We’re no strangers to connecting service providers to shipping customers looking to save money on shipping their high-ticket items. In talking to customers about safely making big purchases like this, many told us about using Escrow accounts. It’s with these customers in mind that we’ve partnered with PaySAFEescrow so that our shipping customers can safely buy more toys.
People most commonly hear about Escrow accounts when buying a home – something that typically comes along once in a lifetime – so we asked PaySAFEescrow to explain how their software applies to items other than houses. According to PaySAFEescrow, their accounts simply link a bank account overseen by a neutral third party.
For example, say you were looking to purchase a classic car or a boat for your family vacations. Once you’ve located the pre-owned vehicle you want, you now are stuck dealing with a relative stranger for a purchase north of $10,000. How do you hold the seller accountable and ensure that you don’t fall victim to an online scam? Often online Escrow accounts help to fill that gray area between a buyer and seller who are unknown to each other.
As a neutral third party, Escrow works to keep honest people honest and ensure that both parties can complete the transaction with much greater confidence than a money order or personal check. The buyer can transfer the funds for the purchase knowing that it will be held in trust until they give the green light. The seller knows that the funds are available as soon as they provide the vehicle or goods to the buyer. The Escrow also has the ability to release partial funds to help with things like transportation or repair costs prior to the buyer receiving their purchase.
All in all, Escrow accounts are useful beyond solely real estate transactions. Anytime there are buyers and sellers looking for an extra layer of security in their deals, online Escrow accounts are a great place to start.