When using an Escrow service, the buyer’s money is held by a 3rd party and is paid to the supplier just after the buyer affirms the satisfactory delivery of the purchase. Escrow is a fairly safe payment way of purchasing and selling online since Escrow protects both buyer and seller.
Being in Escrow is a contractual agreement in which a third party receives and spends money or assets for the first transacting parties, commonly, used with numerous terms that run the rightful activities that follow. The payment depends on requirements agreed to by the transacting sides.
In an important financial transaction between two parties, Escrow is defined as a neutral third party that retains a valuable asset (usually cash) before the purchase is complete.