Escrow Payments is an arrangement between the merchant and cardholder. In business-to-business transactions, it is between two companies with a third party holding and regulating the acceptance and disbursement of the funds being exchanged between the two businesses. PrismPay has created direct relationships with several banks and processors to create programs allowing clients involved in a given transaction to place funds in a secure third-party escrow payment account. PrismPay will act as mechanism to allow the buyer to submit funds or allow PrismPay to debit funds from their account and send them into the escrow account that has been established for this transaction. Once the seller completes the delivery of the good or service, the seller alerts the escrow agent that the transaction is complete. This account is only released when all of the terms of an agreement are met, as overseen by the escrow company and or the bank.Sign up Now
Escrow payments are especially useful when a large amount money is involved and a certain obligations need to be fulfilled before a payment can or will be released. The end goal of using an escrow account is to provide our clients with a secure and safe environment that helps to limit the seller’s risk of goods being stolen without payment. It also lowers the buyer’s risk of funds being paid and goods or services not being delivered.
We work with several companies and banks that will act as third-parties to collect, hold, and only disburse funds when both buyers and sellers are satisfied. Both the buyer and seller must agree to very specific terms that are mutually agreed upon. PrismPay will act as mechanism to allow the buyer to submit funds or allow PrismPay to debit funds from their account and send them into the escrow account that has been established for this transaction. Once the seller completes the delivery of the good or service, the seller alerts the escrow agent that the transaction is complete. After that, PrismPay will work with the escrow company to release and send the funds to the seller. Sign up below to learn more and get started.Sign up Now
When you make a transaction using an escrow platform, your funds are held in a secured, non-interest-bearing trust escrow accounts until the transaction is completed. This ensures that your transaction is protected against chargebacks, fraud, and other issues. Our escrow partners are licensed and regulated.
PrismPay has created a number of additional fraud and authentication solutions. That means when two clients exchange payments with each other, they can be more comfortable with making payments online. With online payments, it’s easier to use your credit card to process a transaction faster than the traditional check-and-stamp method. Automated payments also mean that there are no delays or late penalties. The addition of payment authentication tools such as Verified by Visa and MasterCard eSecure helps reduce the risk of the transaction. They can also, under certain circumstances, lower the cost of the transaction and protect the seller with additional chargeback protection. It is safer now than ever before to conduct transaction
Online with escrow payments from PrismPay! Just sign up to take the first step.