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How Does Escrow Work?

How Does Escrow Work?

Escrow transactions are known to be one of the most reliable ways to ensure security and timeliness in all transactions. is one platform that specializes in encrypted cryptocurrency escrow services. These services are available for buyers and sellers of cryptocurrency and for clients and merchants that are transacting with goods and services.

When it comes time to use these services, you might be wondering what to expect. Here is a brief overview of the process.

Buyer and Seller Meet

Sellers list their products on Cryptoexchange, complete with details of the offering and price. Once the platform administrators approve the posting, it will be available on the marketplace for buyers to view. Users can then view the products available in the store until they find an item they would like to purchase.

Alternatively, if users find an item or service they would like to purchase from another site, they can skip the browsing process and instead contact the seller directly. Once a Buyer and Seller interact, the Buyer and Seller must agree to a certain set of agreement terms, including:

  • The description of the merchandise (what classifies as an acceptable offering)
  • Sale price and currency used for purchase
  • How many days the Buyer gets to inspect the product when it is received and determine if they will accept it
  • Shipping details, including the day it will be shipped out, the shipping provider, and the expected date of arrival

Both options will then require one of the two parties to create an account on by providing their username and password.

Buyer Hands Funds over to

The Buyer then submits a payment by providing their wallet address for one of the available cryptocurrencies, including bitcoin, Ethereum, XRP, and Litecoin. Users who don’t have a balance of cryptocurrency yet can navigate to the exchange tab and purchase coins on the same platform. Users can make purchases with a debit or credit card, and the associated balance will be displayed in the user’s wallet shortly afterward. Cryptoexchange’s escrow account then moves the funds from the user’s wallet to the escrow account. The seller then receives a notification that the Buyer placed funds in escrow.

The escrow account is a secure, non-interest-bearing trust that is known as the safe location for the Buyer’s funds. To avoid chargebacks and other fraudulent activities, this account is essential. One example of this is the good or service not being provided as described in the listing.

Seller Ships Product or Provides Service

Once the payment verification is received, the Cryptoexchange dashboard will update with the impending notification. The seller must then ship the product to the Buyer as specified. Once a user ships the product, the seller submits the shipment details to Cryptoexchange will then update this step on the Buyer’s dashboard and check off this milestone in the escrow process.

Buyer Inspects Product

When the product arrives, the Buyer verifies they have received the item in alignment with the shipping information. If the product does not arrive, one of the two parties may contact the shipping service since the details are available on the user’s dashboard. The Buyer then takes the agreed-upon number of days to verify that the product meets the description’s specifications. Buyers can then decide if they want to accept or reject the product, submitting their decision to Cryptoexchange. Releases Funds to the Seller

If the Buyer rejects the item, they can follow the Cryptoexchange dashboard steps to return the product. In most cases, the Buyer will accept the product, and will release the funds from escrow into the seller’s wallet. The transaction is then marked as completed on the dashboards of both the Buyer and Seller.

If a dispute arises, a licensed escrow professional will contact the Buyer and Seller to provide personal assistance. These professionals are also available for support during the week through live phone support or via email.

As a leading escrow services provider online, provides many advantages for purchasing luxury items. Cryptoexchange ensures all buyers and sellers are protected equally, and escrow officers use personalized concern when dealing with disputes. The platform’s reliable brand helps to shield transactions from fraud so users can feel confident using their services.

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by Marissa Collins //

Opinions expressed by contributors are their own.