Escrow.com is opening early access for the Escrow Pay plugin on Shopify to community members looking for safe, secure, and fraud-free checkouts.
Especially good for high-value payments, escrow protects and has benefits for both buyers and sellers, and reduces issues like fraud, money mismanagement, or one side of the deal failing to meet certain obligations.
Escrow.com Testing Shopify Integration
Recently, Escrow.com sent an email to community members saying that the company is providing early access to its Escrow Pay plugin for Shopify. This plugin will offer Shopify merchants a safe and secure payment method for high-value payments.
The company also says that it ensures no chargebacks, enables secure buyer verification, and may even boost conversion by providing more trust at checkout.
Escrow.com is a leader in the space, and since it was founded back in 1999, the company has handled more than $4.5 billion worth of transactions. It’s licensed to operate as an escrow company in 48 states, is registered in the state of California, and has a track record of success in verticals like:
- Heavy machinery
- Luxury products
- Cars
- Electronics equipment
- Professional services
- Domains
- Digital assets
- M&A
- Bulk industrial materials, and many others
However, keep in mind that using the company’s services isn’t free and comes with a cost, so make sure to do your research to ensure the solution makes sense for you.
Benefits of Using Escrow
Escrow, which is an arrangement where a neutral third party holds assets or funds until conditions or obligations have been met, has many benefits for both merchants and customers. It protects against potential scams on both sides of the deal and gives each party peace of mind and a higher level of trust in the transaction.
The arrangement is especially useful for buying and selling high-value items online. Instead of one side taking on all the risk by sending the product or funds first, each sends it to the escrow provider, who then disperses them properly once all of the conditions or obligations of the deal have been met.
In addition to reducing risk and boosting trust for both buyers and sellers alike, escrow is a fully transparent process that ensures all necessary checks, inspections, repairs, or other conditions are completed before any money or assets change hands.
Of course, make sure to always work with legitimate escrow providers. Make sure they have a long history in the industry, plenty of positive reviews, and are licensed to operate as an escrow provider. While escrow is usually used to avoid scams or fraud, some escrow providers are the ones being fraudulent.
Some common signs of a questionable escrow provider for merchants and buyers alike to watch out for include:
- If their fee is unusually low.
- If they ask you to send funds to a personal account, as opposed to a corporate account.
- If they offer poor communication throughout the process.
- If they suffer from a lack of organization and miss certain details or deadlines.
- If they’re pressuring you to act quickly.
- If they don’t have a website or have hardly any reviews or past history, it’s best to tread lightly.
