How does Escrow Work?
Escrow.com manages the entire transaction process and safely holds the payment until both Buyer and Seller are satisfied.
- Buyer and Seller agree to terms – As the seller, you can initiate the transaction by creating an Escrow.com account and sending terms (purchase amount, shipping cost, agreed upon inspection period, etc) to your buyer. She’ll also create an Escrow.com account and agree to the terms.
- Buyer pays Escrow.com - The Buyer submits payment Escrow.com, Escrow.com verifies it and notifies the Seller that funds have been received.
- Seller ships item to Buyer – Escrow.com authorizes the Seller to ship the item and submit tracking information. Escrow.com verifies that the Buyer receives item.
- Buyer accepts item – The Buyer inspects the item within the agreed upon inspection period (PreOwnedWeddingDresses.com recommend 24-48 hours). The buyer can accept or reject the item for any reason.
- Escrow.com releases funds – When the buyer accepts the item, payment is released to the seller. Should the buyer opt to return the item, funds are held until the seller receives the item back and accepts the return.
PreOwnedWeddingDresses.com + Escrow.com FAQ
What Is An Inspection Period?
With all Escrow.com transactions, the buyer and seller agree on an inspection period. This is a specific length of time for the buyer to inspect the item to ensure it fits, is authentic, is as described in the listing, etc. PreOwnedWeddingDresses.com recommends an inspection period of 24-48 hours.
It is important to note that a buyer can return an item for any reason during the inspection period. (Making Escrow.com an ideal payment vehicle for transactions where returns are offered by the Seller).
What Are The Escrow.com Fees and Who Pays Them?
Escrow.com fees cover the cost for of managing the transaction and providing buyer and seller protection. Standard Escrow.com fees for transactions under $5,000 are 3.25%. So for a $1,000 dress, the fee is $32.50.
The Escrow.com fee can be paid by the buyer or seller or split between them. This is agreed on as part of the transaction terms.
What Happens In The Event Of A Return?
Should the buyer decide to return the item, she’ll be required to ship it back to you (at her own expense) and provide Escrow.com a shipment tracking number. When you receive the item, you will be able inspect it and confirm it was returned in the same condition before the funds are released back to the buyer.
How Do I Get My Money?
Typically, funds are disbursed the same or next business day following the completion of the transaction.
The disbursement options available for sellers are wire transfer, or ACH.
Don’t see your question answered? Email it to info@preownedweddingdresses.com and we’ll get back to you within 24 hours!