Frequently Asked Questions

Everything you need to know about the BitcoinEscrowLtd. processes.

What is BitcoinEscrowLtd. ?

BitcoinEscrowLtd. works as a neutral third party that provides financial protection for both Buyers and Sellers. Using online Escrow accounts, we collect, hold and disburse funds according to sales terms. Transactions are created online and agreed to by both parties saving time and misunderstandings.

What is Escrow ?

Escrow is simply property held in trust by a third party to be turned over upon fulfillment of an agreement or contract. Escrow is a legal concept in which a financial instrument or an asset is held by a third party on behalf of two other parties that are in the process of completing a transaction. The funds or assets are held by the escrow agent until it receives the appropriate instructions or until predetermined contractual obligations have been fulfilled. Money, securities, funds, and other assets can all be held in escrow. When parties are in the process of completing a transaction, there may come a time when it is only interesting to move forward for one party if it knows with absolute certainty that the other party will be able to fulfill its obligations. This is where the use of escrow comes into play. For example, a company selling goods internationally wants to be certain that it will get paid when the goods reach their destination. Conversely, the buyer wants to pay for the goods only if they arrive in good condition. The buyer can place the funds in escrow with an agent and give irrevocable instructions to disburse them to the seller once the goods arrive. This way, both parties are safe, and the transaction can proceed.

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How long does the process take ?

Once the Buyer deposits the funds into BitcoinEscrowLtd.’s trust account, it usually takes 24-48 hours for the funds to clear and the transaction status to be updated to “Buyer’s funds received in escrow”.

Why choose BitcoinEscrowLtd. ?

BitcoinEscrowLtd. because your money is safe and payment is guaranteed. BitcoinEscrowLtd. to make sure you get what you pay for and you get paid for what you deliver. As long as you deliver on the terms of the sale the money is as good as in the bank. In the case of a seller, card transactions and EFT payments can be reversed or disputed leaving you out of pocket. In the case of buyers, it is very difficult to get your money back once you’ve entered your card details on a website. Choose BitcoinEscrowLtd. because we secure the transaction.

How is BitcoinEscrowLtd. different from other online payment systems ?

BitcoinEscrowLtd. is a true third party escrow and online transaction management service. It offers what is considered to be the safest payment method available due to the way payment is held by an independent third party. Unlike other online payment systems, the Seller does not receive the purchase funds until the Buyer is satisfied with the purchased item or service.

BitcoinEscrowLtd. offers a truly impartial system that does not favour the Buyer over the Seller or vice versa. It protects the transaction as a whole and ensures that both Buyer and Seller agree and are satisfied before funds are released and the transaction is complete. For further information on how
BitcoinEscrowLtd. differs from other online payment systems, see the schema on our Explore page.

How do I change my transaction details and terms ?

You can make changes to the terms and conditions of the transaction at any time before the parties have agreed to the terms of the transaction. Simply log in and edit the terms. After the terms have been accepted the agreement between the parties can only be amended by an BitcoinEscrowLtd. administrator.

Does BitcoinEscrowLtd. take ownership of products ?

No, BitcoinEscrowLtd. only facilitates payment of the transaction. The parties in the transaction manage the delivery of the product or service.

How do I keep track of my transaction ?

Log into BitcoinEscrowLtd. using your e-mail and password to view transaction(s) details and status.

Does BitcoinEscrowLtd. insure goods in transit ?

No, BitcoinEscrowLtd. only guarantees the money that we received into our trust account. Transit insurance and all other product or service related insurance is left to the transacting parties.

What does BitcoinEscrowLtd. charge ?

BitcoinEscrowLtd. charges a fee for mitigating payment risk and securing your payment.

Our fees are different for each BitcoinEscrowLtd. service type and are based on the value of the transaction. You can find a detailed explanation of our fee structure here.

How secure is my payment ?

Payments to and from BitcoinEscrowLtd. are all managed by the 256 Bit SSL Certificate. Therefore payment security conforms to the standards prescribed by the International Web Security Platforms.

How can I cancel my transaction ?

Before both the parties have agreed on the terms and conditions of the deal, the buyer/seller may click “reject” on the screen. After funds are received only BitcoinEscrowLtd. may cancel the deal.

Can BitcoinEscrowLtd. be used for international transactions ?

Yes, anywhere wherever Bitcoin is used.

When do I supply the requested goods or services to the Buyer ?

As the Seller, you will be prompted to send the goods or perform the service once the Buyer has deposited the funds in escrow and one
BitcoinEscrowLtd. has confirmed receipt of the cleared funds.

What happens if the Buyer claims the goods are defective or not as described ?

If the Buyer claims that the goods are defective or not as described, the Buyer can raise a dispute. During a dispute, the funds are held in escrow until the parties have resolved the dispute.

What happens if the Buyer receives the goods, but then claims they did not receive them ?

It is up to the Seller to show that the Buyer has received the goods. This can often be established by using registered mail or a courier who will have proof that the Buyer received the goods. Alternatively, the Seller can raise a dispute in the transaction and the funds will be held in escrow until the dispute is resolved.

Who pays the escrow fee ?

The BitcoinEscrowLtd. transaction fee may be paid by the Seller, or the Buyer, or by both in a 50/50 split. The Buyer and Seller must agree who will pay the escrow fee before the transaction is finalised.

What information do I need to register with BitcoinEscrowLtd. ?

You will need internet access, a valid email address and valid password. If you are to receive funds once the transaction is complete, you will also need to provide your valid Bitcoin Wallet Address details.

How much does it cost to register an account with BitcoinEscrowLtd. ?

Nothing. Registering an account with BitcoinEscrowLtd. is free.

Is my account accessible by anyone else ?

No. All accounts are password protected. In the highly unlikely event your account was hacked, the worst that could happen would be that the hacker authorises payment to the Seller’s designated valid Bitcoin Wallet Address.

How do I check the details and status of my transaction ?

You can login to your BitcoinEscrowLtd. account at any time to see the status of your transaction. BitcoinEscrowLtd. will send you an email to alert you when the transaction has progressed.

What is the Inspection Period ?

The Inspection Period is the pre-agreed period of time given to the Buyer to inspect the goods or service once the Buyer has received the goods or once the Seller has completed the service. Within the Inspection Period, the Buyer has the opportunity to raise a dispute or to authorise payment to the Seller. If the Buyer takes no action by the end of the inspection period, the funds will automatically be released to the Seller.

What do I do if I want to change the terms of the escrow transaction ?

Once you and the other party have agreed to the terms of the transaction, the terms cannot be changed without cancelling the transaction. The transaction terms can be changed any time up until the terms have been agreed between the parties

Please do not hesitate to contact us should you have any question !