Escrow Chain - Payment Policy

This Payment Policy governs the handling of payments on the Escrow Chain platform. By using our escrow services, you agree to adhere to this policy.

1. Payment Methods

Escrow Chain accepts various payment methods to facilitate transactions, including but not limited to:

  • Bank transfers

  • Credit/Debit cards

  • Cryptocurrency (e.g., Bitcoin, Ethereum, Stablecoins)

  • Other digital payment methods (subject to availability)

The accepted payment methods will be clearly listed at the time of each transaction. You are responsible for ensuring that the payment method you choose is valid and authorized for use.

2. Payment for Escrow Services

  • Escrow Fees:
    Escrow services are subject to a service fee, which will be clearly communicated to you before initiating the transaction. This fee may be paid by the buyer, seller, or split between both parties, depending on the terms of the transaction. The fee will be deducted from the total amount held in escrow or paid separately as agreed.

  • Payment Timing:
    The buyer is required to deposit the agreed payment into the escrow account before the transaction proceeds. The funds will be held in escrow until the transaction conditions are met, at which point they will be released to the seller.

3. Currency and Amounts

  • Currency:
    Transactions may be conducted in different currencies, including local currencies (GBP, USD, etc.) and cryptocurrencies (Bitcoin, Ethereum, etc.). The platform will automatically convert funds if necessary to accommodate the transaction requirements.

  • Transaction Amounts:
    The amount of money or digital assets required for each transaction will be specified at the time of initiating the escrow agreement. It is your responsibility to ensure that the correct amount is deposited into escrow.

4. Payment Verification

  • Buyer’s Verification:
    We may require the buyer to verify the payment before funds are released to escrow. This verification ensures that the funds are legitimate and authorized.

  • Seller’s Verification:
    The seller may be required to provide proof of shipment, delivery, or completion of services before funds can be released from escrow. Verification documents may include tracking numbers, delivery receipts, or other relevant evidence.

  • Payment Confirmation:
    Once the buyer has deposited the payment into the escrow account, Escrow Chain will confirm receipt of the funds. Only after this confirmation will the transaction proceed.

5. Disputes and Payment Holds

  • Dispute Resolution:
    If a dispute arises during the transaction, Escrow Chain will temporarily hold the funds in escrow until the dispute is resolved. During this period, no funds will be released to the seller until both parties have reached an agreement or until the dispute resolution process is completed.

  • Refunds:
    If the transaction cannot be completed, and a dispute cannot be resolved in favor of either party, the funds may be refunded to the buyer, depending on the outcome of the dispute resolution process.

6. Payment Refunds and Cancellations

  • Transaction Cancellations:
    Both parties may agree to cancel the transaction before funds are released from escrow. If canceled, the funds will be refunded to the buyer, minus any applicable fees, as per the terms of the transaction agreement.

  • Refunds After Completion:
    Once the transaction is complete and funds are released to the seller, no refunds will be issued unless there is an agreement between both parties, or a dispute arises and the funds are returned to the buyer as part of the resolution.

7. Late Payments and Non-Payment

  • Non-Payment by Buyer:
    If the buyer fails to deposit the funds into escrow within the agreed timeframe, Escrow Chain may cancel the transaction, and the seller may be free to seek other buyers or take other actions.

  • Late Payments by Seller:
    If the seller fails to fulfill the terms of the agreement, such as delivering goods or services in a timely manner, the buyer may initiate a dispute, and the funds will remain in escrow until the issue is resolved.

8. Security of Payments

Escrow Chain employs robust security measures to protect both buyers and sellers. All funds are held in secure, regulated escrow accounts, and payment processing is handled through secure channels. We utilize encryption and other security protocols to protect transaction data and payment information.

9. Payment Processing Delays

While we aim to process payments quickly, certain factors may cause delays, such as:

  • Issues with the buyer’s or seller’s payment method

  • Required additional verification or documentation

  • Technical issues on payment processing networks

  • Disputes or disagreements between parties

If a delay occurs, Escrow Chain will communicate with both parties and work to resolve the issue promptly.

10. Limitation of Liability

Escrow Chain is not responsible for any issues arising from payments made outside the platform or issues related to third-party payment processors. We are only responsible for handling and holding payments within the escrow account as per the terms of the transaction.

11. Changes to the Payment Policy

We reserve the right to modify or update this Payment Policy at any time. Any changes will be posted on the Escrow Chain website or communicated to users via email. Continued use of the service after such changes constitutes your acceptance of the updated Payment Policy.

12. Contact Information

For any questions regarding payments, refunds, or other related issues, please contact Escrow Chain at:

Escrow Chain
128 City Road, London, United Kingdom, EC1V 2NX
Email: support@escrowchain.co.uk