DigiOwn Escrow Service

What is Escrow Service?

An escrow is a legal holding account for funds, which can’t be released until all prerequisite conditions are met for completing a transaction. DigiOwn provides escrow services to its users to receive, hold, deliver, and disburse payment for the sale and purchase of any services transacted on the DigiOwn marketplace. DigiOwn provides escrow services either by itself or through third-party escrow services.

Under our Free Escrow Service, the seller receives the funds when a buyer has received the order under the pre-agreed terms. The seller is notified when the buyer deposits the DigiOwn’s escrow account funds. The seller is assured that the funds will be released when the order is delivered as agreed.

Escrow service is a viable option for carrying out transactions like the sale and purchase of websites between two owners who don’t know each other. Through our escrow service, we protect the interests of buyers and sellers equally.

DigiOwn Escrow Service

If buyers and sellers agree to use our escrow service, that service is free. However, a nominal payment processing fee is levied. The amount held in the DigiOwn escrow services account is held for the transaction purpose only. DigiOwn doesn’t use the funds for any other purpose. The funds are securely stored in the escrow account even if the transaction takes more than the usual time. However, buyers and sellers are not entitled to any bank interest or other benefits, irrespective of fund deposit duration. Escrow service by DigiOwn is governed by DigiOwn’s terms and conditions as included in the Terms of Services.

How Does DigiOwn’s Escrow Service Work?

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Transaction is initiated either by buyer or seller on agreed terms.

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Buyer deposits funds to DigiOwn’s secured escrow account through a valid payment method. DigiOwn verifies the payment and notifies the seller that funds have been received in the dedicated escrow account.

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Seller provides the order to buyer as per pre-agreed terms. DigiOwn verifies that the buyer has received the order.

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The buyer can accept or reject the order within the agreed period. If the buyer is not satisfied with the order, they may raise a dispute with DigiOwn’s dispute resolution centre.

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Once the buyer has accepted the order, the funds from the escrow account are released to the seller.

Do you have any queries?

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