How does online escrow works ?
When you’re buying something online, it’s important to trust in the process, right? That’s where Quicoon steps in, serving as a reliable guardian for your hard-earned money.
Quicoon holds your money in trust until you get what you’ve paid for. Funds are only released when you’re happy with your purchase.
How does it work? Let's consider a day-to-day scenario.
Imagine you’re an online shopper looking for a new smartphone. You find the perfect one from a seller, and they want payment upfront. It’s natural to feel a little cautious. Here’s where Quicoon makes a difference.
- Agreement: You and the seller agree on the terms – the price, the phone’s specifications, and the expected delivery date.
- Payment: Now, you pay through Quicoon, but hold on, We don’t just hand over your money to the seller right away.
- Notification: Quicoon informs the seller that you’ve paid and they should send the smartphone.
- Delivery: The seller promptly ships the smartphone to your address, just as you agreed.
- Verification: Once you receive the smartphone, you check it to ensure it matches the agreed terms and quality.
- Release: If everything’s good, you notify Quicoon, and they release the payment to the seller.
Agreement
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Payment
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Notification
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Delivery
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Verification
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Release
Quicoon acts as a trusted middleman. They hold the funds securely, assuring the seller that you’re serious about the purchase. At the same time, they provide you, the buyer, with the peace of mind that your money won’t disappear if something goes wrong. This way, everyone involved in the transaction can be confident that it’s safe and fair. It’s a win-win for buyers and sellers alike.