An escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure escrow account which is only released when all of the terms of an agreement are met as overseen by the escrow company.
Escrows are very useful in the case of a transaction where a large amount money is involved and a certain number of obligations need to be fulfilled before a payment is released like in the case of a website being built where the buyer might want confirmation of the quality of work being done before making a full payment, and the seller doesn’t want to extend a massive amount of work without any assurance that he or she will receive payment. While traditional escrow service is quite difficult and must be obtained through banks and lawyers, Payment Exchange provides online escrow services at affordable rates. While the payment is 'In Escrow' the transaction can be safely carried out without risk of losing money or merchandise due to fraud. This eliminates all legal jargon and allows for secure transactions and confident buyers and sellers.
Transaction is complete - safely and securely!
Every time you log into Payment Exchange, our status updates will let you know exactly where you are in the transaction process and if there is action required by you.
Having access to this step-by-step timeline means, whether you're a buyer or a seller, you'll never get stuck wondering what to do next or where you are in the transaction.
When you make a transaction using Payment Exchange, your funds are held in secured, non interest bearing trust Escrow Accounts until the transaction is completed. This ensures that your transaction is protected against chargebacks, fraud or wrongly described goods. Learn more about Escrow Accounts.
Our licensed and regulated services are also backed by our experienced and knowledgeable escrow officers. Our friendly escrow professionals are available to assist you personally with any need that may arise.
At Payment Exchange, we offer live phone support Monday through Friday, from 8:00 am to 11:00 pm Pacific. In addition, we offer email support 24 hours a day, 7 days a week.
Payment Exchange offers many types of payment options including wire transfers, checks and money orders, credit cards and PayPal. Payment types may have certain limitations, however. For example credit cards and PayPal are subject to additional fees and have a maximum of $5,000 while checks and money orders have a $2,000 maximum and are subject to a ten business day hold.