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Escrow Funds
The purpose of the Escrow Funds feature is to assure the service provider that the funds will be available once the service is completed as agreed. This is done by removing funds from the Buyer’s account and putting them into a neutral “holding account”. In order to start this process, go to the [Escrow Funds] transaction page. You will fill out the transaction information as though you’re filling out a typical transaction page. The Escrow Funds transaction page is only designed for services since products can generally be paid for at the time of delivery.
Process Escrowed Funds
When you are ready to complete the payment process go to [MyAccount] Escrowed Funds tab and find the seller’s information. Click the line item link which will bring up a window to complete the transaction process. You will simply fill in the total you owe at the bottom of the page and click Accept.
Adjusted Price (Seller)
If you have reduced your agreed price for the Buyer, you will need to release funds from escrow for them. This way they can get their funds back that were not required. While you are in your account, Go to [MyAccount] Escrowed Funds tab and find the Buyer’s escrow information. Click their line item link which will bring up a window to allow you to release funds back to the Buyer. Simply type in the text box the amount you are subtracting from the total owed. In general this process should be done before the seller makes a final release of funds to you, especially in a situation where there is a discrepancy or a dispute.
Adjusted Price (Buyer)
If there is an agreed price adjustment which is less than the original amount escrowed you may type in the revised total you are actually paying in the transaction screen. While in your account, Go to [MyAccount] Escrowed Funds tab and find the Seller’s escrow information. Click the line item link which will bring up a window to allow you to transfer funds to the seller. Simply type in the text box the revised amount you owe.
Increased Price or Add on Fees
If a service requires an increase in price or there have been additional services requested beyond the amount kept in escrow, then there are two options available. You can either create another escrow transaction for the additional amount needed or you can simply make a regular transaction for the amount difference. It’s always best if possible to secure funds in escrow to ensure the funds are available.
Handling Discrepancies
If there is a discrepancy between the buyer and seller after the service is completed then the buyer and seller must work together to resolve the issue. Until then, the funds will sit in Escrow. So it is very important to determine expectations up front and play fairly. IndyTrader is simply a transaction system. We do not get involved in handling disputes. So we are not able to ensure the reliability of someone selling any more than other classified or trade sites that are based on cash. We will however track user complaints and fraud to prevent future abuse.
Handling Fraud
If a service has not been completed and you believe fraud has been committed, then it is the buyer’s responsibility to send us a letter stating the situation. We will contact the seller and mediate the issue. This can be a very time consuming process, so it is important to try to deal with the right people and establish terms in advance. If the seller has had multiple cases of fraud or negative feedback then we retain the right to close the users account based on their level of activity and the level of complaints. If you feel you have been a victim of fraud please [
contact us
] by sending us a letter outlining the details of your case. Include in your letter: type of service/product, amount, date and pertinent details including conversations between the buyer and seller.