Escrow.WebMoney — guarantee performance of the terms of the deals
Escrow service1 acts as a secure third party to protect the Buyer and the Seller by means of deposits.
- The Buyer or the Seller creates an offer for the user from his WebMoney contact list;
- The offer terms2 are stored at the service, the proposal to make an Escrow-deal is sent to the second party;
After the second party gets the proposal, it can:
- agree to the offer terms;
- reject it;
- change the offer terms.
- If the offer terms are accepted, the parties should make the guarantee deposits;
- After the deposits are made, the transaction is created.
During the transaction, both parties should either confirm the successful transaction or report validation of its terms:
- If both parties confirm the successful transaction — the deposits are returned to the parties3;
- If both parties cancel the transactions – the deposits are also returned to the parties;
- If one of the parties reports the successful transaction, and the other reports violation of the transaction terms — the transaction is considered to be “disputable”.
Settlement of disputes
- Guarantee deposits can not be returned to the parties until they reach mutual agreement4;
- If they failed to reach mutual agreement within 10 days, each party can make a complaint5 at Arbitration
- Upon review of the claim by Arbitration, deposits of both parties will be transferred to the winning party (excluding Arbitration commission fee).
Do you want to implement Escrow service in your website?
1 ESCROW — refers to money held by a third-party on behalf of transacting parties, in order to return funds after certain conditions are met. Escrow’s goal is — to receive and store information on the transactions made on third-party websites.
2 Description of the transaction and its amount, deposits amounts, duration of the transaction and the time required to accept or reject the offer.
3 Except the transactions where the buyer’s deposit should be used for payment.
4 The parties should either mutually confirm or cancel the transaction.
5 You can make a complaint on the Escrow service website.