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Buyer Community> Trade Intelligence> Safety & Security> Escrow: The Secure Way to Pay Online

Escrow: The Secure Way to Pay Online

Published: 29 Jun 2009 23:45:34 PST

Are you using escrow for your transactions yet? Find out below why escrow is now recognized worldwide as the safest and most convenient way to secure your payments when buying or selling online:

Safe & Secure Transactions
Escrow companies act as a third-party referee, holding payment from buyers but not releasing the money to suppliers until the buyer confirms delivery. Escrow companies also notify suppliers when payment has been made so they know it's safe to ship the buyer's order.

It is important, however, to note that buyers should never agree to release money to suppliers unless you have received delivery of your order and are completely satisfied that the product is in good condition. Suppliers should also be cautious and never ship goods unless they are notified by the escrow companies that the buyer's money has been received. Please be assured that safety and security are priority for escrow companies and all precautions are made to protect your online transactions.

Fast & Convenient
Compared with Letter of Credit and other frequently used payment terms, escrow is fast and convenient. As a buyer, you can cut your sourcing time in half by ordering and paying for products from manufacturers and wholesalers online. For suppliers, there is no more need to check the piles of transaction documents required for a Letter of Credit. All transactions are made online with the simple click of a button.

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