An escrow service provider is a third party that holds transaction assets until the terms of the transaction contract get met before the transaction assets transfer. Most online escrow services keep money during a transaction as proof of ability to pay until the buyer is satisfied with what they are paying for before transferring funds to the seller.
Today, there are many ingenious ways bad guys can get what they want from enterprises that run their businesses in good faith. Most scammers pretend to be legitimate operations. If you’re wary of handing vast amounts of money to someone you only began transacting with, it would be best to put your funds through escrow. This way, there’s a guarantee that you will not be scammed. If you want to know more, this guide can help you.
Here are the top 5 industries that should use an online escrow service during transactions.
Real Estate Firms
Real estate firms handle high volume transactions which can make buyers and sellers a little weary if there aren’t any assurances. A business escrow account can reassure a buyer that funds won’t go to a seller until all parties agree on the sale.
This is especially important when the buyer and seller have verbally agreed on a price, and the buyer would like to pay earnest money to be sure the home will not go to another buyer.
Escrow in real estate is crucial because there are many hazards in acquiring a property that costs a huge amount of money. Besides, some inspections could affect the status of the home, and in the unfortunate event that the property does not pass these inspections, the buyer can still choose to step back.
Lawyers and Law Firms
Lawyers can benefit from online escrow services to ensure that they receive payment immediately after a client gets legal services. Also, potential clients can rest easy knowing that the funds for legal services will get released after a lawyer provides the service.
Lawyers can also act as intermediaries for large sales. An escrow account can hold the agreed transaction amount for a sale agreement until the signed paperwork gets presented to their lawyer. An online escrow service makes it easy for lawyers to have business escrow accounts without the hassle of running a bank account.
Lawyers require retainers for their services; however, they cannot use this money for personal use until their work is done. Essentially, this money still belongs to their client, so depositing it in their personal account would be unethical.
Live Entertainment Companies
So many live events have gotten canceled in the past two years due to the pandemic. In most cases, people were not refunded for their tickets even though the event didn’t occur. The experience has led many individuals to be wary of buying advance tickets in advance as the world tries to go back to normal.
Live entertainment companies should use an online escrow service when selling tickets to increase transparency. Event organizers can be paid for ticket sales when the event happens. However, live entertainment companies can quickly refund ticket sales should an event get canceled for one reason or another.
Restaurant Business Owners
Running a restaurant is tough, especially when you don’t have trustworthy suppliers. Receiving several batches of bad supplies can affect your restaurant’s profitability. Restaurant owners should use an online escrow service when making supply purchases and only release the funds after verifying the quality of their supplies.
Hotels and Online Rental Bookings
Many travelers rent short-term accommodation through online hotels and rental bookings. However, there is no way of confirming if what you are paying for online is what you get until you reach your destination. Travelers who use short-term rentals can find themselves in a new city without a place to sleep because they got scammed online.
Using an online escrow service allows you to transfer funds globally, and you can release funds immediately if you confirm that you have adequate accommodation.
Why an Online Escrow Service?
Online escrow services like Intermediar.com are lifesavers because they help establish trust between buyers and sellers. They also ensure that the buyer confirms the availability of funds and the seller can check out the product or service on sale before completing the transaction. Overall, using an online escrow service has many benefits for all parties involved in a transaction.
You deserve peace of mind.
Unfortunately, we have gotten accustomed to fraud and theft in modern society, primarily online. Most potential customers and partners have turned down lucrative opportunities due to suspicion of fraud. Get an online Escrow service to provide the peace of mind necessary for your business to thrive.