What is Escrow Service
Jupitice provide Escrow Services to its users to receive, hold, deliver & disburse payment for the sale and purchase of any services transacted on the Jupitice Marketplace. Jupitice provides escrow Services either by itself or through Third Party Escrow Services.
An escrow is a contractual arrangement in which a third party (Jupitice or its Authorized Third Party Escrow Service Provider) receives and disburses money for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, designed to protect Buyers and Sellers in a transaction. Under this, Jupitice or Third Party engaged by Jupitice will receive and hold payment until everyone fulfills their responsibilities in the transaction.Read More
Jupitice’s Escrow Services
If Buyer & Seller agrees to use Escrow Services provided by Jupitice on its own, that services will be free. However, the payment methods of Credit card and PayPal and other similar methods will incur a Payment Processing Fee and are subject to additional restrictions and the same shall be deducted from the payment as per the Service Contract between Buyer & Seller. Jupitice will keep the funds in the separate dedicated bank account for Escrow Services to receive and disburse the deposits in accordance with the Terms of Service Agreement. Jupitice, except for the purpose for which such funds are received and deposited in the dedicated bank account for Escrow Services, shall not use such funds in the Escrow Account for any other purpose. However, both Buyer & Seller shall not be entitled to any bank interest and other benefits, if any, associated with the funds and by Jupitice. Such services shall be governed by the Jupitice’s Terms & Conditions as contained in the Terms of Service.
Jupitice’s Authorized Escrow Service Provider
Under this, Jupitice may provide Escrow Services from the Third Party who shall be licensed & top rated to its Buyers & Sellers. Buyer & Seller will have to agree to use the Escrow Services of the Third Party engaged by Jupitice before the transaction. The Buyer & Seller shall further agree to pay Escrow Services fee and comply with the terms & conditions as prescribed by the Third Party. Such services shall be further governed by the Jupitice’s Terms & Conditions as contained in the Terms of Service.
How does Jupitice’s Escrow work?
Either the Buyer or Seller initiates a transaction once Buyer and seller agree to terms.
Buyer deposit the payment to Jupitice’s secured Escrow Account by approved payment method. Jupitice verifies the payment and then the Seller is notified that funds have been received & secured in dedicated Escrow Account.
Seller provides the services as per the Service Contract to Buyer. Jupitice verifies that the Buyer has received the Service.
Buyer has option either to accept the Service or reject it. If not approved within the agreed period, the Buyer will raise a dispute with the Dispute Resolution Centre of Jupitice.
Jupitice pays & release the approved funds to the Seller from the Escrow Account once the Buyer accept the Service.