General Escrow Instructions
How does an escrow agreement work?
In an escrow agreement, one party—usually a depositor (buyer)—deposits funds or an asset with the escrow agent (DON'Q) until the time that the contract/transaction is fulfilled. Once the contractual conditions are met, the buyer will instruct the escrow agent (DON'Q) to deliver the funds or other assets to the beneficiary (seller). It helps to make transactions more secure by keeping the payment in a secure escrow account until transactions are concluded.
Buyer and Seller agree to terms - the Buyer begins a transaction. After creating an Escrow, all parties have agreed before to the terms of the transaction.
Buyer sends payment to seller - The Buyer submits a payment by existing seller wallet account, we verifie the payment, the Seller is notified that funds have been secured 'In Escrow'.
Seller ships merchandise to Buyer - Upon payment verification, the Seller is authorised to send the merchandise and submit tracking information. we verifie that the Buyer receives the merchandise.
Buyer accepts merchandise - The Buyer has a set number of days to inspect the merchandise and the option to accept or reject it. The Buyer accepts the merchandise
Buyer releases payment to seller - we release the holded funds to the seller from the Escrow Account.
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