Why Use Escrow?
Escrow adds trust to the transaction. Escrow reduces the potential risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to Buyer and Seller instructions. These services are provided by Integrity Components Corp.
When to use Escrow: Escrow is well-suited for specialized computer equipment and electronic components.
Protection for both Buyer and Seller:
• Buyers receive and inspect the merchandise before the Seller is paid.
• Sellers receive their money if the Buyer accepts the merchandise.
How does it work?
Buyer and Seller Agree to Terms
Both parties agree to terms of the transaction, which includes a description of the merchandise, sale price, number of days for the Buyer`s inspection, and any shipping information.
Buyer Pays Escrow
The Buyer submits a payment, selecting check, money order, wire transfer, or credit card online. Escrow verifies the payment. Processing time varies by payment method.
Seller Ships Merchandise
Upon payment verification, the Seller is authorized to ship merchandise and submit tracking information. Escrow verifies that the Buyer receives the shipment.
Buyer Accepts the Merchandise
The Buyer has a set number of days for an inspection and the option to accept or reject the merchandise.
Escrow Pays the Seller
Escrow pays the Seller by check or wire transfer. The transaction is complete.
How Buyers are protected:
• Escrow tracks the shipped merchandise and verifies it was delivered. The Seller isn`t paid until the Buyer accepts the merchandise, or the inspection period expires.
How Sellers are protected:
• Escrow confirms when the Buyer receives merchandise.
• The Seller is authorized to ship only after Escrow verifies good funds.
A Trusted Third Party You Can Rely On When Doing Business Online
Escrow is the missing link in certain e-commerce transactions. When Buyers and Sellers don`t know each other, they need a third-party they can trust to turn to. That`s where Escrow comes in. As the most trusted service, Escrow makes sure transactions are secure and worry-free. Escrow is also the single point of contact to track and manage all aspects of the transaction, even third-party suppliers.