Escrow Frequently Asked Questions and Definition
What
is an escrow service?
Escrow is a defined process whereby a buyer puts money into the custody of a
trusted third party with a guarantee that funds are available for payment to
the seller after a specified set of conditions has been met.
How does
an escrow service work?
It's very simple. The Buyer deposits funds into the escrow's custody. The
Seller ships or presents item to Buyer. The Buyer approves. The escrow service
pays the Seller. It's that easy.What are
the benefits of using an escrow service?
-
Sellers are protected against bad checks, non-sufficient funds, scams, fraud.
Especially useful for expensive items such as antiques or computer equipment and for transactions across the country or around the world.
Added security for both parties. Minimizes the likelihood of a dispute.
For buyers:
Buyers are able to inspect the merchandise before the payment is finalized. No more buying sight-unseen.
If buyer pays escrow fees and requests escrow, there is no reason for a seller to deny our services.
Buyers have the right to return unsatisfactory items.
Takes the worry out of buying from unknown sellers.
-
No need to send personal information to an unfamiliar party
For sellers:
What
types of escrow services do you offer?
We offer two types of escrow services: Tangible and Intangible. Tangible
escrow services applies to physical items such as jewellery, electronics,
hardware, goods, etc. whereas intangible escrow services is adapted for the
employment or the performance of work, duties or impalpable products and
services such as source code, written software, graphic design, etc. We do not
offer escrow account, payment recovery, real estate escrow, timeshare escrow,
telecommunication escrow, escrow loans.
What
are your escrow fees?
Escrow fees are based on the amount of the transaction. Using an escrow
is worth the peace of mind of knowing your transaction will be secure and your
money protected. If escrow is used in a transaction involving US funds, then
the applicable escrow fees will be in US funds. BBB members will have priority
service. For intangible escrow fees, even though it may go along the lines of
our tangible fee structure, we apply intangible escrow fees on case by case
basis.
|
Fees
per Price |
Check |
Bank |
Direct |
|
$1000-$5,000 |
3.00% |
2.75% |
2.75% |
|
$5,000.01-$15,000 |
2.75% |
2.50% |
2.50% |
|
$15,000.01-$25,000 |
2.25% |
2.00% |
2.00% |
|
$25,000.01 + |
1.75% |
1.00% |
1.00% |
(1) Banks policy not our
takes up to 15-20 bus.days to clear funds. Check, Money order, Cashiers Check; Even
cashiers checks can be fraudulent in our new economy.
(2) Banks clears it same day usually from your nearest Royal bank branch
in Canada to our registered account. This option only applies within Canada
(3)Bank wire, bank transfer. Fastest means, usually processed in 24hrs in continental US. Sender is responsible for sending. Please note that int`l bank
wires time frame varies from country to countryWhat payment
methods does Afterson.com accept?
We accept the following payment methods: Bank Wires 24hr for clearance,
Cashier's Checks 10 business days or less for clearance, Business or Personal
Checks 14 business days or less for clearance, Postal or Bank Money Orders 7
business days or less for clearance. Unfortunately, at this time, we do not
accept credit card payments due to the rise in credit card fraud, internet
fraud, appeals and chargebacks. We do not accept Paypal. We are aware of the
inconvenience that this may pose for some of our customers but for the best
interest of the buyer and seller, we must uphold protection for all parties
involved in the escrow transaction. For an escrow service to be loyal to its
concept, the escrow must have funds readily available for sellers as much as
it is important for buyers to receive the purchased goods as described. Other
escrow service providers who offer credit card or paypal payments present a
greater risk to their clients than what our customers are exposed to.How does
the seller get paid?
The escrow service usually issues a check to the seller payable to the seller
or company at the conclusion of the transaction. However, if the buyer uses a
electronic bank wire transfer, the escrow service will also pay the seller
with a bank wire transfer. We at Afterson.com Inc prefer to settle our clients'
transactions via bank wires transfers due to their security features and
faster settlements.Do you
offer an affiliate program for business development?
We do not offer an affiliate program. To remain true to our code of ethics and
to our customers, escrow must remain unbiased. Our services are impartial. As
a third party, we do not take sides. For this reason, however remote, we do
not offer an affiliate program. For instance, the same code of ethics
applies to self-escrow. Escrow can never be applied to itself, to their
employees. In such a case, we must call upon another legitimate escrow
service.How long
does the process take?
That depends. If the buyer pays with a wire transfer and the seller uses an
overnight delivery service, the goods can be delivered within one to three
days. Payment by check or money order may delay the process by several days at
least, if not several weeks.How do I
initiate an escrow transaction?
Fill out the escrow request form. Follow the Escrow
Services hyperlink. We assess each transaction on an individual basis.What if
the seller does not respond?
The seller may not respond to the buyer's and escrow's request for use of the
escrow service because the seller did not receive the email notification.
However, when Afterson.com sends the email notification to seller, we send a
carbon copy to the buyer as well, so if the buyer receives the email, it is
very likely that the seller received it as well. It may be that the seller
would prefer not to use our escrow services for a number of reasons. If that's
the case then perhaps the escrow service has done what it is set out to do,
which is to protect you from a potentially fraudulent transaction. Better to
have your emails ignored before the transaction when you request an escrow
service than after the transaction, after you have paid for the item and have
not received it at all. Unfortunately, this is something that happens much too
often with online transactions.For
transactions involving what types of items or services can I apply for an
escrow service?
You can apply for an escrow service for transactions involving art, antiques,
collectibles, cars, trucks, rv, heavy equipment or off-road equipment, other
vehicles, construction, business, industrial, electronics, computers, musical
instruments, jewellery (jewelry US spelling), watches, household items, healthcare products, gifts,
clothing, accessories, domain name transfers, specialty services (such as
websites, software...) as a guarantee when project is completed. Businesses
can apply for an escrow service for large lots, imports or exports, wholesale
transactions, as a letter of credit, and for national or international trade.
For
transacitons involving what types of items can I not apply for an escrow
service?
We do not accept transactions for questionable, objectionable or prohibited
items. We reserve the right at our sole discretion, whether to accept or
reject each submitted transaction. Here is a list of some of the items and
services for which we do not make our services available:
Prohibited items
Alcohol (also see Wine)
Animal and wildlife products
Catalog sales
Counterfeit currency and stamps
Counterfeit items
Credit cards
Drugs and drug paraphernalia
Embargoed goods from prohibited countries
Firearms, Ammunition, Replicas, and Militaria
Fireworks
Government IDs and licenses
Human parts and remains
Links
Lock-picking devices
Lottery tickets
Mailing lists and personal information
Multi-level Marketing, Pyramid, and Matrix Programs
Plants and seeds
Postage meters
Prescription drugs and devices
Recalled items
Satellite and cable TV descramblers
Stocks and other securities
Stolen property
Surveillance equipment
Tobacco
Travel
Special
Real estate
Questionable items
Artifacts
Autographed items
Batteries
Catalytic converters and test pipes
Contracts and tickets
Electronics equipment
Event tickets
Food
Freon and other refrigerants
Hazardous materials
Imported and emission non-compliant vehicles
International trading - Buyers
International trading - Sellers
Mature audience items
Offensive material
Pesticides
Police-related items
Pre-sale listings
Slot machines
Used airbags
Used clothing
Used medical devices
Weapons and knives
Wine (also see Alcohol)
Potentially infringing (copyright and trademarks)
Academic software
Anti-circumvention policy
Authenticity disclaimers
Beta software
Bootleg recordings
Brand name misuse
Comparison policy
Contracts and tickets
Downloadable media
Faces, names and signatures
Importation of goods into the United States or Canada
Misleading titles
Mod chips, game enhancers, and boot discs
Movie prints
OEM software
Recordable media
Replica and counterfeit items
Promotional items
Mod chips, game enhancers, and boot discs
Movie prints
OEM software
Recordable media
Replica and counterfeit items
Promotional items
Unauthorized copies
Page's URL is https://www.Afterson.com/default.php?pageID=/faq.php