Digital Escrow Wallets
Secure The Buyers Payments & Ensure The Seller is Paid
Customate’s Escrow Wallets provide both Buyer and Seller with security and flexibility when transacting. Parties have the option of funding upfront or in milestones and drawing down the Escrow in full or gradually as services are performed. The Seller doesn’t need to chase the Buyer for payment and the Buyer can manage their budget and administration.
Benefits Of A Customate Digital Escrow Wallet
Escrow Wallets for Multiple Milestones
A single Escrow wallet can be increased or decreased in as many instalments as you like.
Escrow Wallets in GBP & Euro
Customate offers Escrow Wallets in GBP and Euro. You can upload supporting documents to the Escrow Wallets.
Multiple Funding Options for the Buyer
Customate provides multiple funding options for the Buyer including bank transfer, direct debit, card payment.
Instant Payout to the Seller
Once approved by both parties, the Sellers Customate Digital Wallet is funded instantly. Transactions are visible in real time. Customate provides Secure Customer Authentication for all transactions.
Unlimited Holding Period
With the Customate Escrow wallets, there is no limit to the timeframe that funds can be held in Escrow.
Customate verifies the Buyer and Seller
Customate is government regulated and verifies the true identity of both Buyer and Seller. This enables the Buyer and Seller to trade with confidence.
Funds are Safeguarded in a Ring-Fenced Account
Funds can remain in Escrow indefinitely and are safeguarded under the E-Money regulations.
Add or Remove Funds from an Existing Escrow Wallet
Funds can be added to an existing Escrow Wallet without limitation and funds can be withdrawn in full or in partial amounts.
Both Buyer and Seller approve all Transactions
Payment will only be moved out of escrow when both parties are satisfied that the transaction has been carried out correctly.
No Chargebacks
With Customate you can buy and sell anything safely without the risk of chargebacks. Truly secure payments.
How The Customate Digital Escrow Wallet Works
Create The Escrow Schedule
Either party (Buyer or Seller) creates an escrow and nominates the counterpart, the role of the counterpart (i.e. Buyer or Seller), the set price, terms of the transaction and uploads any supporting documents.
The counterpart will be notified via email that an escrow has been created and they need to approve / reject the creation of the escrow
The Buyer Funds The Escrow
The Buyer funds the Escrow by selecting their preferred funding source (Customate Digital Wallet, card, direct debit). Once the payment is made the Escrow is funded instantly and visible to both Buyer and Seller.
Either party can request additional funds are added to an existing escrow. The counterpart will be notified and needs to approve / reject the top up. Once the payment is verified, the Escrow is increased and can be seen instantly by both Buyer and Seller
Approve The Release Of Funds
Funds will be held in the Escrow wallet, visible to both Buyer and Seller. Funds can remain in Escrow indefinitely and are safeguarded under the E-Money regulations. Either party (Buyer or Seller) can request that some / all escrow funds are released to the Seller. The counterpart will be notified and needs to approve / reject the release.
Once the release is approved by the counterpart, Escrow funds are transferred to the Sellers Customate Digital Wallet instantly.
Uses For A Customate Digital Escrow Wallet
In these instances, the Buyer wants to set aside an agreed budget and limit the absolute expenditure.
The Seller wants to know that they have an approved budget that has been funded and be able to access funds instantly on completion without waiting for invoices to be processed and chasing payment.
This would be useful for any Gig economy worker including Babysitters, Gardeners, Software Developers, Marketers, etc.
In these instances, the Buyer wants to set aside an agreed budget and limit the absolute expenditure.
The Seller wants to know that they have an approved budget that has been funded and be able to access funds instantly on completion without waiting for invoices to be processed and chasing payment.
This would be useful for business professionals that want to manage the service they provide to an agreed budget and minimise the administration. Examples would include Software Developers, Accountants, Lawyers, Electricians, Plumbers, etc.
In these instances, the Buyer wants to set aside an agreed budget and limit the absolute expenditure. They want to set and forget.
The Seller wants to be able to sell the product / deliver the service against this agreed budget without invoicing for each unit and know that they have an approved budget that has been funded and be able to access funds instantly on completion without waiting for invoices to be processed and chasing payment.
This would be useful for recurring services where Buyer and Seller trade regularly with each other and the Escrow can act as a Retainer / Deposit / Pre-funded wallet. Examples would include Coffee Shops, Sports Clubs, Software Developers, Accountants, Lawyers, Electricians, Plumbers etc.
In these instances, it is beneficial for the Buyer and Seller to complete the transaction in phases but the Buyer does not want to pay for the service before it is completed.
Buyer and Seller can agree to have specified funds released upon completion of predetermined phases of the project.
Examples would include Construction Services, Property Development, Software Development, Marketing Campaigns etc.
In these instances, the success of the transaction will only be known after the transaction and in many cases the success of the transaction is outside the control of both Buyer and Seller.
The Buyer does not want to pay the Seller for the transaction until they are certain it has successfully completed.
The Seller wants to be certain that they will be paid on completion and won’t need to chase payment.
This would be useful for Long Dated Sales like Council Inspections, Domain Transfers, Car Sales (30-day inspection period), Rent Deposit etc.