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?
The full KYC process will start after Beta Testing is complete at the moment email verification is the only KYC we are currently requiring.
Do I need to submit KYC documents in English?
No. You can submit KYC documents in their original language.
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 the transaction you would like to add the new Wallet Address too. Click on the "Connect Wallet" button within the transaction, then choose the desired wallet connection option (Wallet Connect, Meta Mask or Portis).Please Note: If using a mobile wallet you will need to verify any action for the transaction within that wallet. For security purposes, you will need to re-connect your wallet any time you sign a transaction step, deposit funds, or release funds.
How do I send funds to the Escaroo transaction smart contract?
You can send funds to the smart contract by logging into your account, click on the transaction you want to fund, then click on the "PAY" button within the transaction. Please note: The smart contract will only accept funds from your agreed wallet address.
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?
You can set the time frame of inspection within the transaction before agreeing to terms. In the event the buyer is taking a long time to approve the item or service, you can request mediation.
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?
Disputes can be handled in one of two ways. The best way to settle any dispute is by working out any difference directly with the other party. In the event this cannot be done, the next best option is to request "Mediation". Once mediation has been started a third party mediator will work with both parties to come to an agreeable end to the transaction, this may include the returning of purchased items, as well as the distribution of funds held within the smart contract.
What happens with funds during a dispute?
All funds are held securely during the entire time of the transaction. In the event of a Dispute, funds stay held in the smart contract and are only release at the time dispute is settled.
How do I close my Escaroo account?
Content to follow.
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.