What is an online escrow service and why is it important?
In the e-commerce world, trust is viewed as the intermediary element that will determine if businesses and users are willing to embrace the online economy. Escrow services have been identified as one of the key business infrastructure necessary to help provide that trust and confidence between buyers and sellers. When a credit card fraud occurs, the e-merchant will lose his goods, be charged for the costs and have to pay the issuing bank a charge-back fee. On the other hand, online consumers face the risk that they may not receive the goods, the goods that arrived are not what they had ordered or the goods are damaged upon receipt. One of the solutions to this is through an online escrow provider, an impartial trusted third party that acts to facilitate buying and selling by providing both parties with trust security and convenience.
Related Questions
- Are there any licensing requirements or specific rules and regulations that govern the operation of an online escrow service in Singapore?
- Does Western Union offer an escrow service or any kind of buyer protection for online auctions or other transactions?
- What is an online escrow service and why is it important?
