Digital Escrow Solutions
Imagine that you are going to make an online transaction. What is the first thought that comes to your mind? You may hope the seller meets the due obligations and doesn’t send you something that bears little resemblance to the product you were promised.
Online transactions/sales are considered by many as bearing significant risk since they’re dealing with somebody they don’t know anything about nor have seen them before and that might be in the opposite corner of the world or hundreds of miles away.
two parties that have never met before must agree to transactions or assignments, deliver and receive products and, perhaps most importantly, ensure payments occur as quickly as possible. All of the steps in digital transactions require trust, which can be difficult to be achieved.
In the current complicated global economic system, trust is considerably important and plays a significant role in online transactions. people often struggle with whether they can trust a person located across the country or globe. When they complete the payment, they’re left hoping and waiting for the seller to deliver their due promised product.
digital escrow solutions are appearing to protect the interests of all parties engaged in a financial contract (buyer, seller). Escrow is a legal concept describing a financial instrument whereby an asset or escrow money is held by a third neutral party (commonly held in an escrow multisig-wallet) on behalf of two other parties that are in the process of completing a transaction. An escrow multisig-wallet is an account where assets are held by a third neutral party to make sure that all parties meet their obligations.
With digital escrow solutions, funds for sales are held by a third party until both sides fulfill their obligations and contractual requirements. Funds are disbursed to the appropriate party once the transaction is completed.
Merits of Digital Escrow Solutions
Online transactions can considerably benefit from integrating digital escrow solutions into their business, by creating a more comfortable experience for customers and ensuring trust and security which both parties value greatly. Digital escrow solutions have the potential to improve trust between parties which are engaged in an online transaction.
Digital escrow solutions could address both speed and inaccurate payments by ensuring buyers that the price for their asset will not change and that they will be paid soon after their obligations are completed. Digital escrow eliminates all legal jargon and allows for safe and sound transactions to take place which ultimately leads to confident buyers and sellers.
Escrow agent is a neutral third party legal entity which is entitled by both parties which are engaged in a large financial transaction. Escrow agents attempt to keep both parties’ assets safe and secure until all obligations and agreed-upon articles are met. Having an experienced escrow agent engaged early on in the process of transaction can help achieve the best possible outcome for everyone involved.
Escrow agents have some duties and responsibilities during the transaction procedure including:
- Working as a neutral and independent third party between all the other parties involved in the transaction with due regard to keep impartial and unbiased during the course of the transaction.
- Confirming that all obligations stated in the agreement are met.
- Requesting a statement from the seller concerning the contract.
- Requesting a statement from the buyer regarding the obligations that must be met during the transaction.
- Collecting the necessary compliance documents.
Counos Escrow Agent
Since transactions involving cryptocurrency are irreversible and immutable so it poses a serious risk of theft and fraud. Counos Escrow eliminates all possible fraudulent schemes by implementing legal agents to observe the transaction procedure meticulously. Counos platform ensures all parties involved in the transaction that payments are made safe until both parties are satisfied that the transaction can be completed.
Counos platform plays an excellent role as a third party mediator and makes both sellers and receivers satisfied that they are surely going to get their share. All the Counos currencies can be used in Counos Escrow Payments through the Counos escrow agents’ surveillance and close observation.
Counos escrow agents, verify the identities of all buyers and sellers through robust security and ID checks so the aforementioned agents can make sure that the legal considerations are preserved. Funds are then added to the vault, where they are held securely and only released when both sides agree they’re happy with how the transaction has taken place.
Counos escrow agents are distinguished legal entities with due fiduciary responsibility to both of the parties involved with the escrow agreement. Counos escrow agents are entitled exclusively to observe the ongoing transactions and contracts
With sincere efforts directed towards providing you with sound legal advice, Counos escrow agents are truly well-versed in international criminal law and utterly familiar with miscellaneous law cases due to their enriched experience in international organizations. They are confirmed and authorized attorneys and lawyers which are approved by many legal institutions.
By implementing escrow solutions, Counos platform endeavors to provide a secure environment for buyers and sellers to engage in financial fields without any security concerns. Counos platform escrow agents’ profound legal experience and knowledge in the field of technology escrow enables them to create a custom agreement that is the best escrow solution, preserving the rights and interests of all parties.