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WHAT IS ESCROW?

Escrow Service

 

An escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure escrow account which is only released when all of the terms of an agreement are met as overseen by the escrow company.

Escrows are very useful in the case of a transaction where a large amount money is involved and a certain number of obligations need to be fulfilled before a payment is released like in the case of a vehicle where the buyer wants to test and inspect vehicle without paying the seller anything upfront and the seller does not want to release documents/ship vehicle without being sure of that the buyer is legitimate. While traditional escrow service is quite difficult and must be obtained through banks and lawyers, our company provides online escrow services at affordable rates. While the payment is ‘In Escrow’ the transaction can be safely carried out without risk of losing money or merchandise due to fraud. This eliminates all legal jargon and allows for secure transactions and confident buyers and sellers.

Usually we take part in the selling process by offering our complete escrow and shipping services. We are not just a regular escrow service, we have the infrastructure to conduct authorized pre-buy inspection on all type of vehicles.

Situations that we currently handle:
The seller and the buyer have already agreed and discussed regarding the transaction and they want to use our services; the funds are transferred to the escrow account but the seller will be paid at the end of the transaction;

Why use our Escrow Service?
Our Escrow Service reduces the potential risk of fraud by acting as a trusted third party that collects, holds and disburses the funds.

We offer a complete experience for every Buyer and Seller out there. Besides standard escrow procedure, we offer customized services for vehicles.
We offer the most competitive package on the market when it comes to buying a vehicle on the Internet, providing increased protection with services like:

  • we inspect the vehicle before starting the procedures; we send the buyer our inspection report
  • we request the seller and the buyer to sign a contract for services before we start the transaction
  • we provide the buyer with a payment invoice; delivery, vehicle and bank details are part of the invoice
  • the funds are secured in an Escrow Account (as a deposit) right after they are credited by our bank
  • the payment is just a deposit; any movement/transfer of money from the account will be made only with the Buyer’s written acceptance
  • we have our own delivery service to avoid delays and shipping problems
  • we provide help with customs (export/import) and registration documents; we make sure that we deliver all the vehicles ready for registration

When to use another payment service:
If you know and trust the other party involved in the transaction.

When to use our services:
Escrow Service is well-suited for items purchased on auction sites, automobiles, motorcycles, domain names, jewelry, specialized computer equipment, and other high-ticket items.

 

                 Buyer: Receive and inspect the vehicle before the Seller is paid.

                 Seller: Receive the payment if the Buyer accepts the vehicle.

                 Escrow Licenses: We are fully licensed and accredited as an escrow company in the European Union and United Kingdom.

Government agencies perform regular audits of independently licensed escrow companies. The audit examinations serve to protect public funds, determine safety and soundness of operations and determine compliance with escrow statutes and regulations.
We are also licensed to provide services in other countries, outside the EU, in accordance with our business practices (ex. Australia, Japan, Canada, UAE, South Africa)