Saturday, May 23, 2009

Escrow : Boost Buyer's Confidence In Online Shopping

At first, I thought Escrow was a website but it seemed that Escrow comes with different background. I searched it on Google and it got something to do with real estate as well. I'm sure that's not what I'm searching for. In my definition that consist with this blog, Escrow is a program or secure program that allows the money to be hold before it been released to the seller. Have you ever come across problems and Escrow system solved it? I have and they really did help.

A few days ago I bought an item from a website that offers Escrow. The item arrived after a week of purchase and a little bit defected but not a major one. Therefore, rather than sending the item back to the manufacturer which increase the cost I decided to claim a partial refund. Therefore, I made a dispute claiming the item and later let the Escrow agent decides on the claim based on what I claimed. Since I claimed only $10, I got it in my Paypal one day after the agreement with the buyer has been settled. It was a smooth claim and make things much easier for both of us.

Without any proof, I might be just fooling around. So, here's the proof where Escrow send a partial refund back to me, just like what I requested. It shows that Escrow is a good and secure online transaction agent and they did a good job helping me out. Since Escrow agent holds the payment, the seller cannot do anything but agree with the terms unless if they have a strong reason to reject the claim.
Today I check some of Moneybooker's features and I just found out that Moneybookers can also initiate Escrow for online transaction. Cool! Oh ya, about the claim of the debit card that I mentioned on previous post a few weeks ago, the bank put it as - pay for casino poker because most online transaction that the bank knew based on past experience is more on gambling online. Therefore, the bank thought that all transaction only be consider as gambling online. So, its just a label. Till then!

P/s : This blog has been indexed by Google! For Malaysia Internet Marketer, I got on third page, better than nothing.

1 comment:

  1. So if I have an Escrow account and want to make it just like paypal(to receive payment)..

    how the money can be withdraw to my Malaysian account?it can be transferred to my debit card?