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Escrow

For Buyers:
Bidbuysell suggests that buyers use Escrow when purchasing very costly items of over $400.00 in value. You may, of course, utilise it for any purchase.

Escrow services will hold a buyer's payment until after the buyer has inspected the item. If the buyer is satisfied with the item, the Escrow service will pass on the payment to the seller.

Both buyer and seller must agree to the use of an Escrow service before the auction ends. Always ask the seller their policy on Escrow if it is not stipulated in the listing. Remember that Escrow services are not free and there are costs involved. Consequently, always agree prior to engaging their services, whether buyer or seller will be responsible for the charges.

As a safety precaution, always enter the Escrow domain address yourself and do not follow links provided by a seller. Bidbuysell recommends: http://www.escrowaustralia.com.au

For Sellers
If there is a considerable amount of money involved in an item, engaging the services of an Escrow service is a good idea for both buyer and seller.

Using an Escrow service is easy. The seller and buyer agree to engage the services of an Escrow company and sign up at the site. Bidbuysell recommends: http://www.escrowaustralia.com.au

Once all the details regarding the transaction have been noted, the buyer pays the escrow agent for the item plus the escrow fee (buyer and seller must work out who is responsible for this fee). The escrow agent informs the seller of the payment and the seller ships the item to the buyer. Once the buyer inspects the item and approves it, the escrow agent will transfer the funds to the seller's account.