Ever heard of the term Escrow? If not, I hope this post helps you in understanding the word.
From Wikipedia ,
Escrow is a legal arrangement in which an asset (such as cash, real property or other tangible assets) is deposited into safekeeping (e.g. a bank account) under the trust of a neutral third party (escrow agent) pending satisfaction of contractual contingency or condition. Once the condition has been met, the escrow agent will deliver the asset to the party prescribed by the contract.
For Internet Escrow,
Wikipedia defines that Escrow services are intended to ensure security by acting as a middle-man in transactions where the two parties do not trust each other. Rather than sending money or goods directly to the other party (which is insecure, as one or other party must send their item first, at the risk that the other party may not then send theirs), party #1 sends their items (X, usually money) to the escrow service, which holds them until the party #1 receives item Y, the service sends X on to party #2. If either party fails to deliver their part of the deal, X will be held at the escrow service and eventually returned to them.
If you are still hesitant about buying and selling online, worry no more because Auction.ph comes equipped with its very own Escrow System. This is a unique and patented system that essentially protects all buying and selling transactions against fraud.
The system serves as an intermediary and supports transactions between buyers and sellers upon closing of an auction or any other type of transaction method. One of the main objectives is to increase the level of safety and convenience of transactions for all Auction.ph members.
Here’s how it works:
1. Buyer and seller agree to use the Auction.ph escrow service
To avail of the escrow service, one has to be a registered member. Upon registration, prospective members will be asked to conform to the Escrow Agreement whereby the terms of the service are stipulated. After a successful transaction is concluded, registered members automatically avail of the free service.
2. Buyer deposits payment to the escrow service
After a successful transaction (auction, shopping, cooperative buying or bargains), buyer is requested to pay the full amount of the item/s by depositing it to the escrow system. The buyer may choose any of the following payment methods: internet banking, credit card (available soon)), E-money, bills payment, G Cash & Smart money).
When the payment is received, it will be verified and secured by Auction.ph. After verification, Auction.ph will advise the seller (through e-mail) that payment has been made and he/she is expected to ship the item/s to the buyer.
The buyer has seven (7) days from the end of the buying process to settle the payment for the item/s. If after seven (7) days and payment has not been verified, the transaction is considered canceled.
Since the launch of the website in 2006, Auction.ph has zero reports on fraud. It may take some time before retail spending shifts online, but the shift is inevitable, notwithstanding. When that time comes, shift to the one that has an effective system in place.
But why wait? Experience the joy of protected online shopping now. That is, if you’re already 18.
Learn more about the escrow system and experience secure online shopping on www.auction.ph.
