Escrow solutions (digital), since their entry into the payment space, has been a niche that seems a bit understood. Most times, clients get the fundamental concept behind it but do not know the term, others have heard about the term but can’t wrap their heads around what it entails. Some people clearly have no idea that Escrow doesn’t relate to real estate only and that there is hardly anything that can’t be escrowed, this blog post will disabuse some of the misconceptions around digital escrow payment options:
Myth 1 – Only a person can stand as an escrow
In truth, the earlier iteration of escrow meant that someone had to hold the deed of agreement and funds until the Buyer and Seller have completed the transaction but with the emergence of digital escrow solutions, escrow now simply means that there is a third party (which can be human or automated) that is willing to hold funds and release to the appropriate parties once the transaction has been satisfactorily completed.
Myth 2- Escrow is only for real estate
Well, this might be true in the context of the United States, where transacting parties are known to primarily use escrow solutions for property sales and lease but recently, it has been proven that escrow is important to all forms of transactions. As long as money would be exchanged for goods or services, then it is important to use escrow- from the online purchase of goods to the exchange of services, escrow solutions are seen to be unmatched in their ability to significantly reduce instances of fraud.
Myth 3- There is no need for Escrow when I trust the other party
This is a funny one because the essence of escrow is to give you assurance and guarantee over your online transactions. It is fine to trust the person you are transacting with, no doubt, but would it hurt to add an extra layer of transparency and payment protection? When it comes to money matters, especially when it is with someone you did not know beforehand, the trust might not be enough to bring the transaction to a reasonable conclusion. So, we are telling you that escrow is for all transaction forms, whether you trust the person or not, just escrow it.
Myth 4- Digital escrow products are not suitable for time-bound projects
Whether you want to receive your payments upon the delivery of the goods or services or you would prefer to pay in tranches for each completed part, Vesicash has got you covered. Our array of digital escrow products were designed with our end-users in mind and they are all a combination of speed, seamlessness, and transparency- you are given the freedom to select a timeframe for the delivery so that the system knows when you want the payment to be released, ensuring that the transaction funds are safe in escrow until the set conditions are met.
Escrow payment solutions are here to stay and totally eliminate all forms of fraud in online transactions. At Vesicash, we are working round the clock to ensure that all digital transactions are safe, secure, seamless, and transparent so that you won’t get to lose your money to scammers that are looking for ways to amass wealth. Are there other escrow myths that you want explanations on? Please, feel free to send an email to email@example.com or visit our website to have a clearer picture of our products and services.