Online transactions come with risks and pitfalls if you are making payments for goods or services. It is essential to protect yourself from fraud, regardless of whether you have just made a one-time payment or have made more significant purchases.
It may be worth applying a payment method to your order that will give you additional protection from wrongly described items and other forms of consumer fraud. Escrow service provides its users with a safe and secure method of making online payments, and the peace of mind they require to make payments for goods with ease.
What does “escrow” mean?
It is a legal and financial agreement that protects buyers and sellers in the course of a transaction. Payment in the transaction is held by an independent third party for a fee until everyone fulfills their responsibilities.
When an escrow payment is used, the Seller will not receive funds until the Buyer has received and accepted the products and/or services involved in the transaction. Nevertheless, the Seller is sure they will receive payment because escrow is holding the funds for them.
Why Buyers Need to Use Escrow Services
Fraudulent sellers can be difficult to notice, and even those who purchase items regularly online are not always able to identify fake profiles and goods. One of the common behaviors observed involves individuals requesting money upfront via a bank transfer or using online platforms like Gpay or Paytm. Despite what most people believe, online payment providers like Paytm and Gpay aren't always reliable.
Typically, you aren't able to do much if you enter into an agreement with a fraudster, and money is transferred. There is a chance that, even if you deal with a legitimate seller, you could receive an item that is falsely represented or does not meet the seller's description; in this case, you may have to pay for goods that you no longer desire. You are trusting the seller to act honestly and openly when you make payments online, you expect the products to be in working order or are described accurately, and you want them to arrive in the condition they were advertised. In addition, if you are dealing with international sellers and encounter problems, it can be even more difficult to resolve.
An authorized escrow service will reduce the possibility of fraud in your transactions. An escrow transaction means that the funds are only released to the seller after you confirm satisfaction with the purchase you are making.
Why Sellers Need To Use Escrow Service
It can be quite risky to sell your goods or services, especially if they are highly valuable because generally, you are dealing with people you don't know and trust.
Escrow services ensure the identity of the Buyer and proof of funding during the sale. You will know when it is safe to deliver the goods after the escrow provider confirms the funds are in order. Sellers are also protected from unforeseen chargebacks and thereby ensure that they don't fall prey to a scam. It is required that you provide tracking information during this process. This information is used by the escrow company to ensure that the Buyer receives their item and cannot claim otherwise. The escrow company releases the funds to the seller once the Buyer has received and accepted the item.
A certified escrow service provider ensures that a seller will receive the money once the goods or services are delivered.
Also Check: Freelancing escrow accounts: Work with ease without worrying about your payments.
Digital Escrow Service In India.
Digital escrow services are offered by many companies in India. Among the most trusted is Vouch.
Vouch’s Digital Escrow service is a transparent way for buyers and sellers to build trust and secure a clean transfer of product and payment. Sellers can feel assured that they will be fairly compensated promptly, and buyers will feel confident that their order will be delivered as expected and on schedule. Vouch Digital Escrow keeps you updated and informed at every step of the transaction process till the end. Vouch’s professionals are always available to assist you with all queries that you may have during the entire transaction process.
There is no scope for deceit or fraud since the payments, shipping, delivery, and execution are carried out under the honest and watchful eyes of the Vouch’s professionals. With Vouch, any business transaction becomes transparent, uncomplicated, and hassle-free. If you ever come across a fraudster asking for OTP, asking you to scan a QR code, or asking you to click on phishing links, you can simply refuse and ask him/her to proceed with the transaction through Vouch.
Check back here to learn more about Escrow and how to protect yourself from fraud.
Safety is not just about protecting your credit, debit card number, and UPI accounts. It's about having control of your money till you've received the product or service you bought online!
Now that we have you up to date on online safety, let's get your transactions secure on Vouch. It's just a click away.