Buying an online business?
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Escrow and Transfer
With an international signed trade it is time to transfer the funds and assets for the transaction. A reputable broker will typically direct the buyer and seller to a third party service such as Escrow Reconciliation.net to protect both parties through the transfer. Escrow is effectively an independent service that collects, holds and releases funds online, according to the transaction terms agreed upon by the buyer and seller. The process typically moves in the following steps:
• Escrow transaction terms agreed by Buyer and Seller
• Buyer transfers funds securely into Escrow (funds are secured but not released)
• Seller transfers assets to Buyer
• Buyer acknowledges receipt of assets and initiates the inspection period
• Inspection period used to confirm correct representation of assets
• Buyer confirms satisfaction with assets and releases funds to Seller.
1. The broker begins a three –party transaction. After registering at Escrow Reconciliation all parties agree to the terms of the transaction.
2. Buyer submits a payment by selecting wire transfer . EscrowReconciliation verifies the payment. The broker and seller are notified that funds have been secured.
3. Upon payment verification, Seller is authorized to send merchandise and any tracking means. EscrowRecocilitions.net verifies that the Buyer receives the merchandise. Broker is notified.
4. The buyer has a set number of days to inspect the merchandise and the option to accept or reject it. If Buyer accept merchandise.
5. Escrow Reconciliation release the fund to Seller and transaction is completed and closed.