Escrow

[hopeless]

Hi has anyone used this method of payment?
I am about to buy from China £356 payment and was going to use this to safeguard myself against scammers.

 

[vvaannmmaann]

What are the fees for using it?

 

[hopeless]

not got a clue came on here thinking someone may know if its any good

 

[Lynxdry]

Escrow is good its the method we use for our company, usually the Escow agent will charge up to 2% of the total transaction value but that depends on who you use and how much money is exchanging hands hope this helps.

 

[Trusted Friend]

Transpact.com is FSA Authorised and Regulated as a payment service provider and is an online escrow service, and for GBP transactions charges a fixed fee of only £2.99 per party up to transactions of value £50,000.

Unlike many other escrow services, Transpact.com does not make a percentage charge based on the transaction value.

You also get to specify the conditions that will apply on a transaction by transaction basis with Transpact.com, so you are not shoe-horned into trading under unsuitable conditions.

[Declaration - I work for Transpact.com]

 

[chrysano]

i not want to try it
i use paypal

 

[hopeless]

is paypal the same then?

 

[Trusted Friend]

is paypal the same then?

No, the two are very different.

PayPal is effectively a form of electronic money - just like cash in some ways.
UK buyers are offered some protection by PayPal when buying on the internet (PayPal offer added protection to encourage its use) - see https://www.paypal-marketing.co.uk/safetyadvice/BuyerProtectionOffEbay.htm - but note that the protection that PayPal offers buyers is limited to certain cases - you need to check very carefully if you will be covered or not, and reading the detail of Paypal's Terms and Conditions might take you some time to see if you are excluded from cover, partly covered or fully covered for any one purchase.

Escrow is a totally different system where the buyer's money is held independently by a neutral third party - out of the control of both the buyer and the seller - the money is held safely, and can only be paid to the seller or back to the buyer on certain events coming to pass, which are set out by the buyer and seller before the money is initially paid. Escrow is a safe and convenient method of payment which fully protects buyers and sellers.