corporations conducts the most
stringent examination of all government agencies. Learn more about
their
escrow laws.
Escrow.com is also licensed as a business in all 50 states.
For any additional information, please, feel free to ask your
question via e-mail. Our e-mail addresses you can find on the
Contact us page.
The additional information:
Escrow.com
16251 Laguna Canyon Road,
Suite 150,
Irvine, CA
92618-3603
949-790-5800 (phone),
949-790-5801 (fax)
Internet: http://www.escrow.com |
