If you have ever purchased real estate or looked into the process, you’re likely familiar with the term “escrow.” An escrow account is a bank account overseen by a neutral third party. While they are usually associated with expensive purchases, escrow accounts aren’t unique to real estate – they prove useful for anyone looking to maintain accountability between two parties in a high-value transaction.
When you find the pre-owned boat you want to purchase, you might feel stuck interacting with a relative stranger for a purchase well north of $10,000. How do you hold the seller accountable and avoid falling victim to an online scam? PaySAFE® Escrow builds a trustworthy bridge between buyers and sellers.
After a third-party inspection service verifies the condition of the boat and you’re ready to buy or sell, it’s time for the money to change hands. The protection services that are available on many popular auction sites often have limits on the transaction amount for which they will guarantee protection. They are almost always heavily weighted in favor of the buyer.
PaySAFE® Escrow has created a safe, neutral payment processing platform that protects both buyers and sellers equally. With PaySAFE® Escrow, a buyer and seller approve the same purchase agreement, which can be reviewed at any point during the sales transaction. Purchase funds are then wired to, verified and held by us until the buyer has proof that the item has been shipped. This prevents the typical risk of sending your payment to a stranger. When the proof of shipping has been provided, the payment is approved and funds are wired directly into the seller’s bank account of choice. We remove the risks associated with non-payment, insufficient funds, fraudulent checks and credit card chargebacks. By confirming the authenticity of a sales listing with a third-party inspection and transmitting funds through PaySAFE® Escrow, your boat sale transaction is secure from start to finish. With this safe, neutral payment processing platform, purchasing a vehicle sight unseen has never been more convenient for buyers and sellers alike.