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.
Escrows are very useful in the case of a transaction where a large amount money is involved and a certain number of obligations need to be fulfilled before a payment is released like in the case of a website being built where the buyer might want confirmation of the quality of work being done before making a full payment, and the seller doesn’t want to extend a massive amount of work without any assurance that he or she will receive payment. While traditional escrow service is quite difficult and must be obtained through banks and lawyers, Escrow.com provides online escrow services at affordable rates. While the payment is 'In Escrow' the transaction can be safely carried out without risk of losing money or merchandise due to fraud.
A platform which works as a neutral third party that provides financial protection like a bitcoin transaction for both Buyers and Sellers. For every escrow transaction on our platform, we collect, hold and disburse funds according to sales terms.
Transactions are created only on our platform along with certain terms which must be agreed to by both parties.
With the EscrowBtc escrow platform, your money is 100% safe and protected from fraud. Our escrow platform makes sure you get what you pay for and you get paid for what you deliver. As long as you deliver on the terms of the sale or task for the funds.
In the case of a seller, card transactions and banking payments can be reversed or disputed leaving you out of pocket. In the case of a bitcoin transaction, it is very difficult to get your money back once you’ve sent the money as it can’t be reversed.
EscrowBtc charges a fee of 1% for every transaction. This fee covers both the escrow fees and the transaction fees for releasing the payment to the seller.
The EscrowBtc transaction fee may be paid by the Seller, Buyer, or by both in a 50/50 split. The Buyer creating the transaction should indicate who should pay the fees.
1. Deposits are processed instantly. After 3 confirmations on the Bitcoin Network, your funds will be available on your wallet for spending
2. Withdrawals are processed instantly, there are NO Limits
To start using EscrowBtc is easy. Click on the 'REGISTER' button at the top and register with us using your email account and agree to our terms and conditions.
We don't ask for any Personal Documents. But incase of any disputes, we may require to verify the identity of both parties.
To start a transaction, you are only required to log in to EscrowBtc. Afterwards, click on ‘CREATE ESCROW’ from the menu bar. The buyer can initiate a transaction. To do this, the initiating party will need the other party’s username. The other party receives an invitation via mail, which they accept if the order details are captured correctly. The buyer will then be able to make payment into EscrowBtc
After successfully initiating a transaction, the second party will receive a notification email inviting them to accept the transaction. They will then proceed to ‘SIGN IN’ into the system and accept the transaction you created if they do agree with the transaction's terms and conditions.
In the event of a disagreement, both parties are given a period of 24 hours to try and work out the dispute in an open discussion. Failure to agree, escalate the dispute by contacting us. The seller will be asked to provide proof of dispatch and any other relevant information within 3 calendar days. EscrowBtc will then consider details and later give a directive of the case within 10 days, depending on the complexity of the case. Once the issue is resolved, you can contact us to close the dispute and disburse payments to the seller.
When a dispute is brought for review to our skilled dispute team, we contact the buyer for detailed information on why they raised the dispute. For “item not received” disputes, we ask for evidence from the seller and a proof that the item or service was provided. For “item significantly not as described” disputes, we look into the points of concern and find alternative arrangements such as partial refunds. If suggested solutions are not viable, the buyer will be asked to return the item to the seller at their own expense. The buyer will be refunded as soon as the seller confirms the receipt of the returned merchandise.
Yes, EscrowBtc protects the buyer from fraudulent sellers who fail to deliver goods and services as the seller will only receive payment upon the buyer’s confirmation that goods received meet the specifications stated.
Refunds are processed instantly on our end once we have received your request and evaluated the case carefully.