Some eBayer users on eBay insist on a service called escrow to complete a transaction successfully. If you use eBay at all you should really be aware of what escrow is, and how to use it properly.
So, What is escrow?
Escrow is a service that adds security to auction deals that involve higher amounts of money. Escrow acts as a middle party, between both the buyer and seller.
Basically, as a buyer you will send payment to the escrow service instead of directly to the seller. When the service receives payment, they will email the seller and tell them they can saftely dispatch the item to the buyer.
When you as the buyer receives the goods, you are able to log into the escrow service and release the funds to the seller. Only you can release the funds to them, & only they are only able to release them back to you.
In most cases, you'll probably have some terms of the sale, that allow you to inspect the goods first before you release the funds.
Overall, it's a very safe method of dealing with high value items.
Like eBay, Escrow does however attracts fraud & scammers. Many scammers have been know to setup fake escrow websites & then insist on this service being used after the auction.
In these cases the seller, will insist you send payment though their own service claiming it is safe as they do not have access to the funds until you release them. Of course in reality once you send funds they are sent direct to the scammer & you have lost your money.
Alternatively, if you are selling the item(s) the buyer may insist on their own escrow service. They'll normally tell you that the funds have been sent via the escrow service and you'll even get an email from the website informing you payment has been made. You recieve such an email & feel you can now ship your goods securely.
Of course the website is fake as well, no funds have ever been deposited and once you send off your item your unlikely to see it again. The website will simply disappear.
eBay only recommends one secure escrow service. This is escrow.com & is one of a few verified escrow companies. To stay safe online if you need to use escrow, follow eBays advice. |
