Escrow vs. Other Payment Methods
Today, most people who trade online frequently question which payment terms are the best choice. Compared with Western Union, T/T and Letter of Credit, a third-party escrow service is considered to be the safer and more convenient option. Currently, there are lots of escrow service providers, such as market leaders PayPal, Escrow.com and AliPay. However, although escrow is the safest form of transaction when trading online, it is also important to remember the following advice:
1. Only Use a Reputable&Genuine Escrow Service
In order to make scams seem like genuine transactions, criminals often build fake escrow websites that look genuine and have convincing names such as Simple-Escrow.net and WhyEscrow.com. To an untrained eye or on casual inspection, it can be very difficult or nearly impossible to tell the difference between a real escrow site and a fake escrow site. Therefore, it is highly recommended that you insist on using a well-know escrow service like PayPal, Escrow.com or AliPay. These well-known sites are regularly used by millions of people worldwide every day.
Click here to learn how to spot a fraud escrow website.
2. Keep Your Account Secure
Scammers will find it much easier to steal your account details if you use a simple password or do not install anti-virus software or a firewall. After stealing your account, the scammer will make a deal with you and then use your account password to release money into their account. It is highly recommended that you set a secure password that is difficult to guess. You should also install good anti-virus software and a firewall to stop spyware, Trojans and other malware from stealing your private details.
Click here to learn how to protect your account.
3. Always Follow the Instructions on the Escrow Website
Buyers should never agree to release money to suppliers unless you have received delivery of you order and are completely satisfied that the product is in good condition. Suppliers should never ship goods unless they are notified by the escrow companies that the buyer's money has been received.