Several online transactions involve a seller, buyer, and middleman. The seller and buyer tend to develop trust issues because none of them know the broker that well. In such transactions, the parties fear losing their money or documentation to the broker they have never even met.

If you are facing a similar situation now, you need to hear about the escrow service. The system eliminates trust issues and allows the sale to close faster. An escrow system is ideal for most online services, including the ones mentioned below.

Services to Process with a Tanzanian Escrow

Most online transactions can become safer and faster with a local escrow. However, there are five most popular online services that extensively rely on an escrow agent. Check out these options below:

MMMotor Vehicle Purchase

The traditional way to purchase a car was to locate a reputable car yard. Due to the advancing internet technology, those wishing to buy a car can do it online with strangers. You can order a car directly from Japan or any other country from the comfort of your home.

Selling an older car locally is relatively straightforward nowadays since you can find potential buyers on social media. While buying and selling cars online sounds easy, things can get complicated when exchanging money and documents. The risk of fraud gets higher without an escrow agent acting as a middleman.

Cheques can bounce after you have transferred the car ownership. You can get a fake car log book and realize it only after you have sent the money.  An escrow service like ApollosPay can eliminate any risk that many arise during this sale.

If the other party is a con, this escrow agent will protect you from them. The buyer will deposit money in their ApollosPay account. ApollosPay will verify the payment and notify the seller so they can start the car transfer process.

Meanwhile the buyer’s money will stay in the escrow waiting for the seller to ship the car and transfer its ownership. Once the buyer gets their car, they will ask ApollosPay to release the funds from the escrow account to the seller.

·       Electronic Purchase

Social media platforms have become reliable online shops where people display electronic products. High-quality electronics like TVs, laptops, woofers, smartphones, and tablets attract many cons. Several socio media users have become victims of these cons who take money but do not deliver the products.

Whether you want to purchase new or used electronics, you can rely on ApollosPay to hold your funds until the seller delivers the product. The buyer or seller can initiate the idea of using an escrow service. It depends on who feels less confident about conducting business directly.

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OnOline Freelancing Service

Skilled Tanzanians can easily work online with strangers from the US, UK, Canada, Australia, and other countries. The problem often arises when selecting a suitable payment process to enable the client to send you money. Sometimes the popular third party gateways do not work in Africa.

Your best solution in such a case is a Tanzanian escrow system. Ask your online client to pay for your services using a local escrow agent. Once they add money with a credit or debit card, the escrow agent will hold the funds until you deliver the last bit of the project. The escrow agent will release the escrowed funds only if the client does not require reviews after checking your work.

·        Milestone Projects

Programming projects that take several months to complete can benefit from an escrow service. Once the coding team finishes one project phase, the seller can create a milestone and ask the escrow agent to release it. 

Other projects entail the implementation of major business software tools like ERP (enterprise resource planning). After the team completes a module, the seller can ask the escrow agent to release a milestone for it.

Conclusion

In all the above cases, you can see how an escrow system offers convenience, efficiency, and safety. It enables freelancers to work from anywhere and still receive their salaries. An escrow system offers peace of mind, as the buyer knows their funds are safe in the account.

On the other hand, the seller knows they cannot receive the funds until they deliver a service or product. Escrows do away with travelling costs, as you do not have to meet your business associate physically before closing a sale.