1. Introduction

This Escrow Policy outlines the terms and procedures governing the escrow services provided by Escrowfy. Our escrow service is designed to provide a secure transaction environment for buyers and sellers, by holding funds in a secure account until all transaction conditions are met.

By using our escrow services, you agree to comply with this policy in addition to our Terms of Service.

2. How Our Escrow Service Works

2.1. The Escrow Process

Our escrow process follows these general steps:

1. Buyer Payment: The buyer sends payment to Escrowfy, which is held in a secure escrow account.
2. Payment Verification: Escrowfy verifies the payment and notifies the seller.
3. Product Delivery: The seller delivers the product or service to the buyer.
4. Buyer Verification: The buyer verifies the product or service meets the agreed terms.
5. Fund Release: Upon buyer approval or after the inspection period expires, funds are released to the seller.

2.2. Escrow Timeline

The standard timeline for our escrow process is as follows:

• Payment Verification: Typically within 24 hours for wallet payments, and up to 3 confirmations for cryptocurrency transactions
• Delivery Period: As agreed between buyer and seller (typically 1-7 days)
• Inspection Period: 3 days after delivery for digital products
• Auto-completion: If the buyer takes no action within the inspection period, the transaction will be automatically completed and funds released to the seller
• Dispute Resolution: If initiated, may take up to 7 business days

3. Escrow Account Security

Escrowfy maintains secure, segregated accounts for holding escrow funds. These accounts are:

• Separated from our operational accounts
• Protected by industry-standard security measures
• Monitored 24/7 for suspicious activities
• Backed by our security guarantee

Funds held in escrow are not used for any purpose other than facilitating the intended transaction.

4. Fees and Charges

4.1. Escrow Service Fees

Our escrow service fees are calculated based on the transaction amount and are typically paid by the seller. Current fee rates are as follows:

• Standard Rate: 5% of the transaction amount
• Verified Sellers: 4% of the transaction amount
• Super Sellers: 3% of the transaction amount

The applicable fee will be automatically deducted from the funds released to the seller.

4.2. Additional Fees

Additional charges may apply for:

• Cryptocurrency transaction fees (network fees)
• Expedited dispute resolution (optional)
• Currency conversion, if applicable

All applicable fees will be clearly disclosed before the transaction is finalized.

5. Buyer and Seller Responsibilities

5.1. Buyer Responsibilities

As a buyer using our escrow service, you are responsible for:

• Providing accurate payment information
• Clearly communicating product or service requirements to the seller
• Promptly inspecting received products or services
• Providing timely feedback to complete the transaction
• Reporting any issues within the inspection period
• Acting in good faith throughout the transaction process

5.2. Seller Responsibilities

As a seller using our escrow service, you are responsible for:

• Providing accurate descriptions of products or services
• Delivering products or services as described and within the agreed timeframe
• Communicating promptly with the buyer regarding delivery
• Providing proof of delivery when applicable
• Resolving any reasonable issues raised by the buyer
• Acting in good faith throughout the transaction process

6. Dispute Resolution

6.1. Initiating a Dispute

If a transaction issue arises, either party may initiate a dispute through their transaction dashboard. To initiate a dispute:

1. Log in to your Escrowfy account
2. Navigate to the transaction in question
3. Click on "Open Dispute"
4. Provide details about the issue and any supporting evidence
5. Submit the dispute request

6.2. Dispute Resolution Process

Our dispute resolution process follows these steps:

1. The other party is notified and has 3 days to respond
2. Both parties are encouraged to communicate and reach a resolution
3. If no resolution is reached, either party may escalate the dispute for admin review
4. Our support team will review all evidence and communications
5. A decision will be made based on our policies and the evidence provided
6. The funds will be released according to the decision

7. Cancellations and Refunds

7.1. Cancellation Before Delivery

If a transaction needs to be cancelled before the seller has delivered the product:

• Both parties must agree to the cancellation
• The buyer may request a cancellation through the transaction dashboard
• The seller must approve the cancellation request
• Upon approval, funds will be returned to the buyer, less any applicable transaction fees

7.2. Refunds After Delivery

Refunds after delivery follow our Refund & Return Policy and may be processed through:

• Mutual agreement between buyer and seller
• The dispute resolution process
• Admin intervention in cases of policy violations

8. Prohibited Transactions

Our escrow services cannot be used for transactions involving:

• Illegal goods, services, or activities
• Weapons, ammunition, or firearms
• Narcotics, controlled substances, or drug paraphernalia
• Counterfeit or pirated items
• Stolen goods or property
• Adult content or services
• Gambling or betting services
• Financial pyramid or Ponzi schemes
• Money laundering or terrorist financing
• Any items or services that violate intellectual property rights
• Any transaction that violates applicable laws or regulations

Escrowfy reserves the right to refuse or terminate any transaction that we suspect may involve prohibited items or activities.

9. Limitations of Liability

While we strive to provide a secure and reliable escrow service, Escrowfy's liability is limited to:

• The actual transaction amount held in escrow
• Direct damages resulting from willful misconduct or gross negligence in managing escrow funds

Escrowfy is not liable for:

• Quality, condition, or fitness of products or services exchanged
• Indirect, special, incidental, or consequential damages
• Delays caused by payment processors, banks, or cryptocurrency networks
• Issues arising from inaccurate information provided by users
• Force majeure events outside our reasonable control

10. Changes to This Policy

We may update our Escrow Policy from time to time. Any changes will be posted on this page with an updated revision date. Significant changes will be communicated via email or platform notifications.

Your continued use of our escrow services after any changes constitutes acceptance of the revised policy.

11. Contact Us

If you have any questions about our Escrow Policy or need assistance with a transaction, please contact our support team:

Email: support@escrowfy.com

Or through our support ticket system available on our website.