Why Is No One Talking About Escrow?
Whenever we buy something from someone online or offline, there is always some risk involved. There is, however, a process that can help eliminate this risk; it’s called Escrow. Escrow is designed to ensure the buyer receives the exact product or service bought, every time, by only releasing the buyer’s money to the seller once delivery has happened and the buyer is happy. So, with the ability to offer total safety and security in online and offline sales, why is escrow not being talked about as the transaction platform that can help buyers avoid scams entirely?
General advice to avoid online scams is tedious and wastes a lot of time while still not providing fool-proof protection from being scammed. When seeking advice on how to avoid scams, consumers are met with a long list of tasks and actions they have to perform every time they buy something. Here are just a few:
- Research the business, website, or person before buying.
- Be cautious of very low prices or discounts that seem too good to be true.
- Check the age of a website and look for spelling mistakes, bad grammar, and broken links.
- Check the company for online reviews & complaints.
- Find the contact details and address to make sure they are legitimate
- Never pay using a direct payment method like cash deposit, EFT, e-wallet, or other payments that offer you no scam protection.
Escrow systems change this long checklist that needs ticking off before buying or selling to strangers to just one bullet point:
- Use secure escrow services to buy or sell products or services.
Not using an escrow service to eliminate scams on classifieds or marketplace platforms is a massive disservice to people and businesses worldwide.
For more information on how Escrow can help you or your business, visit truzo.com or drop us a mail at [email protected].