Organisation : Standard Bank South Africa
Service Name : Escrow Service
Applicable For : Residents of South Africa
Website : https://www.standardbank.co.za/southafrica/personal/products-and-services/ways-to-bank/innovative-payment-solutions/escrow-service
Standard Bank Escrow Service
Reduce the risk of fraud when buying or selling with Escrow. As a buyer, you can safeguard your funds in an Escrow account until the seller delivers what was promised.
As a seller, you can have peace of mind as the trade will only start once the buyer has the agreed funds.
Benefits
** Fast and cost-effective – Registration is free and the Escrow fee is as low as R115. Our digital service also ensures a fast process
** Buyer and seller protection – A seller will not be paid if the buyer doesn’t have the agreed funds
** Automated notifications – All parties will receive email and SMS notifications during the transaction process
** Partial release – Payment can be released upon a successful completion of certain milestones
How it Works?
To transact using Escrow, you will need to complete a registration process which will require some information about you. Additional information will be required if you are registering to transact as a business.
We will perform verification checks on the details provided and once those have been completed, you can begin transacting by doing the following
If you’re the seller :
** Inform your buyer that you would like to do the transaction through our Escrow service
** Create the transaction on the system and specify terms such as the transaction description, costs, delivery dates, etc
** We will automatically send the buyer a transaction invitation which will include all the details
** The buyer can accept the transaction terms or negotiate until both parties are in agreement
** Once the terms have been agreed upon, the buyer deposits the funds with Escrow service via EFT
** You will then be notified once the funds have been verified and cleared
** You can now sell your product or provide your service knowing that you will get paid
** If the buyer is satisfied, our Escrow service will release the funds to you
If you’re the buyer :
** Inform the seller that you would like to do the transaction through our Escrow service
** Create the transaction on the system and specify terms such as costs, delivery times, etc. You will have the option of uploading documentation such as agreements and pictures
** We will automatically send the seller a trade invitation which will include all the details
** The seller can accept the transaction terms or negotiate until both parties are in agreement
** Once the terms have been agreed, you can deposit the funds into Standard Bank’s Escrow via EFT
** The seller now dispatches the product or delivers the service
** Once the product/service has been delivered, you have the option of inspecting the goods/services in order for the funds to be released to the seller
** If you are happy, sign into your transaction dashboard and accept the goods or services
** This will inform us to release the funds to the seller
** If you’re not satisfied, the transaction will be frozen, and you and the seller will have ten business days to resolve the dispute
** If a dispute cannot be resolved, we will refer it to the Small Claims Court or to arbitration
Costs
** Registration is free
** Fees are calculated as a percentage of your trade amount and costs as little as R115 per transaction
What You Get?
** Access to our online Escrow service when you register
** Reduced risk of fraud and scams
** A seller will not be paid if they misrepresent what they’re selling, and the buyer will not receive the product/service if they don’t have the agreed funds
** Ability to split a single transaction into progress payments or separate milestones
** Guaranteed cashflow and peace of mind as there is no handling of cash
** Complete transparency through email and SMS notifications during each stage of the transaction lifecycle
** Ability to freeze the trade if you’re not satisfied
** If it cannot be resolved, we will refer it to the Small Claims Court or Arbitration