What is Escrow? It’s as easy as 1-2-3.
Escrow refers to money which is held by an independent third-party on behalf of transacting parties. In laymans terms this means while a job is being done, someone unbiased holds the money which keeps things fair.
There are three basic steps to an escrow service:
Poor cash-flow, including getting paid on time, is cited as the cause of 90% of small business failures according to Dun & Bradstreet.
If your business is selling goods or services you’ll want to know your client has the funds to pay you before you start work. Meanwhile, you’ll want to reassure your client their money is safe until you’ve completed the job as agreed. Escrow provides the perfect solution.
By offering your customers the choice of using an escrow service you can not only improve your cash-flow and minimise the chance of non-payment, you can also increase the chance of winning quotes by taking the risk out of the transaction.
An escrow service helps protect businesses and their clients by ensuring that funds are only released only when both parties agree. Funds remain with the neutral custodian until agreement is reached and instruction is given to release the funds.
While escrow itself has been around for a long time, it has only recently become accessible to everyday businesses.
By simplifying and demystifying escrow, CheckVault has opened the doors for businesses of all sizes to quickly get started and get secured. The usual complex and time consuming set up procedures have been removed, establishment fees have been done away with and the whole process has been brought online to make it accessible anywhere, anytime. All of this results in a free and easy to use service accessible to all.