BUYERS AND SELLERS
What is Escrow?
An escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure escrow account which is only released when all of the terms of an agreement are met as overseen by the escrow company.
How does Escrow Work?
An Escrow reduces the risk of fraud by acting as a trusted third-party that collects, holds and only disburses funds when both Buyers and Sellers are satisfied.
- Buyer and Seller agree to terms – Either the Buyer or Seller begins a transaction. All parties agree to the terms of the transaction.
- Buyer pays here – The Buyer submits a payment by approved payment method to our secure Escrow Account, we verify the payment, the Seller is notified that funds have been secured.
- Seller ships merchandise to Buyer – Upon payment verification, the Seller is authorised to send the merchandise and submit tracking information. We verifies that the Buyer receives the merchandise.
- Buyer accepts merchandise – The Buyer has a set number of days to inspect the merchandise and the option to accept or reject it. The Buyer accepts the merchandise.
- We pays the Seller – We then releases the funds to the Seller.
Why Should We Pay Online?
With dozens of other payment options available such as checks, drafts, money orders, and electronic bank transfers, one may wonder why so many people use this new method of payment. Indeed, the older payment methods are tried, tested, and a lot more comfortable for some people. However, online payment offers exclusive advantages that other payment options don’t.
When paying online, you can easily use your credit card to process a transaction much faster than the check-and-stamp method. Automated payments also mean that there are no delays or late penalties. Contrary to popular belief, it is much safer to conduct your transaction online as everything is documented, and there are no sensitive details on paper. Online payment eliminates clutter by, in some cases, eliminating the need for paper bills that require filing. It makes organizing and keeping track of payments easier and more convenient. Finally, if using online payments, many banks will provide graphs and information that help you track your spending and keep your budget on task.
There are many types of transactions that can be made online, everything from paying your phone bill to purchasing small gifts for family members. For larger transactions, though, you may want to seek the services of an escrow company. By putting your money into an escrow account, you can protect yourself from fraud.
FAQs
What is an Inspection Period, when does it start, and how long does it last?
The Inspection Period is the specified amount of time agreed upon by both parties in which the Buyer may examine the merchandise/domain(s) after receipt. The time frame selected for the Buyer can range between 1 to 14 days and must be agreed upon by both parties at the beginning of the transaction. The Inspection Period begins when the Buyer marks the item as received or 1st Trust Auto Storage & Logistics confirms the merchandise has been delivered to the address in the Buyer’s escrow profile. The Buyer must accept or reject the goods within this period. If the Buyer has rejected and returned an item, the Seller will be provided with 5 days to examine the merchandise. Buyers and Sellers should make sure the inspection period provides adequate time for any authentication and/or appraisal process that may be necessary to complete the transaction.
What forms of payment do you accept?
We accepts American Express, MasterCard, Visa, PayPal, and in some cases United States drawn money orders, wire transfers, United States drawn personal or company checks, or United States drawn cashier’s checks. Remember that each form of payment takes a different length of time to process. Checks require 10 business days, while payments with a credit card are processed within one business day upon receipt of the Credit Card Authorization Form. PayPal payments are processed within one business day of the funds clearing.
Who pays for shipping?
During the agreement of terms, the Buyer and Seller agree who’s paying for shipping, but the Buyer will initially pay at the time of shipment. If the Buyer is responsible for the shipping charges, the shipping amount is specified during the agreement phase and added to the total purchase price.
What if there is a disagreement during the transaction? What is dispute resolution?
Once the Seller rejects the merchandise/domain on our Un’lShippingsLine Escrow service (considered the Dispute Date), the Buyer and Seller have fourteen calendar days (considered the Negotiation Period) to resolve their dispute. If the Buyer and Seller have not resolved the dispute within the fourteen day Negotiation Period, the Buyer and Seller are provided a second fourteen day period (considered the Arbitration Commencement Period). During the fourteen day Arbitration Commencement Period, the Buyer and Seller are required to start dispute resolution.If Un’lShippingsLine Escrow has not received proof of binding arbitration from the Buyer or Seller by the end of the Arbitration Commencement Period, Un’lShippingsLine Escrow is authorized to close the transaction and refund the Buyer.