Hi there, have you had to stand as a Broker in transactions that would require having a third party interference? Have you had issues with convincing the transacting parties that their funds will be safe with you? Do you know that you can use Escrow to help your clients handle high-value transactions? This blog post will explore what Broker Transactions are and how escrow can give the needed security to the Buyer and Seller and also make you, as the broker, a trusted entity.
What are broker transactions?
A Broker transaction is one that would require a neutral third-party (neither the Buyer or the Seller) to prepare the offer and terms on behalf of the transacting parties, leaving them to proceed with fulfilling their ends of the transaction. A Transaction Broker can represent either the Buyer or the Deller and in special cases, both of them. The essence of having a Transaction Broker is for a third party to bear witness and hold the deed of the transaction, like a trusted party to hold them both to their promises.
Who can serve as a transaction broker?
A transaction that requires a Broker can come in any form, it can be a Lawyer that would hold the “C of O” of a building in cases of conveyancing during real estate transactions and investment, it could also be real estate agents standing as trustees between the person that needs a building or landed properties and the person that owns such property. A drop-shipper could also act as a Broker as they would be the one to connect the Buyer and the Seller/provider of the needed goods or services. Auto salesmen serving as connectors between Buyer and Seller would also benefit from using Broker Escrow to secure their transactions.
How can Escrow help to add security and trust to broker and third-party transactions?
Transactions conducted by a fiduciary require a mutual trust, among all parties, which is what broker escrow provides.
Broker Escrow allows the Third-party to conveniently create an Escrow transaction on behalf of the buyer and seller. Once the Seller has fulfilled the delivery of the good(s)/ service(s) as expected, the Broker can then give the authorization to release the funds to the Seller. This person can easily monitor the progress of the transaction and also upload the terms of transactions, which means that all parties involved can have peace of mind and there will be no reason whatsoever to doubt one another.
The Broker/Third-party feature on Vesicash Escrow Platform will alienate all forms of fraud that have trailed third-party transactions especially in cases where the Buyer does not have a prior business relationship with the Seller. Both the Buyer and Seller can now be at rest, knowing that once they complete their ends of the deal, funds and goods will be exchanged without any hassle.
You can now trust third-parties and Transaction Brokers to manage transactions on your behalf with Vesicash escrow. We have added an extra layer of security to protect both the Buyer and Seller and the third-party will be able to successfully hold the funds in escrow till all ends of the deal have been tied. This new feature is smooth and seamless- there is the option of who will pay the Escrow charge so that there is no confusion.
To get started with Vesicash Broker/third-party escrow, click here, we would love to help you manage your clients’ money better and give them the gift of trust, control and assurance. For further questions or inquiries about this feature and our other offerings, kindly shoot a mail to email@example.com.