MACHINIST EXCHANGE has partnered with Escrow.com – a pioneering internet escrow company established in 1999 - to create an efficient and secure transaction platform for both buyers and sellers.
Using Escrow.com gives MACHINIST EXCHANGE members the confidence to transact, knowing a licensed and audited escrow service supports them at every step.
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
Funds are not released to the Seller until the equipment has been received and approved by the Buyer. Since online buyers often do not have existing relationships with the seller and cannot inspect the equipment before purchasing. Escrow allows buyers to make purchases confidently.
Peace of Mind for Sellers
Protected from fraudulent checks and money order scams, the Seller has peace of mind knowing funds are behind the Escrow.com shield. Escrow.com tracks the merchandise to confirm when it has been received by the Buyer and starts the inspection period.
Benefits
When making large purchases online, it can be hard to be sure you are getting what you
are paying for. Our process, led by Escrow.com, removes all such uncertainties. Escrow.com tracks shipping and delivery, and funds are released to the seller only after the buyer has inspected the machine.
- No fees for sellers
- Faster deals
- Conflict resolution and mediation
- Confident transactions
Frequently Asked Questions
- Once transaction details are entered on MACHINIST EXCHANGE, the Seller and Buyer are contacted by Escrow.com for registration, at which time both parties confirm the transaction terms.
- The Buyer uses the secure online system established by Escrow.com to transfer funds for the equipment.
- The Seller is notified by Escrow.com once payment has been received on their behalf, which guarantees that as soon as the machine has been received and accepted, payment will be released.
- The Seller ships the machine as agreed, and tracking information is recorded and provided by Escrow.com.
- Upon receipt of the machine, the Buyer has 48 hours to complete an inspection.
- If a dispute arises during the inspection period, Escrow.com acts as a professional third party, including mediation and arbitration if necessary.
- Once the Buyer has accepted the machine, Escrow.com releases the funds to the Seller, and the transaction is complete!
The buyer is responsible for the escrow fees for all purchases on MACHINIST EXCHANGE
Swipe the table right to left to view more info*
| Transaction value Fees | Fees |
|---|---|
| $0-$5,000: | 3.25% |
| $5,000.01-$25,000: | $162.50 + 0.26% of amount over $5,000 |
| >$25,000: | 0.89% |
| $25 charge in case of international wire transfers | |
| 3.05% processing fee for payment via PayPal/Credit Card) |
Swipe the table right to left to view more info*
| Transaction value Fees | Fees |
|---|---|
| $0-$5,000: | 3.25% |
| $5,000.01-$25,000: | $162.50 + 0.26% of amount over $5,000 |
| >$25,000: | 0.89% |
| $25 charge in case of international wire transfers | |
| 3.05% processing fee for payment via PayPal/Credit Card) |
The Buyer is responsible for the escrow fees for all purchases on MACHINIST EXCHANGE. Those fees are added to the initial payment.
Escrow.com only accepts credit card and PayPal payments for Premier Service transactions. Please note that Premier Service transactions are limited to a maximum 5000 USD/AUD/EUR/GBP (per all active transactions). In addition, Escrow.com has strict policies governing the acceptance of credit card and PayPal payments.
please see all details here
Escrow.com has added PayPal as part of our premier payment options.
A Buyer can send funds from their PayPal account by choosing the PayPal option on the transaction screen. This offers the convenience of PayPal with the protection of Escrow.com. Either the Buyer or Seller must have completed a transaction before and the transaction amount must be less than $5000 USD in order to use the PayPal option. The transaction must also be in US Dollars and, where applicable, online trackable shipping must be used to track delivery of the goods.
please see all details here
While most transactions are completed within 1 to 20 business days, transaction timelines are still unique to each transaction and depend on the steps below.
please see all details here
Most often, questions and concerns are quickly addressed through Buyer and Seller direct communication. If the Buyer does not accept the machine and the Seller rejects the return, a dispute is created.
- Escrow.com is notified of the dispute, and the involved parties enter a Negotiation Period.
- Negotiation Period - During this time, the Buyer and Seller have 14 calendar days to resolve their dispute without using a third party. com’s Conflict Resolution Team will act as a professional and independent advisor to assist both parties during this negotiation period. Typically, a solution is agreed upon that is beneficial to both parties.
- Arbitration Period - In the rare event that a solution is not arrived during the Negotiation Period, a 14-day arbitration period commences. The Buyer and Seller must participate in dispute resolution with a third-party arbitrator. The arbitration process is administered by arbitrators from the American Arbitration Association, JAMS Arbitration, or net-ARB.com and follows their arbitration rules for final settlement.