If you are buying (or selling) a high monetary value item then a safe way of managing the financial transaction is through using an escrow service. This is an option available to both the Buyer or Seller.
What is escrow?
Noun : Money, property, a deed, or a bond put into the custody of a third party for delivery to a grantee only after the fulfillment of the conditions specified.
Verb : Place in custody or trust in this way.
The word 'escrow' is derived from an old French word 'escroue'; the meaning of which is a scrap of paper or a roll of parchment; this indicated the deed that a third party held until a transaction was completed.
Basically a 'Third Party' ("Escrow service provider who is a licensed and regulated company") that sits between the Buyer and Seller looking after both parties interests; ensuring the goods are recieved and seller gets paid.
Use caution when considering an escrow service
There are unfortuantely some fraudulent escrow services, the
recommendation from ebay is to only use their approved escrow service
from Escrow.com. For the avoidance of doubt the escrow providers mentioned here are those specifically recommended by ebay. There are other approved and regulated escrow companies around the world which could be used to transact with, subject to the agreement of all interested parties.
For more information and advice from ebay on escrow services visit the ebay websites.
click here to visit ebay.com
click here to visit ebay.co.uk
ebay approved escrow service - Escrow.com
If you want to use escrow, then here's a simple quick overview of how it works:
- Both the Buyer and Seller agree to use/transact payment through ebay approved escrow service (Escrow.com)
- The Buyer sends the payment to Escrow.com rather than paying the Seller directly.
- Escrow.com tracks the delivery of the item.
- The Buyer confirms receipt of the item to Escrow.com and only then does Escrow.com release the payment to the Seller.
To review the detailed process of how to use the escrow service on ebay - click here.
Read more - Escrow.com
Fees for escrow services varies in keeping with the value of the financial transaction. Click here to learn more about Escrow.com service fees.
Click here for the FAQ section at Escrow.com.