Verotel Escrow is a secure online escrow and transaction management service based in Amsterdam, Netherlands. Verotel Escrow is a payment escrow service only – it does not provide title document or asset escrow services.
Verotel Escrow is trusted and a neutral third party who holds funds during a transaction and releases the funds only when what was agreed between the Buyer and Seller has been fulfilled.
Verotel Escrow brings trust to a transaction where there is a degree of risk or discomfort in trade dealings between parties. Escrow allows parties to trade with confidence, knowing that their funds are safely with a neutral third party until the transaction is complete.
Step 1 – Buyer and Seller agree to terms of transaction and register with Verotel Escrow
Buyer and Seller register with Verotel Escrow. Either party can initiate a new transaction and an email is sent to the other party prompting them to sign in or sign up to their secure Verotel Escrow online or offline account and agree to transaction terms. Terms include description of goods or service, purchase price, length of inspection period, and any shipping information.
Step 2 – Buyer pays purchase funds to Verotel Escrow
Buyer then transfers the purchase funds to Verotel’s trust account held under the secure custody of the Dutch Central Bank. Verotel then alerts the parties when the funds are cleared. Please note that Verotel Escrow will never send you payment instructions via email and will never ask you to make any payment via Western Union.
Step 3 – Seller delivers goods or services to Buyer
Once Verotel Escrow verifies that the funds are cleared, the Seller sends the goods or performs the agreed service.
Step 4 – Buyer confirms satisfaction with goods or services
The Buyer has a set number of days to inspect the goods or services (“the inspection period”) and the option to accept or reject. If the Buyer rejects the goods or services, the Buyer raises a dispute. The funds in escrow remain in safe custody until the dispute is resolved.
Step 5 – Verotel Escrow releases funds to the Seller
Verotel Escrow transfers the funds to the Seller’s nominated bank account. The transaction is completed.