Escrow is a service where if you want to pay for an item online but don’t trust the vendor to send it, you pay a third party who holds the money until the item arrives. It’s also good for a vendor who doesn’t trust the purchasor to pay.
Australia doesn’t have a decent escrow service as it turns out, so Web Technology Queensland is in the process of starting an Escrow Australia service.
This service will be primarily aimed at freelance workers like web designers, graphic designers and other freelancers who write, translate and do other tasks. Escrow services are perfect for these situations. Escrow services are also good for the sale of cars and other large items where people want a third party they can trust.
Escrow Australia has registered www.escrow-australia.com.au and will be trading through the Mahanain Trust. All money held in escrow is held in trust for the Vendor or Recipient of each transaction and a percentage is kept as a transaction fee.
This service will enable Australians to access excellent escrow services without having to go offshore looking for them. Other offshore escrow services have higher fees and are more difficult to access and use.