Making a secure business transaction is becoming increasingly difficult in this day and age due to an increase in hackers and fraudsters. We frequently hear about sellers not receiving the promised amount after selling a commodity and buyers being dissatisfied with the product that was promised to them. This not only results in a lengthy series of court proceedings but also makes one wary of repeating the transaction.
In such cases, Escrow steps in to meet the needs of both the buyer and seller by ensuring a secure transaction that adheres to the terms and conditions mutually agreed upon by both parties. Escrow is the use of a third-party account that holds the money deposited by the buyer until the transacting parties, as supervised by the escrow company, fulfill all of the terms of an agreement. This payment method promotes trust among the parties involved while also preventing fraud.
Digital escrow vs traditional escrow.
Escrow services were traditionally provided by banks and lawyers, but they are now available online at reasonable rates. Online payments and transactions can be completed safely with Digital Escrow, eliminating the risk of losing money or assets to fraud.
The Digital Escrow service, like traditional Escrow services, acts as a trustworthy third party that collects, holds, and releases funds only when both the buying and selling parties are satisfied. Following the steps outlined below, you can easily use Digital Escrow:
- The buyer or seller can initiate a transaction by registering at a Digital Escrow portal. The parties must then agree on the terms and conditions of the business transaction.
- The buyer then deposits the funds into the Escrow account via an authorized online payment method. This payment is verified by Digital Escrow, and the seller is notified.
- When notified, the seller ships the item to the buyer and submits the tracking information to Digital Escrow.
- Digital Escrow ensures and verifies the buyer's receipt of the merchandise using tracking information. After receiving the product, the buyer has a certain number of days to inspect it and either accept or reject it based on the quality promised to him.
- After the buyer accepts the merchandise, Digital Escrow pays the seller from the funds in the Escrow account.
Escrow services are proving to be extremely beneficial in both domestic and international markets. Digital Escrow uses a non-interest-bearing Escrow account for all transactions and keeps you updated and informed at all times. Their services are licensed and governed by government regulations. The Escrow professionals are ready and willing to help you with any questions you may have throughout the transaction process. There is no room for deception or concern because payments, shipping, delivery, and inspection are all handled by Escrow professionals who are honest and watchful. Thus, the use of Digital Escrow makes a business transaction not only secure but also simple and painless.
Benefits to buyers and sellers.
Finally, the escrow process can be perplexing for both buyers and sellers, especially if they are inexperienced. Buyers and sellers love the following advantages of an escrow machine:
1. Understand where they are in the escrow process.
Using a digital escrow process keeps buyers and sellers informed of their position in the escrow process. Buyers and sellers can easily follow up with other parties to track their progress and see the light at the end of the tunnel, rather than being lost and confused about the status of their escrow.
2. Clearly and concisely comprehend the escrow process
The days of being perplexed about what is going on in the escrow process are long gone. Buyers and sellers can get clear and concise information about the status of their escrow with digital escrow.
Digital escrow in e-commerce
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 orders 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.
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!
As you're now aware of the importance of online safety, let's get your transactions secure on Vouch. It's just a click away.