It is the money set aside with a third party by the buyer to be transferred to the seller once the agreed commitments are completed by the seller and is most common in housing and mortgage. This concept has now moved digital with several reliable and competent players entering the fray.
HOW MUCH IS ESCROW FEE?
Like any other services, escrow service is also to be paid for. In real estate, the fee to the agent or the service provider is generally 1% to 2% of the final value. In some negotiations, this fee is split between the buyer and the seller.
HOW IS ESCROW CALCULATED?
The amount of escrow varies from business to business and is also different in different types of escrows. For example, in real estate, the general practice is to pay 1/12th of the property taxes into an escrow account every month. There are variations year to year. The bank or the fund performs annual escrow analysis. If in case, it is in excess, the money is refunded.
Top Escrow Payment Platforms
● TAZAPAY: Providing cross-border digital escrow services, Tazapay aims to boost the trust deficit and in turn have a positive impact on the economy on a local as well as global level. The platform is easy to access, operate, and seamlessly integrates into their workflow. It is reliable, safe and supported by Rapyd. With support pouring in from investors, Tazapay looks to set its footprints across the globe and is also exploring the option of increasing its services.
● Escrow.com: This company vouches for low-cost solutions and seamless sales processes, along with reduced risks and protection for both buyers and sellers. Escrow.com can be used for a large variety of goods. Discerning other advantages of it include supporting for quite major payments (can take payments of hundreds of thousands of dollars). An expansive range of payment options is available on the platform as well.
● MangoPay: MangoPay is known to provide white-label solutions and adaptive workflow. It has fast user verification, supports several currencies and payment methods, has open-source SDKs and Ibanised e-wallets.
● StripeConnect: This platform allows people to customize their onboarding process. They can set payout timing and process complex money movement through it, and also get integrated financial reporting. One can easily add an escrow component for their online marketplace with StripeConnect.
These were some of the most reliable and popular escrow platforms of the country.
