FAQ
A summary of the process utilizing a crypto escrow service would include the following steps:
The Buyer
Once the Buyer has successfully created and logged into their account, they can proceed to initiate a new escrow transaction by selecting the "New Escrow" option located under the Escrow menu button. The Buyer will be prompted to select the desired "Escrow Type" and the transaction amount, and subsequently click the "Next" button. On the ensuing window, the Buyer is required to provide the "Seller Email," Escrow service "Title," and specify who will bear the Escrow service charges from the "Charge will Pay" tab. The Buyer must then furnish the pertinent details of the Escrow service and click the "Next" button. The Escrow will be created and can be viewed under the "My Escrow" tab, and the Seller will also be duly notified. Both parties can finalize the terms of their deal, and the Buyer can then proceed to fund the Escrow amount. In the event that the Buyer wishes to pay the Seller in different stages, they can choose to create "milestones."
The Seller
Once the Seller has successfully created and logged into their account, they can proceed to initiate a new escrow transaction by selecting the "New Escrow" option located under the Escrow menu button. The Seller will be prompted to select the desired "Escrow Type" and the transaction amount and subsequently click the "Next" button. On the ensuing window, the Seller is required to provide the "Buyer Email," Escrow service "Title," and specify who will bear the Escrow service charges from the "Charge will Pay" tab. The Seller must then furnish the pertinent details of the Escrow service and click the "Next" button. The Escrow will be created and can be viewed under the "My Escrow" tab, and the Buyer will also be duly notified. Both parties can finalize the terms of their deal.
The trade is initiated by the Buyer sending their cryptocurrency to the escrow account they have created. The funds are placed in a no-interest escrow account. The amount is protected from any volatility during its time in the escrow account until both sides of the transaction agree that the deal is complete.
The Seller, having been notified of the funds’ presence in the escrow account, ships the product or provides the services. The cryptocurrency escrow service receives tracking information from the Seller or service details. Once it arrives, the Buyer notifies the Seller that they have received delivery of the product or services.
The Buyer must either accept or refuse the shipment or services, upon inspection, within a preset number of days. The Buyer can choose to only accept the offering if it meets the specifications provided initially.
Once the Buyer chooses to accept the shipment or services, the cryptocurrency escrow service provider will release the funds in the escrow account to the Seller. The transaction is complete.
What is Escrow?
An escrow is a contractual arrangement between two parties whereby a 3rd party provides a holding account, which can only be released, completing the transaction, when all conditions and terms are met and agreed upon by both parties. Upon fulfillment of all contractual requirements, the funds are released.
The Advantages of Using a Cryptocurrency Escrow Account
The primary benefit of using a crypto escrow service is security, for both sides of a transaction. The buyer and seller are each protected:
The buyer’s money is protected from scammers, and fraudulent offers.
The seller is protected from losing their product or merchandise from fraudulent buyers.
The 3rd party, and their platform on which the deal is conducted, ensures that there is complete visibility during the process. Both sides receive updates as to the status and the progress of the transaction. Both sides can monitor what is required of them, and the steps the other side is taking.
Finally, the use of a cryptocurrency escrow service gives you personalized service throughout the process. You get the benefit of qualified professionals that can help both parties along the various steps, making sure the funds are safely and securely transferred with a minimum of complication. Email and phone support are also available when any questions or issues arise.
What is Crypto Escrow?
Crypto escrow is a service specifically designed to exchange services or goods against cryptocurrency. The best crypto escrows are true peer-to-peer, blockchain-based services that produce a unique smart contract with no pooled funds, such as those found in fiat or other simple Crypto based escrow providers.
What are the advantages of using Bitcoin-Escrow.io?
The number one reason is security. The world of cryptocurrency is universally acknowledged as risky. We remove the risk through our processes, protecting all parties during the transaction process.
The other advantage of our system is the ease of use. Our simple-to-use interface handles all steps; the funds will be immediately released when everything is completed.
Are there commercial accounts?
Yes, and setting up your commercial Bitcoin Escrow account is simple. Once you hit the “Sign Up” button, you will be taken to the Sign Up page; from there, choose to Sign up for an Account, follow all the requested steps to create your account, and get going with your cryptocurrency activities using our crypto escrow services.
How secure are my funds in your escrow account?
Your funds’ security is our prime directive. For every Bitcoin-Escrow.io transaction, a unique, irrefutable public blockchain smart contract is created, offering maximum protection and security for your funds, through the entire transaction process. The agreement holds your funds until the time of distribution.
What is a Wallet Address?
A wallet address is the unique identifier of your digital wallet, and it is composed of around 25 - 30 alphanumeric characters. It is used to make transactions in such a wallet. Your wallet address is only to be shared with other people for them to make a transfer to your wallet.
How do I send the funds to my Bitcoin-Escrow.io account?
Funds can be sent to your smart contract by logging into your account; from there, you select the Escrow transaction you want to fund. Upon selecting that transaction, you hit “PAY” and enter the amount you wish to send to that smart contract. Please note you can send funds from any hardware, personal, or exchange wallets.
How long is the Bitcoin Escrow process from start to finish?
Our platform is designed to be easy to navigate. It’s also simple to begin the process. A transaction can be initiated in a few minutes. The duration of the entire transaction, however, can vary - it depends on how long it takes for all the terms, as agreed upon and stipulated, to be satisfied. When all the terms are met, the buyer releases the funds to the seller, and the transaction is complete.