Are you considering a big purchase or looking to sell something valuable, but worried about the trustworthiness of the other party? Using an online escrow provider like Castler can help minimize risk in your transactions. From real estate deals to online purchases, it’s important to understand what escrow is and how it can protect your financial interests.
What is Escrow?
The term “”escrow”” comes from an old French word meaning a scrap of paper or scroll of parchment. In modern financial terms, escrow refers to a financial arrangement where a third-party temporarily holds funds, paperwork, or other assets on behalf of two parties until the agreed deal is completed.
Why Involve a Third-Party?
In traditional business transactions, parties involved often struggle to transact safely and securely. If one of the parties defaults or refuses to abide by the agreed contract, the litigation process can be long and difficult. By involving a third-party escrow provider like Castler, the transfer of funds is safe, secure, and seamless, and funds are only initiated after the buyer confirms receipt of verified goods.
How Does it Work?
While the traditional escrow process is complex and must be obtained through banks and lawyers, Castler provides online escrow services at an affordable price. Here’s how it works:
Buyer and Seller agree to terms: Either the buyer or seller can initiate the escrow process. Both parties must agree to the transaction terms after registering with Castler.
Buyer pays the escrow provider: After agreeing to the terms, the buyer deposits the funds in a secure escrow account, and the seller is notified. The transaction status changes to “”In Escrow.””
Seller ships merchandise to buyers: Upon payment verification, the seller ships the merchandise and submits tracking information.
Buyer accepts merchandise: After receiving the merchandise, the buyer inspects it within a set number of days and either accepts or rejects it.
Escrow pays: If the buyer rejects the shipment, the money is transferred back to the buyer’s account. If the buyer accepts the merchandise, the escrow provider transfers the funds to the seller.
The transaction is transparent throughout the process, ensuring safety and security for both parties.
In today’s digital age, online escrow services like Castler provide a necessary layer of trust and protection for buyers and sellers in all types of transactions. By using an online escrow provider, both parties can be assured of a safe, secure, and seamless transaction.