A cross-border escrow service, such as Castler’s digital escrow system, handles transactions involving large sums of money by acting as a neutral third party that holds the funds until both parties involved in the transaction have fulfilled their obligations. This ensures that the buyer’s funds are secure and that the seller receives payment only when they have delivered the goods or services as agreed upon.
The process typically involves the buyer depositing the funds into the escrow account, which is then held until the seller has provided proof of delivery or completion of the agreed-upon services. Once the seller has fulfilled their obligations, the funds are released to them. If there are any disputes or issues, the escrow service can act as a mediator to resolve the matter fairly.
Using a cross-border escrow service provides added security and peace of mind for both parties involved in the transaction, especially when dealing with large sums of money. It helps to mitigate the risk of fraud, non-delivery, or non-payment, which can be particularly challenging when dealing with international transactions.