e-Seller.net - Marketplace Escrow

e-Seller - Escrow



 

How it works:

e-Seller holds the funds for up to a maximum of 30 days from the day/time of the purchase.

Once the buyer is satisfied with their purchase, the buyer must navigate to the Purchases section of their account and indicate that they would like to release the escrow by marking as received, e-Seller escrow system will immediately send the balance of the order to the vendors receive address, providing the order has had sufficient time to mature and cycle 3 Bitcoin network block confirmations.

If the buyer does not follow the above process, the balance of the order is automatically released to the seller once 7 days has passed.

e-Seller reserves the right to release funds to sellers before the buyer indicates to release escrow or before 7 days. We may choose to do this where sellers have given sufficient proof of delivery to us, where buyers are not responsive to private messages or support requests, or where other exceptional circumstances prevail.

 

 

Escrow Refunds:

In the event that they have not received or are not satisfied with their purchase, buyers can initiate a dispute for the order. Sellers are sent a notification of the buyers request for a refund. The following process begins:

  • Buyers are expected to give sellers a minimum of 72+ hours to deliver the item before initiating a dispute.
  • Sellers are given approximatly 72 hours to make an initial response to a dispute, either agreeing to it or, to defend it.
  • If the seller agrees to the refund, buyers are immediately refunded their coins minus Bitcoin network fees.
  • If the buyer or seller raises a dispute, our Support team will manage and arbitrate the dispute resolution process. We expect both the buyer and seller to provide evidence to support their claim/defence. Always try to resolve order issues before initiating a dispute. Support will make a decision on the dispute after considering; evidence provided and buyer and vendor’s reputation amongst other indicators generated during user’s use of our service.
  • If the seller does not respond within the 72 hour time-frame to either agree or dispute the refund request, we will normally determine in favour of the buyer and action a refund.
  • Once evidence is received from both parties, e-Seller will use this, along with other information sources such as account history, feedback and prior sales, to make a decision as to who should receive the funds from escrow.
  • By selling or buying goods and services using our escrow service, you agree that e-Seller reserves the right to use its own judgement an any and all means at their disposal in order to arbitrate a refund request and reach a final decision.
  • Escrow refund decisions are final and cannot be overturned.

 

 

Escrow Release:

 

  • Funds are released within 7 days as standard, buyers have the option to extend the escrow for up to 30 days, after which a dispute would need to be raised to delay the release any further.
  • e-Seller will take into account the seller’s previous history, feedback, the type and value of item sold, along with other information sources, before deciding whether to release escrow early or otherwise.
  • e-Seller reserves the right to refuse to release funds from escrow before 30 days and leave the decision to the buyer.
  • e-Seller will not release funds from escrow to sellers if the buyer has already raised a dispute and is ongoing.

 

 

FAQ:

  • Whilst it is optional, we recommend buyers use/maintain the escrow for all purchases they make until they're in receipt of their item(s).
  • All market transactions including FE are subject to a market fee of 3% commission; this is deducted from the vendors total sale value including shipping.
  • Example-;

 

    • Product Cost:              £95.00
    • Product Ship:              £5.00
    • -------------------
    • Market Fee:                £3.00
    • -------------------
    • Buyer Pays:                £100.00

    • Vendor Receives:      £97.00
    • (minus Bitcoin's network transaction fee)

 

  • We recommend buyers only release funds once they have received there item unless they have built a good working relationship with the vendor and are happy to release payment in advance of receiving item.
  • e-Seller holds funds in escrow for up to a maximum of 30 days before it is released to sellers, unless a refund request/dispute is in progress. Normal escrow release time is 7 days. Customers have the option to extend this escrow when the order hasn’t been fulfilled. Vendors demonstrating consistency and a high standard of achievement in feedback and service are encouraged to apply for the option to allow Finalize Early option on their items.
  • FE is particularly useful for higher value orders, where the vendor’s reputation and ongoing sales status ratifies likeliness in fulfilment of orders. As with all higher value orders we strongly recommend opting for tracked delivery. Exercise caution when dealing with vendors with little or no sales history asking for FE on an account that hasn’t been granted such permission, especially higher value orders. We will only grant these permissions to vendors held in high regard.
  • When a buyer purchases an item using FE, the funds are released to the vendor within a number of hours after customer has placed an order and settled the balance.
  • Do not buy or sell gift cards, credit cards phone credit and similar. No digital items.
  • Never agree if a seller asks you to release escrow before they ship the items if they aren’t FE enabled.
  • Never agree to transact with sellers outside of e-Seller. We cannot protect you there.
  • Do not agree to send Bitcoins directly to the seller’s Bitcoin address.
  • If you release the funds for an item, we cannot refund you for that item. The seller receives the Bitcoins as soon as you release them and we no longer have the ability to refund the coins as they will be out of e-Sellers control. Be sure that you trust the vendor enough to release the payment before goods / services are in hand.
  • Be clear with item descriptions and prompt to deliver.
  • Use the private message system for all communication.
  • Try to resolve issues with sellers before it leads to a dispute.
  • Respond quickly to any refund requests, especially if you dispute them.
  • Provide e-Seller with as much evidence as possible if you wish to initiate or defend a dispute.
  • Always try to deliver your items using tracked shipping, where proof of postage won't be an issue in case of dispute.