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?
Seller & Buyer Agreement.
Buyer Deposit to Secured EscrowLion Wallet.
Note: We encourage both buyers and sellers to discuss who pays the escrow fee and agree before opening a escrow transaction.
Buyer Open Escrow
Seller Ships Merchandise To Buyer
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
Buyer Release Funds To Seller Escrow Wallet
EscrowLion reviews the transaction before releasing the funds to the seller.
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.
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.
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.