Many ecommerce experiences are straightforward. It’s easy to buy and receive physical products, digital items, and services from established businesses, such as Amazon, Fiverr, Microsoft, TransferWise, and others. Where ecommerce can get a little tricky, and potentially fraudulent, is when a person must transact with another individual directly. The more money involved in the transaction, the higher the risk to the buyer since the buyer typically must initiate the transfer process with payment. Additionally, schemers and bad actors surf the net looking for people to scam. I haven’t been scammed, thankfully, but millions of internet fraud cases occur each year.
One way to ensure your online transaction is successful is by using an escrow service. An escrow is a financial arrangement in which a third party holds and regulates the payment of funds required for two parties involved in a given transaction.