All about Escrow

What is escrow?

Transactions with new customers and suppliers or service providers are risky.

Suppliers and service providers want to expand sales to new customers. Buyers want to source from the best options they can find, anywhere in the world. However, a transaction with a new customer or a new supplier / service provider is risky.

Suppliers and service providers worry, "will my customer pay?" And buyers and clients are concerned, "will I get what I paid for?"

Payoneer Escrow eliminates this risk for both the buyer and the seller.

Buyers can pay with confidence, knowing that their supplier or service provider only gets paid if they deliver as expected. And sellers and service providers can deliver goods or services with the certainty that payment has already been made.

Payoneer Escrow ensures that both sides are protected. Plus, the integrated dispute platform ensures fair, transparent, and quick outcomes for any disputes that arise.

Buy or Sell securely on Global B2B Marketplace EC21

by using Payoneer Escrow Payments

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How escrow works?

*Every action works in EC21 site

How to use Escrow service in EC21

Set up Escrow and Order Negotiation Phase

Seller
  • 1. Set up Escrow Protection in EC21
    • 1.

      Set up Escrow Protection in EC21

      Sellers need to first set the Escrow Protection Setting to use the service. Go to My EC21 > Basic Service > Escrow Protection Setting.
      Click ‘Setup Payoneer Escrow’ button and accurately complete the information within each lightbox.

    • Set up Escrow Protection in EC21 image
  • 2. Checking setting status
    • 2.

      Checking setting status

      Most sellers are approved within several hours, however, it may require 1-2 business days for approval. You can check your status on Escrow Protection Setting page, and check your email inbox for communication from Payoneer if they have additional requests for information regarding your registration.

    • Checking setting status image
  • 3. Visit the Trade Inquiry Center to view inquiries from buyers
    • 3.

      Visit the Trade Inquiry Center to view inquiries from buyers

      View your inquiries and orders from buyers by visiting My EC21 > Basic Service > Trade Inquiry Center.
      Once you’ve reviewed the order, either accept or adjust the attributes, add shipping information, and complete the final request section to send the order back to buyer.

      After the buyer or seller clicks the “Confirm Order” button, the Escrow phase will begin.

    • Visit the Trade Inquiry Center to view inquiries from buyers image
Buyer

Escrow phase

Seller
  • 1. Order confirmation – buyer to make payment
    • 1.

      Order confirmation – buyer to make payment

      Once the order is confirmed, the buyer will be notified to pay the amount of the order into escrow. Sellers will receive an email once funds are received and held in the secure Payoneer escrow account.

  • 2. Ship the goods and submit shipping information
  • 3. Buyer reviews the order and releases funds
  • 4. The transaction is complete!
  • 5. Transaction rating and review
Buyer

Links for further helps

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