Your Protection for Online Transaction!

Have you ever heard of Escrow? If not? I hope this will give you a better picture.

From Wikipedia ,

"Escrow is a legal arrangement in which an asset (such as cash, real property or other tangible assets) is deposited into safekeeping (e.g. a bank account) under the trust of a neutral third party (escrow agent) pending satisfaction of contractual contingency or condition. Once the condition has been met, the escrow agent will deliver the asset to the party prescribed by the contract."

For Internet Escrow, Wikipedia defines that

"Escrow services are intended to ensure security by acting as a middle-man in transactions where the two parties do not trust each other. Rather than sending money or goods directly to the other party (which is insecure, as one or other party must send their item first, at the risk that the other party may not then send theirs), party #1 sends their items (X, usually money) to the escrow service, which holds them until the party #1 receives item Y, the service sends X on to party #2. If either party fails to deliver their part of the deal, X will be held at the escrow service and eventually returned to them."

Now, If you are still afraid of buying and selling online, Worry not because Auction.ph
is here equipped with its very own Escrow System. This one is a unique system that essentially protects all buying and selling transactions from potential risk of fraud.In short,Auction.Ph will keep all your transactions safe and secure.
Auction.Ph Escrow System serves as an intermediary and support for transactions between buyers and sellers upon closing of an auction or any type of buying and selling method. One of their main objective is to increase the level of safety and convenience of transactions among its members.

Heres how it works:
1. Buyer and Seller agree to use Auction.ph’s Escrow Service
To avail of Auction.ph’s Escrow Service, one has to be a registered member. Upon registration, prospective members will be asked to conform to the Escrow Agreement whereby the terms of the Escrow Service are stipulated. Once registered members (buyer and seller) conclude a successful transaction, they may already avail of Auction.ph’s Escrow Service.
2. Buyer pays Auction.ph
After a successful transaction (either auction, shopping, cooperative buying or bargains), buyer is requested to pay the full amount of the item/s to Auction.ph. The buyer may choose any of the following payment methods: (Internet Banking,Credit Card (soon to be available), E-money, Bills Payment, Gcash & Smart money)
When payment is received, it will be verified and secured by Auction.ph. After payment is secured, Auction.ph will notify the seller (through e-mail) to ship the item/s to the buyer, giving him the buyer’s shipping details.
Buyer has seven (7) days upon end of auction or selling transaction to settle payment of item/s with Auction.ph. If after seven (7) days, Auction.ph does not receive payment, transaction is considered cancel.

So worry-not to do transaction online because Auction.Ph Escrow System
is now here to protect you.