ESCROW
What is Escrow?
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.
Escrows are very useful in the case of a transaction where a large amount money is involved and a certain number of obligations need to be fulfilled before a payment is released like in the case of a website being built where the buyer might want confirmation of the quality of work being done before making a full payment, and the seller doesn’t want to extend a massive amount of work without any assurance that he or she will receive payment. While traditional escrow service is quite difficult and must be obtained through banks and lawyers, iBuy Automotives provides online escrow services at affordable rates. While the payment is ‘In Escrow’ the transaction can be safely carried out without risk of losing money or merchandise due to fraud. This eliminates all legal jargon and allows for secure transactions and confident buyers and sellers.
How does iBuy Automotives Escrow Work?
iBuy Automotives reduces the risk of fraud by acting as a trusted third-party that collects, holds and only disburses funds when both Buyers and Sellers are satisfied.
– Either the Buyer or Seller begins a transaction with iBuy Automotives.
– The Buyer submits a payment by an approved payment method to our secure account, iBuy Automotives verifies the payment, the Seller is notified that funds have been secured ‘In Escrow’.
– Upon payment verification, iBuy Automotives sends the merchandise and submits tracking information.
– 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.
– iBuy Automotives releases funds to the Seller from the Escrow Account.
Escrow Accounts
When you make a transaction using iBuy Automotives, your funds are held in secured, non interest bearing trust account until the transaction is completed. This ensures that your transaction is protected against chargebacks, fraud or wrongly described goods.
Personal service behind every transaction
Our licensed and regulated services are also backed by our experienced and knowledgeable escrow officers. Our friendly escrow professionals are available to assist you personally with any need that may arise. That being the reason, that our Bank accounts are handled by our Escrow officers.
At iBuy Automotives , we offer live phone support Monday through Friday, from 6:00 AM to 6:00 PM. In addition, we offer email support 24 hours a day, 7 days a week.