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    1. Monica_GN is offline

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      #1

      Tips on When to Use an Escrow Service

      I heard that escrow services are considered the safest way to complete transactions online. What things should I look for when choosing an escrow service company?
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    2. TerpsRule is offline

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      #2
      There are a lot of online escrow services to choose from, but just like any other service, you need to be wary of who you choose to handle your money and the money of any potential clients. Before using an escrow service, please keep in mind the following tips.

      • Verify your prospective service with the Better Business Bureau at United States and Canada BBB Consumer and Business Reviews, Reports, Ratings, Complaints and Accredited Business Listings. If there is reliability report on your Escrow Company, then great. If not, do more research on their company? Legitimate escrow services are, more often than not, members of the BBB, and should have a "Satisfactory Record" on their BBB Reliability Report.

      • To ensure that an online escrow service is legitimate, you should find out if the escrow service is licensed and bonded. Contact any licensing authority listed on the site to verify the information given about a company. Licensing requires employee background checks, training, and bonding to ensure consumers that their money is safe and secure.

      • Look for the company’s physical address and phone number before using their services. If an escrow service uses a PO Box or does not list an address on their company website, then you should probably look elsewhere for other more reliable service.

      • If you’re thinking of using an online escrow service, then you must verify all claims of legitimacy. Bogus escrow services may forge graphics such as "VeriSign" and "Trust-e" so that it looks like a legitimate website. Click on the symbols to see if the link goes to the proper site. You should also confirm that the escrow service is listed as a member of that program.

      • Check when an escrow site's domain name was registered. Many scam escrow sites have been registered for a few days or weeks. To find out about such sites, you can use WHOIS.
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    3. Sams_Johnson is offline

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      #3
      Do a Google search of the escrow's service website. Legitimate escrows have lots of Google results. Fake ones are likely to have one or no search results. If your search turns up serious consumer complaints, avoid doing business with the company.

    4. TerpsRule is offline

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      #4
      You should also look for the secure connection. In other words, look for HTTPS:// at the beginning of the URL. When you log into a fake escrow site, it will usually not start with HTTPS:// and the "SSL secure padlock icon" will not show at the bottom of your browser. This means the site is not secure and you should avoid using the service.

    5. Sams_Johnson is offline

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      #5
      That's true. The escrow website should also have a customer service number that is in working order and that provides you with reliable and consistent service. If you cannot get a live person, then look elsewhere. If you get a fax or generic voice mail, it is probably a scam.

    6. Alpope88 is offline

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      #6
      Those are good tips. If an escrow site uses only Western Union and MoneyGram, DO NOT use them. A real escrow company has a merchant bank and would tell you to use your bank to wire money to their bank, with their routing number and account number.

    7. JamieBoswell9 is offline

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      #7
      You may want to search online auction sites for recommendations. For instance, eBay recommends using Escrow.com for transactions over $500.

    8. TerpsRule is offline

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      #8
      I would recommend Escrow.com. This company is licensed and regulated, and is the only escrow service that can be used for eBay transactions. When both parties (buyer and seller) are satisfied, Escrow.com promptly sends the payment to the seller.

    9. Rick555 is offline

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      #9
      How does the online escrow process work at Escrow.com?

    10. TerpsRule is offline

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      #10
      1. The seller and buyer must agree to use escrow before the escrow process begins. After registering at Escrow.com, both parties agree to terms of the transaction, which includes a description of the merchandise, who pays escrow fees, length of the inspection period, sale price, shipping information, and conditions for accepting the item.

      2. The seller does not receive payment directly from the buyer. Instead, the buyer sends payment to Escrow.com using a credit card, check, or money order to pay the agreed amount into escrow.

      3. Escrow.com verifies the payment and informs the seller that they have received the payment.

      4. After payment verification, the seller is authorized to ship the item(s) directly to the buyer via FedEx, UPS, or United States Postal Service Delivery and submit tracking information to the Escrow Company and buyer. Then, the buyer inspects the item and lets Escrow.com know whether the item is acceptable or not.

      5. If the item is accepted, Escrow.com pays the seller and the transaction is complete.

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