Find out all you need to know about Escrow account, the benefits and how it can protect you.

What is an Escrow Account?

An Escrow account is like a “prepaid account” which you can fund for a predetermined use. An online escrow service helps manage the completion of a purchase between two parties who don't know one another. Escrow serves to hold funds, as a kind of collateral for transaction between buyers and sellers thus helping to guarantee the safety of the products and items being traded.

MyBidMonster.com has integrated an escrow system where a buyer can fund their online account for a particular purchase before the seller can release the item, and use the funds to pay for the product they won or are buying.

 

How do i fund my escrow your account?

Members can fund their escrow account by using different payment gateways available and accessible to them from thier part or region of the world, including credit card ( from the payment gateway), local bank transfer and other payment gateways under a secured and safe trading enviroment. For payment options, please visit Payment Gateways for more information. Members would also be able to make deposits into MyBidmonsters Online Tradings bank account and have their accounts credited with the amount paid.

 

How does the Escrow account work?

 

For the Buyer:
The buyer on winning the auction is prompted to fund the escrow account equivalent to the cost of the product. The seller is notified that the buyer has funded the escrow account and ships the product. Buyer receives and inspects goods before releasing the money to the seller. Seller is paid at satisfaction by the buyer.

 

For the seller:
Seller verifies and confirms that the buyer has funded the escrow account for the product through email or sms notification. The seller then ships the product and awaits response from buyer who recieves the product, inspects and approve before releasing the funds in the escrow account.

These processes happen almost simultaneously. This helps to build confidence between the parties concerned.

 

Advantages of using an Escrow account

• Its reduces the potential risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to Buyer and Seller instructions.
• It offers protection to both buyers and sellers as buyers receive and inspect the product before the Seller is paid and are able to return the product if they are not satisfied with it. While sellers receive their money if the Buyer accepts the merchandise.
• It will help put sellers on their toes as they are encouraged to ensure that the product dispatched is to the described specification.
• Escrow account helps to prevent credit card fraud as escrow accounts are funded mainly from verified sources such as direct bank account transfers, PayPal, Moneybookers and AlertPay.
• Using Escrow on MyBidMonster.com is affordable.

 

My Bidmonster Escrow is affordable and secured payment service available on all transactions. Where you are not sure, have doubts and trust in the ability of supplier to deliver as promised or buyer to pay for the item ordered or won, please request that they use escrow. it will ensure that payment is released to the supplier only after you the buyer has confirmed satisfactory receipt of your order/item bought.

PLEASE NOTE THAT NEITHER THE BUYER OR THE SELLER CAN ACCESS FUNDS IN THE ESCROW ACCOUNT. ONCE ITS FUNDED IT CANNOT BE WITHDRAWN!

 

To use escrow on Mybidmonster, both buyers and sellers should fulfill these conditions:

1. There must be mutual agreement between both parties. both the buyer and seller must agree to use this mode of payment.
2. Both parties must agree on the duration of time for product inspection by the buyer.
3. The buyer must fund the account as agreed.
4. The product must be shipped using a trustworthy mailing system with tracking details made available.
5. Where possible, the seller should insure the product/item.
6. Funds will be released to the seller on acceptance of the item. Fund will also be released after the period of inspection as elapsed and the buyer has neither raised any objection to the state of the product.
7. Where the buyer is not satisfied with the product, he bares the cost of postage of product back to the seller or as agreed between the parties involved. The cost of processing the transaction will also be deducted.

For more information and enquiries please Contact us with your requests or read through the help menu.