Wednesday, 27 July 2016

Freecharge Launches Escrow Services

Freecharge, India’s fastest growing digital payments platform has unveiled a buyer protection service by launching escrow facility for merchants and customers. The escrow service mitigates risk of unsuccessful shopping experiences and safeguards customers’ money by withholding funds till they receive the right product.

The first merchant for this service, Shopo, has integrated Freecharge wallet on its app to offer escrow protection to its buyers and sellers. After buyers place orders by paying through Freecharge, the seller is notified that the buyer has completed the payment, and money is on hold in escrow. 

Once the order is delivered to the buyer, the money is automatically released to the seller. In case the order is not shipped or delivered within the stipulated time, the money is refunded to the buyer’s wallet. Sounds good to us.

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