A secure way to buy and sell goods and services.
Temporarily hold the payment for goods and services in a third-party escrow account for smooth and secure trade between buyer and seller.
What is an Escrow account?
An escrow is a financial agreement between a buyer and a seller, when a third party – in this case Paysera LT – holds the funds of the transaction until all sides of the trade deal fulfill the agreement.
This gives a sense of security not only to the buyer but also to the seller, as the parties no longer need to decide on questions such as ‘what comes first – the payment or the purchase?’ When using the escrow account, the whole process of the trade is described in great detail, is transparent, and performed on the basis of the bilateral agreement and monitoring.
Benefits of the Paysera Escrow account
Guaranteed safety for both buyer and seller
When can you use an Escrow?
Using escrow services is especially useful when making big purchases that require sending goods, transferring rights, or exchanging valuables that require authenticity certificates, etc.
Most often people use escrow accounts to buy or sell goods and services such as:
- Real estate
- Land or water transport
- Domains or websites
- Refurbishment services
- Other purchases that often require contracts.
How does Escrow work?
Unsuccessful trade and refunds
If the trade is unsuccessful, the money is returned to the buyer. The trade is considered unsuccessful, if it does not stick to the agreement.
- Purchase was not delivered on time;
- Purchase was not delivered;
- Purchase did not match promised quality;
- The seller cannot provide the necessary documents, etc.
In this case, Paysera LT returns the money to the buyer. The refund is complete, once the defective goods are returned to the seller. The return of the purchase (if it was ever received) will also have to be proven with the necessary documentation.
Terms and conditions
The escrow service fee can be covered by any of the trading parties, or it can be split into agreed parts. Either way, the money to cover the fee will be deducted from the funds held in the escrow account, no additional payment will be needed.
The escrow service fee is determined individually for every trade deal and is made upon agreement from all three sides: the buyer, the seller, and Paysera LT – the escrow agent.