People of all ages have discovered how convenient and fast it is to click to select goods, add them to a cart, and pay for them at checkout, all without leaving their favorite armchairs. Most of these consumers are also very concerned about security and legitimacy. The best way to ensure the purchaser gets her merchandise and the retailer gets paid is to make use of an escrow service.
Trust accounts are nothing new. Real estate companies have been required to hold earnest money in them for many years. If you have ever bought real estate you know that a down payment is necessary. The money you tender goes into a special account and is held there until the closing. At closing your down payment will be applied to your purchase price. Most people believe the seller automatically gets your money when you pay for something online. Very often it goes to an escrow agent instead.
When escrows are used, the third party verifies the buyer's funds are available, withdraws the amount of the purchase, and holds it. This company will let the seller know the transaction is ready to go forward, and the merchandise can be sent to the buyer. Once the buyer receives the merchandise she has a limited time to inspect and accept it. If everything is as it should be, the third party releases the funds to the seller.
Most of these companies offer additional services. If you are purchasing a high ticket item like a vehicle, in addition to holding the funds, they will assist with any liens, shipping documentation, and title issues. In the case of the sale of jewelry, which is a favorite of online scammers, using an escrow company keeps the money out of the hands of the seller until the buyer has received the item and had an opportunity to verify its authenticity.
Specialty items like guns can pose problems when you attempt to purchase them online. You need to know your money is in safe hands and that your purchase is being tracked. Even general merchandise, without great value attached to it, is important to the purchaser. When there are problems with transactions, customers are unhappy, and retailers lose business.
Buyers benefit when they use these services. Instead of a seller getting the money before the buyers get the merchandise, it is held by a third party. This company tracks the package until it reaches its destination. You can inspect the merchandise to verify it's what you bought, and then accept it. The seller won't be paid until all of this has happened.
There are benefits for the retailers also. When they release the merchandise, they know a buyer's funds have been verified and are being held. This way sellers can avoid charge backs. They know they will get paid as soon as a buyer accepts the merchandise. Using one of these services keeps transactions clean and encourages repeat business.
Buying merchandise online is a huge convenience. It's also a great way for sellers to move their product. With a third party holding the funds, everyone is assured of a successful transaction.
Trust accounts are nothing new. Real estate companies have been required to hold earnest money in them for many years. If you have ever bought real estate you know that a down payment is necessary. The money you tender goes into a special account and is held there until the closing. At closing your down payment will be applied to your purchase price. Most people believe the seller automatically gets your money when you pay for something online. Very often it goes to an escrow agent instead.
When escrows are used, the third party verifies the buyer's funds are available, withdraws the amount of the purchase, and holds it. This company will let the seller know the transaction is ready to go forward, and the merchandise can be sent to the buyer. Once the buyer receives the merchandise she has a limited time to inspect and accept it. If everything is as it should be, the third party releases the funds to the seller.
Most of these companies offer additional services. If you are purchasing a high ticket item like a vehicle, in addition to holding the funds, they will assist with any liens, shipping documentation, and title issues. In the case of the sale of jewelry, which is a favorite of online scammers, using an escrow company keeps the money out of the hands of the seller until the buyer has received the item and had an opportunity to verify its authenticity.
Specialty items like guns can pose problems when you attempt to purchase them online. You need to know your money is in safe hands and that your purchase is being tracked. Even general merchandise, without great value attached to it, is important to the purchaser. When there are problems with transactions, customers are unhappy, and retailers lose business.
Buyers benefit when they use these services. Instead of a seller getting the money before the buyers get the merchandise, it is held by a third party. This company tracks the package until it reaches its destination. You can inspect the merchandise to verify it's what you bought, and then accept it. The seller won't be paid until all of this has happened.
There are benefits for the retailers also. When they release the merchandise, they know a buyer's funds have been verified and are being held. This way sellers can avoid charge backs. They know they will get paid as soon as a buyer accepts the merchandise. Using one of these services keeps transactions clean and encourages repeat business.
Buying merchandise online is a huge convenience. It's also a great way for sellers to move their product. With a third party holding the funds, everyone is assured of a successful transaction.
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