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.
While the payment is 'In Escrow' the transaction can be safely carried out without risk of losing money or merchandise due to fraud. This eliminates all legal jargon and allows for secure transactions and confident buyers and sellers.
Escrow.com is the world`s most secure payment method from a counterparty risk perspective-safeguarding both buyer and seller, all funds transacted using escrow are kept in trust.
1. Buyer and Seller agree to terms
2. Buyer submits payment to Escrow
3. Seller delivers goods or service to buyer
4. Buyer approves goods or services
5. Escrow.com releases payment to seller
ONFARM has outsourced the payment system to Escrow.com to manage all transactions exceeding $5000. Escrow.com is the leading provider of secure online payments and online transaction management for consumers and businesses on the Internet, having safely processed overUS$2.9 billion in transactions.
Founded by Fidelity in 1999, Escrow.com reduces the risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to buyer and seller instructions. Escrow.com is a subsidiary of ten-time Webby Award winning Freelancer.com, the world’s largest freelancing and crowdsourcing marketplace by number of users and jobs posted. Freelancer Limited is listed on the Australian Securities Exchange under the ticker ASX:FLN.
Upon signup to ONFARM, our integration will create an account for you with Escrow.com. From there you will be prompted to verify your identity as a one time event before you can transact on amounts over $5,000.
Headquartered in California, Escrow.com is licensed, bonded and regularly audited.
Government agencies perform regular audits of independently licensed escrow companies. The audit examinations serve to protect public funds, determine safety and soundness of operations and determine compliance with escrow statutes and regulations.
