First, both parties must be agree to use or transact payment through http://www.escrow.com/. Then, both parties have to sign in to the escrow page and enter item number. The online tranction company will show the current contact information for the both parties to verify before it is forwarded to the escrow company. Sellers in Multiple Item Listings will need to indicate which buyer this escrow process applies to.
Both the buyer and the seller need to agree to the terms of the escrow process, including who pays shipping, how much shipping will cost, length of the inspection period, who pays escrow fees, are shipping fees refundable and the conditions for accepting the item .
Next, the buyer will mail the payment to the escrow service which verifies the payment, rather than send the payment directly to the seller. They buyer can make payments by credit card, , money order or personal check.
Then, the seller can ship the goods to the buyer by traceable shipping method. Once the buyer confirm receive the item from seller, Escrow service will send payment to the seller to complete the transaction.
Besides escrow service, there are also few ways to prevent E-Auction fraud. There are authentication service, grading service and also feedback forum. 
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Wednesday, July 2, 2008
Things to take note to prevent e-auction fraud when a consumer participating in an e-auction.
An escrow service is a licensed and regulated company that provides online escrow services that facilitate and accelerate e-commerce by assuring secure settlement. Following is the detailed process that use by escrow service in e-auction.
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5 comments:
Yea using this type of service like www.escrow.com is a good idea, especially when we are doing auctioning stuff online. We won't know the people at the other end. What's his background, reliability, seriousness, etc.
So using services like escrow.com can really help us have a peace of mind. This is especially true if the item that we want to auction off is of high value.
yaya. this kind of service gives assurance to both sellers and buyers. So by now we can have online transaction without worry with the service provided.
Hey good article there. I thought escrow is a website name but it actually is a service name!
Have a look at www.moneybookers.com. It's another escrow service website.
I don't think this kind of service is popularly practiced here in Malaysia right?
True Jane. Peace of mind, no more worries. That's what makes these escrow service so good. So many fraudsters nowadays.
I was wondering, more people should be educated about this. So that they know doing commerce online is as reliable and secure as offline.
It'll be great if e-commerce really can take off in Malaysia. With more awareness about availability of secure services like escrow I'm sure more people will have more confidence doing business like auctioning online.
To Mizuno:
Oh i see. The www.moneybookers.com that you recommend is another website tht provide services such as e-wallet which enables buyers to shop and paid with the money they have in the account. This is a good service to be use when we want to do some online shopping next time.
To Phua:
I agreed with you that education is important to educate online users in Malaysia. When one day e-commerce have take-off in Malaysia, all of us only need to sit at home with a computer which is connect to internet, and we can start shopping whitout steping out from house. As the petrol price has rise, it is better for us to stay at home more often.
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