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What is Escrow? How Does EscrowLion Works

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.

How Does EscrowLion Work?

 

 

STEP ONE:

Seller & Buyer Agreement.

 
All parties agree to the terms and conditions of the transaction. Both buyers and sellers sign up with EscrowLion.
 
 
After registering, you should be redirected to your dashboard.
 

 

STEP 2

Buyer Deposit  to Secured EscrowLion Wallet.

 
The Buyer deposit the exact amount for the cost of good and fee’s to EscrowLion Wallet using any of our accepted payment methods.
 
Click the Deposit >> Deposit Money >> Select Payment Gateway >> Enter Amount  >> Click Preview >> Pay Now. 

Once a deposit is completed, EscrowLion verifies the payment, the Seller is notified that funds have been secured on Escrow Wallet.
 
Note: We encourage both buyers and sellers to discuss who pays the escrow fee and agree before opening a escrow transaction.
 
 
 

STEP 3

Buyer Open Escrow  

Click the Manage Escrow >> Select “Create New Escrow” >> Enter Seller’s Username >> Click Next.
 
 
Enter Escrow Amount , Escrow Title and Escrow Description ( Include all details regarding your transaction on “Escrow Description”)
 
 
CLICK SUBMIT
 
Escrow Created Successfully. 
 

STEP 4

Seller Ships Merchandise To Buyer

Upon payment verification, Seller is authorised to send the merchandise. EscrowLion verifies that the Buyer receives the merchandise.
 

STEP 5

Buyer Accept or Reject Merchandise.

The Buyer has a set number of days to inspect the merchandise and the option to accept or reject it. The Buyer accepts the merchandise

STEP 6

Inspection Period

The Inspection Period is the specified amount of time agreed upon by both parties in which the Buyer may examine the merchandise/domain(s) after receipt. The time frame selected for the Buyer can range between 1 to 30 days or more and must be agreed upon by all parties at the beginning of the transaction.  The Buyer must accept or reject the goods within this period. If the Buyer has rejected and returned the merchandise, the Seller will be provided with a five day inspection period to examine the returned merchandise. 
 

STEP 7

Buyer Release Funds To Seller Escrow Wallet

Once the buyer is satisfied with the seller’s delivery, he can now release the payment to the seller. EscrowLion will review both parties transaction and approve before releasing the funds to the seller’s escrow wallet.  To release funds, click MANAGE ESCROW >> Click MY ESCROW LIST >> select transaction and click RELEASE PAYMENT

EscrowLion reviews the transaction before releasing the funds to the seller. 

STEP 8

Seller Withdraw

EscrowLion.com may release funds to the Seller after the Inspection Period has ended. The Inspection Period is agreed upon by both parties and commences once the Buyer confirms receipt or EscrowLion.com confirms delivery of merchandise or registrant information to the Buyer’s address on file. In the event the transaction closes without involvement from the Buyer, a 24 hour notice may be sent to the Buyer.

Funds are released to the Seller the same or next business day after successful completion of a transaction and upon verification by EscrowLion.com.

Seller can withdraw the funds via cryptocurrency OR ask EscrowLion to disburse via Wire/Bank Transfer ACH. Wire/Bank transfer fee varies by the currency and location of the Seller’s bank account. Electronic check (ACH) payments (0.8% fee) are also available for U.S customers only.

Withdrawal will be processed and paid. 

Escrow Completed!!!

 

Why Should We Pay Online?

With dozens of other payment options available such as checks, drafts, money orders, and electronic bank transfers, one may wonder why so many people use this new method of payment. Indeed, the older payment methods are tried, tested, and a lot more comfortable for some people. However, online payment offers exclusive advantages that other payment options don’t.

When paying online, you can easily use your credit card to process a transaction much faster than the check-and-stamp method. Automated payments also mean that there are no delays or late penalties. Contrary to popular belief, it is much safer to conduct your transaction online as everything is documented, and there are no sensitive details on paper. Online payment eliminates clutter by, in some cases, eliminating the need for paper bills that require filing. It makes organizing and keeping track of payments easier and more convenient. Finally, if using online payments, many banks will provide graphs and information that help you track your spending and keep your budget on task.

Payment Options

EscrowLion.com offers many types of payment options including wire transfers, bitcoin, checks and money orders, credit cards , direct deposit and PayPal. Payment types may have certain limitations, however. For example credit cards and PayPal are subject to additional fees and have a maximum of $5,000 while checks and money orders have a $2,000 maximum and are subject to a ten business day hold. Our Escrow system secures your money during this wait period.

Ready to get started?

Ready to secure your transactions online? Take the first step! Sign up today.