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

How does a cross-border escrow service handle transactions involving different types of warranties and guarantees?

A cross-border escrow service, such as Castler’s digital escrow system, handles transactions involving different types of warranties and guarantees by providing a secure and neutral platform for buyers and sellers to conduct their transactions. The system acts as a trusted third party that holds the funds until both parties have fulfilled their obligations as agreed upon in the transaction.

In terms of warranties and guarantees, the system can facilitate the transfer of funds based on specific conditions being met. For example, if a buyer is purchasing a product with a warranty, the funds can be held in escrow until the product is received and the warranty is verified. Similarly, if a seller is offering a guarantee, the funds can be released once the guarantee has been fulfilled.

The digital escrow system can also provide dispute resolution services in case of any issues arising from the transaction. This ensures that both parties are protected and can have peace of mind when conducting cross-border transactions involving different types of warranties and guarantees.