Escrow adds trust to the transaction. Escrow reduces the potential risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to Buyer and Seller instructions. These services are provided by Integrity Components Corp.
When to use Escrow: Escrow is well-suited for specialized computer equipment and electronic components.
Protection for both Buyer and Seller:
- Buyers receive and inspect the merchandise before the Seller is paid.
- Sellers receive their money if the Buyer accepts the merchandise.
How does it work?
- 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. - Buyer Pays Escrow
The Buyer submits a payment, selecting check, money order, wire transfer, or credit card online. Escrow verifies the payment. Processing time varies by payment method. - Seller Ships Merchandise
Upon payment verification, the Seller is authorized to ship merchandise and submit tracking information. Escrow verifies that the Buyer receives the shipment. - Buyer Accepts the Merchandise
The Buyer has a set number of days for an inspection and the option to accept or reject the merchandise. - Escrow Pays the Seller
Escrow pays the Seller by check or wire transfer. The transaction is complete.
How Buyers are protected:
Escrow tracks the shipped merchandise and verifies it was delivered. The Seller isn’t paid until the Buyer accepts the merchandise, or the inspection period expires.
How Sellers are protected:
Escrow confirms when the Buyer receives merchandise. The Seller is authorized to ship only after Escrow verifies good funds.
A Trusted Third Party You Can Rely On When Doing Business Online
Escrow is the missing link in certain e-commerce transactions. When Buyers and Sellers don’t know each other, they need a third-party they can trust to turn to. That’s where Escrow comes in. As the most trusted service, Escrow makes sure transactions are secure and worry-free. Escrow is also the single point of contact to track and manage all aspects of the transaction, even third-party suppliers.