Articles on: Terms And Conditions

What is Escrow payment?

An escrow payment is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the amount in a secure account, which is only released when all of the terms of an agreement are done.
Escrows are very useful in the case of a transaction where a large amount of money is involved, and a certain number of obligations need to be fulfilled before a payment is released. Like in the case of a website being built where the Buyer might want confirmation of the quality of work being done before making a full payment, and the Seller doesn't want to extend a massive amount of work without any assurance that he or she will receive the payment.

Bitoff uses escrow payment to allows more secure and confident transactions for both shoppers and earners.

Bitoff Escrow payment step:

The Shopper search on Bitoff to adds items on their basket .
The Shopper chooses to shop either on Bitcoin or tether and checkout.
The Earner also chooses to pick up either BTC or USDT orders.
The Shopper receives his/her package physically and confirms the delivery.
The Bitoff transfers the bitcoin/tether into the Earner's wallet.

The transaction is complete now - safely and securely!

Updated on: 31/03/2021

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