Escrow accounts:
The payment method that provides security
Escrow accounts, also known as custodial accounts, provide security when making a business transaction.
Escrow accounts are a payment system in which the funds from the payment made are deposited into a third-party bank account (a financial institution) until certain agreed conditions are met. Once the conditions are met, the funds are released to the appropriate destination(s).
Escrow accounts: The payment method that provides security
Escrow accounts, also known as custodial accounts, provide security when making a business transaction.
Escrow accounts are a payment system in which the funds from the payment made are deposited into a third-party bank account (a financial institution) until certain agreed conditions are met. Once the conditions are met, the funds are released to the appropriate destination(s).
Benefits of escrow accounts
The main benefit of this type of account or payment is having complete confidence in the transactions performed
Protection
One of the great benefits of escrow accounts is that they offer protection during a transaction. This protection is even greater when the value of the amount is high. The seller will receive the money as soon as the product has been delivered correctly
Security
As it is a very secure method, it is often used especially in transactions where the product or service is of a high value or where a breach of the commercial contract can easily occur.
Legitimacy
If the conditions are not fulfilled by one of the parties, the escrow transaction is cancelled and the money is returned to the buyer in full.
They eliminate fraud.
As the bank holds the money, both the buyer and the seller are completely covered.
Third-party fund management
In the case of recovery, they facilitate the management of recovery processes that are made on behalf of a third party, as they allow the money to be held in custody before paying the creditor.
Reduce non-payments
Avoid non-payments, breaches of contract or the possible risk of insolvency being declared by the company..
Centralise your transactions in your Escrow account
These types of payments are accepted in the SEPA Single Euro Payments Area and can be used as a split payment in your marketplace or in the management of your franchisees
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Go ahead, discover Wannme with us. We’ll show you the technology first-hand and we’ll create a free demo account for you so you can see our advantages for yourself. Ask away, enable and disable features one by one with a consultant at hand to answer any questions you may have. Choose all kinds of collections, payment methods, processes and operations. Discover how to use them on physical or digital media in minutes. For invoices, websites, POS systems from mobile phones, to try recoveries, design your marketplace or to make anything you have even better. Go ahead. Give us a try at no cost. And if you like it, sign up right now with no strings attached.
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Wannme, payments on demand
WANNME Marketplace S.L.
Avenida de Manoteras, 38, 28050 Madrid
+34 910 390 250
Request a demo and give us a try for free
Give it a try with the help of a Wannme consultant
Go ahead, discover Wannme with us. We’ll show you the technology first-hand and we’ll create a free demo account for you so you can see our advantages for yourself. Ask away, enable and disable features one by one with a consultant at hand to answer any questions you may have. Choose all kinds of collections, payment methods, processes and operations. Discover how to use them on physical or digital media in minutes. For invoices, websites, POS systems from mobile phones, to try recoveries, design your marketplace or to make anything you have even better. Go ahead. Give us a try at no cost. And if you like it, sign up right now with no strings attached.
Book your slot for the trial
Choose how much training time you want: you have up to 45 minutes
Invite your team and we’ll see each other in the video call.
Wannme, payments on demand
How to use Wannme
Developers
WANNME Marketplace S.L.
Avenida de Manoteras, 38, 28050 Madrid
+34 910 390 250