While working on internet or at payment processing, you may have listened this term 'escrow service'. This is really an safe,secure and reliable ways for payment processing online. You can take help of this service from sites/payment processors those offer this service.
How escrow works:
working strategy of escrow system is quite simple. If you are a service provider, then before start a work, you should ask your service buyer to make an escrow payment for you. The amount buyer make escrow for provider, will be kept safe by the website authority. Here two key rules applies:
* Only buyer can release the escrow and then amount will be transferred to provider's account.
* Only provider can cancel the escrow and then amount will be transferred back to buyer.
that means, after completion of work, buyer will simply request to release and website authority will transferred the amount to provider account. The provider can't never/don't have right to take the amount to his own account himself. Also, buyer can't take the amount to his account back himself.
In freelance job sites, freelancer.com, elance.com, rentacoder.com etc have this system. In payment processors, as far my knowledge, only moneybookers is providing this facilities to their customers. There are also sites like escrow.com for only this kind of payment purpose.
If you are working around any of those sites, don't forget to take this super safe escrow service opportunity. This will save both buyers and providers from being scammed online.
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