Payment Made Easy via Proville Escrow

An escrow is a financial arrangement where a third party holds and manages payment funds required for two parties engaged with a given transaction. It helps make transactions more secure by keeping the money in a safe escrow account which is only released when all the terms of the agreement are met.

Escrow generally refers to money held by a third-party on behalf of transacting parties. Escrow works by placing money in the control of an independent and licensed third party in order to protect both buyer and seller in a transaction. When both parties verify the transaction has been completed per terms set, the money is released. If at any point there is a dispute between the parties in the transaction, the process moves along to dispute resolution. The outcome of the dispute resolution process will decide what happens to money in escrow.

Escrows are extremely important in cases of an transactions where cash is involved and specific terms and conditions must be satisfied before payment is released like in the case of building a website where the buyer may need confirmation of the quality of work being done before making a full payment, and the service provider wouldn't like to put in a huge measure of work with no assurance that he or she will get paid.

With the challenges of  pay on delivery facing the e-commerce space, - "an online freelance marketplace where customer get simple business solutions at a click of a button" integrated an escrow system to protect both service receivers and service providers when transacting business while providing a secure environment on the platform.


Customer Power

Similar PoD, in escrow customers exercise unlimited power to an extent to decide whether or not to accept the service delivered to them but also bearing in mind that they might part away with some money if they decide to opt out from the transaction. On one hand they are aware that a third party is involved to ensure security of the process will make buyers more committed and service providers will also deliver end of the bargain.

How it works

Proville Escrow reduces the risk of fraud by acting as a trusted third-party that collects, holds and only disburses funds when both Service Receivers and Service Providers are satisfied. 

1) SRs and SPs agree to terms - After both SRs and SPs are signed up on the platform. SRs engage SPs and agree to terms of transaction. 

2) SR pays into Proville Escrow - The SR submits a payment by approved payment method to our secure Escrow Account, Proville Escrow verifies the payment, the SP is notified that funds have been secured 'In Escrow'. 

3) SP starts and delivers service to SR - Upon payment verification, the SP is authorized to commence work on the job and deliver as agreed with the SR. 

4) SR accepts job done - The SR has a set number of days to review job done and the option to accept or reject it. The Buyer accepts the job done and authorizes payment to be released. 

5) Proville Escrow pays  the SP - Proville Escrow releases funds to the SP from the Escrow Account.


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Payment Made Easy via Proville Escrow Payment Made Easy via Proville Escrow Reviewed by Obiora Okafor on 4:27 pm Rating: 5

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