MACHINIST EXCHANGE has partnered with Escrow.com to create an efficient and secure transaction environment for you. Using Escrow.com allows all members on MACHINIST EXCHANGE the freedom to transact knowing that they are supported by a licensed and audited escrow service.
Benefits to you as a seller
Selling used machine tools often requires significant time to negotiate and execute the transaction as buyers may be hesitant to commit large funds upfront. Our payment process with Escrow.com takes away their uncertainty and hence significantly reduces their decision time. For you, selling on MACHINIST EXCHANGE, this means:
- Faster selling
- Increased turnover
- No fees for you
Escrow.com will notify you once the full payment has been received on your behalf, and guarantees release of funds to you as soon as the machine has been accepted.
What is Escrow?
An escrow is a financial and legal agreement designed to protect Buyers and Sellers in a transaction. With an escrow payment, the Seller will only receive the funds when the Buyer has received and accepted the products and/or services that are part of the transaction.
How does Escrow work?
Confidence for Buyers
We do not release the money to the Seller until the merchandise has been received and approved by the Buyer. This provides online buyers the same security that off-line buyers have.
The payment process
- You are notified by Escrow.com once payment has been received on your behalf, which guarantees that as soon as the machine has been accepted payment will be released. After concluding the transaction on MACHINIST EXCHANGE, you and your buyer are contacted by Escrow.com for registration, where both parties confirm the transaction terms.
- Your buyer uses the secure online system established by Escrow.com to transfer the funds for the merchandise, and you will be notified that the money is in a holding account waiting for you to fulfill your obligations as agreed in step 1.
- The machine is then shipped and tracking information provided to Escrow.com.
- After arrival your buyer has 48h time to inspect and subsequently accept the machine and advise Escrow.com accordingly. If they reject the machine a dispute will be raised and Escrow.com will act as a professional third party for resolution, including arbitration as the case may be..
- Once the machine has been accepted by your buyer, Escrow.com releases the funds to you and the transaction is complete.
What if there is a disagreement during the transaction?
At times transactions can have issues, and if there is a disagreement, all parties involved in the transaction will enter the Dispute Process.
A dispute happens when the Buyer does not accept the machine and intends to return it, and the Seller rejects this return. If the Buyer returns the machine, and the Seller accepts the return, this is not considered a dispute.
- The Buyer rejects the machine. If the Seller accepts the return of the machine, then a refund is processed to the Buyer.
- The Seller Rejects the return of the machine. After Escrow.com is notified, we would advise the parties involved to enter the Negotiation Period.
- Negotiation Period. The Buyer and Seller have 14 calendar days to resolve their dispute without using a third party. For this purpose Escrow.com has a conflict resolution team, which will act as a professional and independent advisor to assist both parties during this negotiation period. Experience shows their capabilities typically lead to successful and amicable solutions, beneficial to all parties involved.
- Only in case such a solution can not be found, the 14 day arbitration period commences. The Buyer and Seller are required to start dispute resolution with a third-party arbitrator. The arbitration process is administered by arbitrators from American Arbitration Association, JAMS Arbitration, or net-ARB.com and follows their arbitration rules for final settlement
Who is responsible for paying fees to Escrow.com?
The Buyer is responsible for the escrow fees for all purchases on MACHINIST EXCHANGE. Those fees will be added to the upfront or initial payment from the Buyer.