Castler closes Pre-Series A funding of $6 Million led by Flipkart, Capital 2B, IIFL Fintech Fund, Venture Catalysts & Zerodha

How can cross-border escrow services benefit import-export businesses?

Cross-border escrow services can benefit import-export businesses in several ways. Firstly, it provides a secure and reliable payment method for both parties involved in the transaction. The buyer can be assured that their payment is held in a secure account until the goods are received and verified, while the seller can be confident that they will receive payment once the goods have been delivered. This reduces the risk of fraud and non-payment, which is particularly important when dealing with unfamiliar parties in different countries.

Secondly, using an escrow service can help to streamline the transaction process, reducing the time and costs associated with traditional payment methods such as wire transfers or letters of credit. This can be particularly
beneficial for small businesses that may not have the resources to navigate complex international payment systems.

Finally, using a Digital Identifier system like Castler can provide additional benefits such as real-time tracking of the transaction and automated dispute resolution. This can help to further reduce the risk of fraud and ensure a smooth and efficient transaction process for both parties.