Why use an Escrow?
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.
Btc-Escrow acts as a secure third-party to protect both Buyer and Seller.
How It Works
- Buyer and Seller Agree to Terms
Prior to starting and escrow, both parties agree to the terms of
the transaction which includes a sale price (amount) and description of
the goods or services.
- Buyer Pays Bitcoin-Escrow
The Buyer submits a bitcoin desposit to Bitcoin-Escrow wallet and
the transaction is verified.(Note:Before submitting a payment send the
funds to the escrow wallet:1EG1uGgmhVoxy38kSSDWZAK4U6v1ZTozp8 enter in the description your bitcoin address and the address of the recipient)
- Seller Ships Goods/Services
Upon deposit verification email will be sent, the Seller is
authorized to ship merchandise. Buyer may notify Seller directly by
providing the Status Link to Bitcoin-Escrow.
- Buyer Accepts the Goods/Services
The Buyer has a set number of days for an inspection and then Bitcoin-Escrow releases the funds.
- Bitcoin-Escrow Pays the Seller
Upon notification from buyer to release the deposit or if the inspection period ends, Bitcoin-Escrow the Seller.
The transaction is now complete.
Buyer Protection
- The Seller isn't paid until the Buyer accepts the
merchandise, confirms services have been rendered or the inspection
period ends without dispute.
- Bitcoin-Escrow is typically an anonymous service except in the
event of a dispute where it may be required for buyer and seller to
provide additional information to an arbitrator if both parties are
unable to resolve the dispute themselves.
Seller Protection
- The Seller is authorized to ship/provide service only after
Btc-Escrow verifies the deposit of funds from buyer. A minimum of six
(6) confirmations on the bitcoin network assures verification of payment
from buyer.