Frequently Asked Questions

What is Escrow?

Escrow is a contractual arrangement in which a third party receives and disburses funds or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties.

How does Escrow Work?

Two or more parties agree to use an escrow service to secure all terms within a contracted sale of real property or service. After terms are agreed upon, buyer deposits funds with escrow service. Once funds have been confirmed, the seller(s) need to supply goods or service as per agreed terms. Once all terms have been met, funds are ready to be released to selling party.

How does escrow work on the Escaroo platform?

We built Escaroo to be escrow centric, with one big difference we give the power back to the individual. Escaroo is a true Peer-to-Peer blockchain based escrow service, where each transaction produces a unique smart contract that only holds the designated funds for your transaction, with absolutely no pooled funds, guaranteeing a trustless Peer-to-Peer experiance.

Advantages of using Escaroo?

There are so many advantages to using Escaroo for your next crypto based transaction. The biggest reason for doing so, is to keep your funds secure. With so many potential scammers out there, Escaroo's patent pending technology is designed to secure your funds during the entire transaction process, with funds only being released when all parties are satisfied with the outcome.

The other reason for using Escaroo is its ease of use, you can start a transaction in just a few minutes, managing every step within a simple to use transaction panel. You can chat with the other party discussing the details of the transaction as it progresses. Once the transaction is complete funds are released instantly.

How to Complete the Account Verification (KYC) Process?

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Do I need to submit KYC documents in English?

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How do I open a commercial account?

Opening up a commercial account is simple. Start by clicking on the "Sign Up" button within the menu bar, you will be taking to the signup page, once there, choose "Business Account" and simply follow the steps requested to finish the process.

Are my funds secure?

Yes, every Escaroo transaction creates a unique irrefutable smart contract listed on a public blockchain, this smart contract will hold the funds for your transaction until time of distribution.

How do I add/delete a mailing address within my account?

You can add a new mailing address by login into your account then navigate to your dashboard. Click on the "My Addresses" link in the menu. Click on the "Add Address" button, then just add your address. You can set the new address as the default.

To delete an address just click on the "Trash Can" icon on any of the listed addresses within your dashboard.

How do I add/delete a wallet address within my account?

You can add a new wallet address by login into your account then navigate to your dashboard. Click on the "My Wallets" link in the menu. Click on the "Add Address" button, then just add your address. You can set the new address as the default.

To delete an address just click on the "Trash Can" icon on any of the listed addresses within your dashboard.

How do I send funds to the Escaroo transaction smart contract?

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How do I know when my funds have been received by the smart contract?

You will receive a notification email once funds have been received by the smart contract. There will also be a clickable link to the smart contract, listed within the transaction page.

How long does the buyer have to inspect service or item being be sold?

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How long does it take for funds to be released?

Funds are automatically released as soon as the buyer of the transaction is satisfied with the purchased service or item, then clicks the "Accept Transaction Release Funds" button, at which point the funds are automatically triggered for release. Funds are usually received in the sellers wallet within a few minutes.

How long does the Escaroo process take?

We designed the Escaroo platform to be easy to use and quick to navigate. A transaction can be started in just a few minutes, but the life of a transaction can take as long as needed for all the terms to be met as stipulated within the transactions. Once all the terms have been met the buyer(s) release funds to seller(s), finalising the transaction.

How are disputes handled?

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What happens with funds during a dispute?

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How do I close my Escaroo account?

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How do we handle Illegal Activities on the Escaroo platform?

If we discover the Escaroo services are being used for illegal activities e.g.: hacking, ransomware, stolen goods, drug sales etc. We will block your account and the ongoing smart contract transaction, any balances will be held within the transaction until the matter is cleared up. We will also alert the appropriate authorities.