How To Make Money With Escrow Service

[moonchild]

Escrow is a mediator between transactions, they make sure both parties involved in a transaction get paid, no shortchanging or scam, so basically we can conclude that escrow is built upon trust, let me a paint a scenario, assuming I want to buy a phone from Mr A and I don't know Mr A, we'll then go to an escrow, I'll pay the cash to the escrow and I'll get the phone, after checking the phone and testing everything out, I'll then tell the escrow to pay him the money, now without the help of an escrow, I can get scammed because he can sell a fake phone to me and I won't know till I part with my money.

You can start this business in forums that deals with buying and selling like Nairaland, Trendri or Stackoverflow, if you're trustworthy, there are many factors that can deem you a trustworthy person, maybe you've been on the forum for long or you've did transactions with other forum members in the past or you have a traceable address or business certificates, you can make money by charging a commission for every successful transaction, even though it might not be much its a viable way to make money.

 

[LoukiaCharilaou]

Escrow is a mediator between transactions, they make sure both parties involved in a transaction get paid, no shortchanging or scam, so basically we can conclude that escrow is built upon trust, let me a paint a scenario, assuming I want to buy a phone from Mr A and I don't know Mr A, we'll then go to an escrow, I'll pay the cash to the escrow and I'll get the phone, after checking the phone and testing everything out, I'll then tell the escrow to pay him the money, now without the help of an escrow, I can get scammed because he can sell a fake phone to me and I won't know till I part with my money.

You can start this business in forums that deals with buying and selling like Nairaland, Trendri or Stackoverflow, if you're trustworthy, there are many factors that can deem you a trustworthy person, maybe you've been on the forum for long or you've did transactions with other forum members in the past or you have a traceable address or business certificates, you can make money by charging a commission for every successful transaction, even though it might not be much its a viable way to make money.

Hi, moonchild. Happy New Year. Thank you very much for your informative post about how to make money with escrow service. I have never heard about escrow service before so I found your post really helpful for me. I think I will give it a try.

 

[Mika]

Escrow is a payment mediator service. I have used this service to sell my services. It is good for buyers as well as sellers. While buyers will have security of the product or service they have bought, seller will have a security of payment. There is no way for transaction reversal, therefore, you will have to be extra careful while choosing this service. If you are a seller, escrow will send payment directly to your bank account, however, they have high disbursement fees. Therefore, it is not good for transactions involving small amount. Normally, they charge $20 flat fee per transaction

 

[Jasmine]

I have used escrow service to sell digital products. However, escrow is basically mean for those who are dealing with big transaction. For small sellers selling products for $5-$10 does not work because of escrow's high transaction fees. If you use escrow service and get paid, escrow does not keep your money in the account, it will deduct the fees and then send to the bank that you have linked. If you are into buying and selling of domains and websites, you can try escrow. A lot of freelancing platforms also use escrow service to protect the buyers and sellers interest.