Lots of explanations have been given about the escrow process and how important it is but some people are still not quite sure as to whether or not escrow is what they need for their transactions.
We all need escrow services at one point or the other in our transactions because everyone desires to transact confidently. Let us have a look at some of the scenarios where escrow is greatly needed.
When buying online
A major means of getting people swindled of their hard-earned money is through the online purchase of goods and services. A quick look at social media platforms reveals that most people pay so much for next to nothing in terms of quality and then come back to bemoan their loss.
For the purchase of items or for payment of services advertised by self-acclaimed ‘social commerce experts’, it is of utmost importance to use Escrow. Using an escrow account for payment online does not only give you the rest of mind that your money is safe, but it will also nudge the seller to deliver the best quality since payment, in this case, would be dependent on the satisfaction of the buyer.
When you are a social media merchant or own a marketplace/e-commerce platform.
Online Buyers aren’t the only one getting scammed of their money, Sellers are on the receiving end also. Imagine getting an order for goods, using your money to ship the goods down and the Buyer claiming to have had a change of mind at the last minute- that’s a loss, right?
Another scenario is this- you are a freelancer who got contacted to deliver a particular service over a period of time. Imagine using your time and exhausting your creative juices to get the work delivered only to never hear from the client again.
The above-painted scenarios are being experienced by merchants and online service providers almost every time and this is why you need to use escrow.
For social media merchants, Trizact pay link gives you the needed motivation to deliver the ordered goods because the Seller would have paid into a trust account via the unique pay link.
For owners of ecommerce sites or marketplace platforms, Vesicash offers API integration into your platforms so that payment for goods or services on your site is made securely into an escrow account.
During urgent trade deals or Automobile sales
There are times when we find ourselves finalizing trade deals that we don’t want to lose out on because they appear juicy. It isn’t wrong to trust one’s instincts but with reports about fake credit alerts, it is important to use a guaranteed payment method like escrow.
Time won’t be a hindrance because Vesicash’s Instant Escrow allows you to initiate and execute the escrow transaction within 2-5 minutes and you can be sure that you are paying into the right account and also getting the best value for your money.
When you are investing in real estate
Another important scenario where escrow is needed is when you are purchasing a property. I’m sure that you will agree that it is risky to pay upfront for a property that you haven’t checked out.
However, homeowners would not want to ‘keep’ a property off the market if there is no guarantee or assurance from the buyer’s end- this is where escrow comes into play.
Putting up part of the payment in an escrow account shows the buyers that you are committed to buying the property, it also gives you, as the Buyer, the peace of mind that your money isn’t going anywhere until the deal is finalized. Either way, you both win.
Instances, where escrow is necessary, are not far-fetched as it is the trust component for your transactions. Whether you are buying or selling, escrow gives you the needed assurance that your money and values are safe. It would be then safe to say that escrow clears all doubts in transactions.