If you are wondering how the escrow feature works in our Auction Theme, then this is the article explaining the basics of it. Normally taking an escrow on the payment for any type of product or object, is not complicated but many people do not understand the concept. Well , the idea is simple. When someone sells an object on an auction inside the website, the person buying the object should be protected. That means when they pay for the item, they must be sure it is delivered. And only then the seller should have access to the money. We will detail this process a bit more in depth below.
There is no more introduction about our auction theme and that is based on wordpress. You are here because you love wordpress and know how powerful it is. We have discussed this subject on hundreds of posts in this site.
What is escrow ?
As explained above, the escrow term is often used when the value of the product is big, and when there is a risk of either party changing their mind about delivery. Or when the person expecting delivery, will not get it in time. Another case is when the person getting the delivery, not paying for it. But we will treat different cases in the examples below. Bottom line is that escrow, is a form of secure payment that usually happens in auction websites.
Why do we need escrow ?
We need escrow because we want the payment between buyer and seller to be secure. When paying via escrow, the money stays inside the website, and until the seller delivers and buyer confirms, the money isnt released. That way we can ensure, through escrow, the buyer and seller of the auction theme website will be protected. Our wp auction theme comes with this vital feature for a true auction and ecommerce website.