Category: escrow

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buyer protection escrow online classifieds online scams seller protection

Escrow Services Simplified

Online marketplaces are a popular and convenient way to buy and sell goods, but they also pose some risks of fraud and scams. One way to protect yourself and your money is to use an escrow service, which acts as a trusted third party that holds and releases funds according to the terms of the transaction. But is escrow always the best option? Here are some of the advantages of using escrow services for online marketplace transactions.

How escrow works
An escrow service is a company that provides a secure platform for buyers and sellers to complete their online marketplace transactions. The buyer pays the escrow service, which verifies the payment and notifies the seller. The seller then ships the item to the buyer and provides the tracking information to the escrow service. The escrow service confirms the delivery and releases the payment to the seller, minus a fee. If there is a problem with the item or the delivery, the escrow service can help resolve the dispute or refund the buyer.

Advantages of escrow
Using an escrow service in online marketplace transactions has several advantages for both buyers and sellers. Escrow reduces the risk of fraud and scams, as it verifies the identity and legitimacy of both parties, and ensures that the payment and the item are exchanged as agreed. It also protects buyers from receiving damaged, defective, or counterfeit goods, or not receiving the item at all, as the escrow service holds the payment until the buyer is satisfied with their purchase. Sellers are also protected from chargebacks, disputes, or non-payment, as the escrow service guarantees payment once the item is delivered and accepted by the buyer. Finally, an escrow service can enhance trust and confidence between both parties as they can rely on it to handle the transaction securely and fairly.

How to choose an escrow service
When choosing an escrow service for your online auction transaction, it’s important to do some research and comparison. You should look for an escrow service that is licensed, regulated, and insured by the relevant authorities in your country or region, and that complies with the laws and regulations of online commerce and consumer protection. Additionally, you should find one with a clear fee structure, terms and conditions, dispute resolution process, customer service policy, and written contract and receipt for your transaction. Lastly, you should make sure the escrow service has a good reputation and track record with positive reviews from previous customers and independent sources.

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buyer protection escrow online classifieds online scams

Time is NOT against you

One of the tricks that scammers use to rob you of your money is to put time pressure you. For starters, they will advertise something at such a good price that it will attract a lot of potential buyers. Anyone who shows interest in the item will be told that there are many other people interested in it and that the only way to secure it is by paying a deposit or even the full amount before they’ve even seen the product or confirmed the legitimacy of the sale.

This pressure does work because everyone likes a good deal. And the scammers know that. However, if you are in a hurry to secure the item, you are more likely to make a mistake or miss a red flag – this is exactly what scammers are hoping for.

Don’t rush into a sale right away. If something feels off about a seller, you are not under any obligation to buy and you shouldn’t be pressured into buying something before all the safety boxes have been firmly ticked.

Of course, one way to protect from any scams is by using an escrow service such as Paysho whenever you want to buy or sell from Facebook, Instagram or online classifieds. Paysho gives you peace of mind with every purchase you make by ensuring that your money is protected from any scam. Whether you are buying online or offline, you can be sure with Paysho.

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buyer protection escrow online classifieds seller protection

The Safest Way To Buy and Sell Domains

You’ve come up with the perfect name for your business. You register it. And because you also want to have an online presence for your business, you decide to register a domain. But alas, the don’t domain you really want has been taken. The person who owns it is not using it. They’ve just parked it. You make contact with them and manage to convince them to sell it to you for a fair price.

Now you and the seller are faced with a challenge: how do you ensure that the transaction goes smoothly? Do you send them the money and trust that they will transfer the domain to you or does the seller transfer the domain to you before you pay?

This is where an escrow service like Paysho comes in. An escrow service is a third party that holds the money until the domain is transferred. It works as follows:

1. Once the buyer and the seller agree on the price for the domain, they can set up an escrow transaction on Paysho.

2. The buyer pays the money into Paysho.

3. Once Paysho confirms that they have the money, we instruct the seller to transfer the domain.

4. When the buyer confirms that the domain has been successfully transferred, Paysho will transfer the money to the seller.

Both the buyer and the seller can conduct the transaction with complete peace of mind knowing that they are safe from any potential scams. For more information on how Paysho works, you can click here: 

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buyer protection escrow online classifieds seller protection

How An Escrow Service Protects Buyers and Sellers

A typical real life example:

A buyer has agreed to buy a mobile phone from on an online classified marketplace. The price agreed upon is R4000. The seller claims that the phone, although not brand new, has no defects or scratches and is in top condition.

For the buyer: There may be the risk something could be wrong with the phone, or it’s not in the condition advertised.

For the seller: There may be the risk that the buyer does not truly intend to purchase the phone; maybe they don’t have the money, or worse, they are posing with the intention to steal it.

By using an escrow service like Paysho, both the buyer and the seller have a much higher level of protection. The buyer is guaranteed that they are guaranteed to either get exactly what they pay for or their money back. The seller is equally protected in that it is only after Paysho has received the money from the buyer will the seller be required to ship the phone. Until such time, they seller get to keep his or her phone.

To learn more about Paysho eliminates all risk and uncertainty associated with buying and selling from classified marketplaces, click here.

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buyer protection escrow

What Is Escrow?

Escrow is an age-old concept, and a term unfamiliar to most, but is becoming increasingly popular across a wide range of industries. According to a study conducted by Paysho, 86% of online classified shoppers have never heard of an escrow service. Simply put, escrow is an agreement between two people or organisations in which money or property is kept by a third person or organization (middle man) until a particular condition is met. Escrows are very useful in cases where a large amount of money is involved and a certain number of obligations need to be fulfilled before a payment is released. In the case of a sale of goods or services, an escrow makes the transaction more secure for both the buyer and the seller by safeguarding all funds and only releasing them when both parties have fulfilled their part of the deal.

As a provider of escrow services, Paysho removes all uncertainty from buying and selling and ensures that anyone who uses it can buy or sell anything in complete peace of mind.

Whether you are buying or selling physical goods or service online and offline, you can be sure with Paysho.

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buyer protection escrow online classifieds Uncategorized used cars

How To Safely Buy A Used Car

Every day, hundreds of people are losing their hard-earned money trying to buy used cars. The pre-owned car market is very popular because if one looks hard enough, there are some really good deals to be found in that market. However, as with most markets, the used car market is attractive to scammers who are always on the hunt for their next victim. These scammers use Facebook and other online classifieds platforms like Gumtree and OLX to advertise nonexistent cars. Sometimes it’s not easy to differentiate between what is a scam and what is a legitimate sale.

The following are common signs of a scam:

  1. The price of the car is well below the market value. If it seems too good to be true, it usually is.
  2. Scammers will refuse to provide sufficient contact details. The phone number provided is either faulty, remains unanswered or goes directly to voice mail
  3. Scammers turn off commenting on their posts so people can’t tell other people that the sale is a scam
  4. Scammers will usually make an excuse for not being available via telephone
  5. Scammers may demand the full price of the car, or a deposit, to be transferred immediately. Once they have received money they fail to release the vehicle and become difficult to contact

Scammers often claim to live overseas or have some kind of hidden agenda

Tips to avoid scams:

Never transfer or hand over cash to a seller if you have not seen and verified the vehicle

Always meet with the seller in person, preferably in a public place

Always do a history check on the vehicle to ensure that it’s not stolen and that the car’s details match those on the ownership registration and roadworthy documents

Check that the Vehicle Identification Number (VIN) matches the number on the owner registration and roadworthy documents and that the VIN number on the car has not been tampered with.

Check that the seller’s address matches the address on the registration and roadworthy documents.

Research the car’s value by searching for similar models online. If the value of the car is far below what it should be, it could be a scam

Check the service history of the car

If you suspect fraud or are a victim of a scam, contact your nearest Police station immediately.

One way to ensure that you never fall victim to scams is to use an escrow service like Paysho when buying a used vehicle. With Paysho, you are guaranteed to either get what you pay for or, at the very worst, your money back. Click here to learn more about how Paysho works and how it can protect you from getting scammed.

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escrow photography

Wedding Day Ruined

A Facebook ad for “affordable photography” caught Natalie Barney’s eye at just the right moment of her wedding’s planning process. The images on the photographer’s portfolio looked impressive. She was quoted a great price for 100 images which she accepted, booking the date. Little did she know that she was viewing wedding images gleaned off sites like Pinterest and not the original work of the photographer.

On the day of the wedding, the photographer reported that she was having “camera issues” which, as it turned out, were the result of the photographer having zero understanding of how shutter speed and camera focus work. The end result was that the images from the event were completely unusable. They were underexposed, blurry, and awkwardly framed. The couple had to rely on friends and family who had taken their own photographs of the wedding for memories of their special day. The photographer consoled the upset bride with the promise of a free family photoshoot on a future date. When the dressed-up newlyweds arrived at the new shoot location, they were stood up by the photographer’s no-show.

Headlines like these seem to pop up with regularity: “Bride Shafted by Photographer, Never Received Images.” “Wedding Couple Devastated by Blurry Photographs.” The reason for these incidents is obvious, that there will always be amateur photographers naive enough to jump into a paid wedding with little to no skills, and there will always be brides on a budget who fall victim to their confidence.

Having a wedding on a budget is understandable. Ripping someone off with a fake portfolio and ruining a cherished memory is not. Thanks to Paysho, no one ever has to go through such an experience, especially on a day as important as their wedding day. If the Natalie and her fiance had used Paysho to facilitate the transaction, Paysho would have safeguarded their money for them and only released it after they had confirmed that they were happy with the service they received. Based on how the events of the day turned out, they would have received all their money back.

Paysho not only protects buyers of physical goods but of services as well. You can click here for more information on how Paysho works.

#BeSureWithPaysho

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escrow online classifieds

Online Classifieds

According to Gumtree, the most popular searches under Used Electronics on their platform are as follows:

1. PS4

2. iPhone

3. Xbox One

4. Apple Watch

5. Playstation 4

6. iPhone X

7. iPhone 6

8. iPhone 7

9. iPhone 11

10. Drone

The searches are most likely made by a combination of buyers looking to find some good deals and sellers looking to sell their unwanted phones, game consoles etc… Classifieds platforms like Gumtree are great in that they are able to remove all geographical boundaries and limitations and make it possible for people to buy or sell from and to anyone anywhere South Africa.

Unfortunately, these searches also include those from scammers who are on the prowl, looking for their next victim. These are people who have made it their business to scam others out of their hard-earned money. And these people don’t look or sound like scammers, making it extremely difficult to know who you can trust and who you can’t.

The two ways to protect yourself from them are by: – only buying or selling from or to people that you can meet face to face or using Paysho to facilitate all your transactions when dealing with a stranger.

That way, you are always guaranteed to either receive what you pay for and if you are selling, always get paid for your goods.

Click here to learn more about how Paysho can protect and allow you to buy and sell with complete peace of mind.

#BeSureWithPaysho