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What is PaySAFE® Escrow?

Everything You Need to Know About PaySAFE® Escrow

PaySAFE® works as a neutral third party that provides financial protection for both buyers and sellers. Using online escrow accounts, we collect, hold and disburse funds upon both parties’ approval. Transactions are created online and agreed to by both parties, saving time and misunderstandings.

General Info

What does escrow mean?

Escrow is property held in trust by a neutral party in a transaction to be turned over upon fulfillment of an agreement or contract.

What types of transactions can I use PaySAFE for?

PaySAFE®’s escrow services can be used for the trading of any legal goods with the exception of real estate. We do, however, reserve the right to refuse service for any transaction.

Can I use PaySAFE for real estate transactions?

No. Real estate transactions are restricted due to varying state regulations. This includes transactions involving deeds and timeshare ownership sales.

Can I use PaySAFE for international transactions?

Yes. PaySAFE® can be used for transactions between countries approved by the United States government for trade.

What currencies does PaySAFE accept for international transactions?

PaySAFE accepts and pays out international wires in U.S. dollars.

How does PaySAFE make money?

PaySAFE®‘s fees are collected per transaction for the collection and distribution of escrowed funds.

Safety & Security

How does PaySAFE protect the seller?

PaySAFE® protects sellers by verifying all buyer purchase funds up front before any exchange of items takes place. This eliminates the risk of non-payment or insufficient funds and guarantees serious buyers – not just window-shoppers.

How does PaySAFE protect the buyer?

PaySAFE® protects buyers by holding their funds in a neutral, third-party bank account until their purchase agreement is completed. Funds cannot be pushed to the seller without the buyer’s approval, protecting against misrepresentation and keeping honest people honest.

Getting Started

What are the steps in the escrow process?

  1. Buyer or seller creates the transaction and invites the other party.
  2. Both parties agree to the transaction details.
  3. Buyer funds the full escrow balance.
  4. Seller delivers or ships the goods and requests payment
  5. Buyer verifies the transaction terms have been met and approves the seller’s payment request
  6. PaySAFE® releases escrow funds to seller.

Why do I have to provide a copy of my driver’s license or passport?

PaySAFE® must verify all users’ identities according to our anti-money laundering policy in order to protect all parties.

What happens if the other party rejects the transaction invitation?

The transaction is returned to Estimate status and can be modified and resent by the original creator.

Can the transaction details be changed after both parties have agreed to the terms and the transaction is activated?

No. Once the transaction is agreed upon by both parties, the transaction details are not editable.

Funding & Payment

How do I fund a transaction?

Once both buyer and seller have approved the transaction details, the funding instructions will be visible to the seller when securely logged in to the PaySAFE® platform. Funding instructions may be printed and provided to the bank to initiate the wire transfer. Wire transfers must be initiated from an account matching the user’s profile.

Why must funds be wired from the user’s bank account?

PaySAFE®’s anti-money laundering policy requires the verification of the users’ identities and the traceability of all money transfers to the accountable parties.

Will PaySAFE email me the funding instructions?

No. Funding instruction are only visible while securely logged in to your PaySAFE® account.

What payment methods do you accept?

PaySAFE® buyers provide funds via bank wire transfers.

How does a seller request payment?

Sellers initiate the release of escrow funds by requesting payment while logged into their PaySAFE® account. After clicking the “payment request” button, the seller will input both the amount requested and their bank account information.

When do escrow funds get released?

PaySAFE® only releases escrow funds at the specific requests of both the buyer and seller. Both parties should agree to expectations regarding the release of funds in the transaction details.

Examples:

  • Once the goods are shipped
  • Once the transportation company confirms pick-up
  • Once the goods are received and inspected by the buyer

Can PaySAFE release money to someone other than the seller account profile?

No. PaySAFE® will only release funds to a bank account owned by the user.

When does the seller get paid?

Once the buyer approves the payment request, PaySAFE® will process the seller’s automated clearing house (ACH) payment during normal banking hours (usually Monday through Friday, 9-5 Mountain Standard Time.) The seller will typically receive the funds within two business days.

How does the buyer request a refund?

The buyer can request a refund after the transaction has been activated by clicking the “request refund” tab while logged into the system with the transaction details open. The request will be submitted to the seller for their approval and, once approved, PaySAFE will process the payment.

What is an ACH transfer?

An ACH (automated clearing house) transfer is the electronic transfer of funds processed by the National Automated Clearing House Association, an electronic network of financial institutions.

What happens if the buyer never logs in and releases the funds?

PaySAFE® can approve the release of funds as long as the seller has carried out the purchase agreement to completion and there is no dispute in progress. These types of requests are dealt with on a case-by-case basis. Please contact a service representative at (877) 638-1518 or support@paysafeescrow.com for more details.

How long will it take until funds appear in the seller’s account?

ACH (Automated Clearing House) payments will take 24-48 hours to show in the seller’s account dependent on banking business hours. All payments initiated prior to 3 p.m. Central Time will be processed the same business day. Payments initiated after 3 p.m. Central Time will be processed on the next business day.

Why haven’t the buyer’s funds shown up in my account?

If you were notified that your transaction has been processed, but no deposit has shown in your account for three business days, please contact us at (877) 638-1518 or support@paysafeescrow.com.

Please note that payments initiated on Fridays after 3 p.m. Central Time will not be processed until the following bank business day – generally Monday morning barring any federal holidays.

Where does PaySAFE keep my funds held in escrow?

Escrowed funds are held in highly-rated, FDIC-insured United States financial institutions and are disbursed only upon agreement by both parties.

Can I make partial payments?

Yes. Partial payments can be made should the seller request only a portion of the total transaction amount. Partial payments are up to the discretion of both buyer and seller.

Is there a fee for partial payments?

Yes. Payments for less than the full purchase or sale amount will incur a $25 charge due to processing fees charged by financial institutions for additional incoming and outgoing wires. If you have questions about this, please contact us at (877) 638-1518 or support@paysafeescrow.com.

Is there a fee for international payments?

Yes. International payments will incur a $40 charge due to processing fees charged by financial institutions for international fund transfers. If you have questions about this, please contact us at (877) 638-1518 or support@paysafeescrow.com.

Shipping & Transport

Who is responsible for shipping?

Either party can arrange and/or pay for shipping or vehicle transportation, but this should be agreed upon prior to completing the transaction.

Does PaySAFE collect transportation costs?

PaySAFE® cannot pay third-party transportation costs. All funds are released to users’ bank accounts. It is highly recommended that users pay transportation costs outside of the escrow transaction.

Is PaySAFE a shipping company?

No. PaySAFE® does not play a role in the shipping or transportation of any items, but we can recommend trusted partners who are some of the best in the industry.

For more information, visit our Transportation page.

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