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Escrow account; How it works on Catcher pouch?

Escrow Account

Escrow is one of those financial terms that most people don’t hear every day. But the concept doesn’t need to be intimidating.

Escrow is one of those financial terms that most people don’t hear every day. But the concept doesn’t need to be intimidating. Escrow accounts serve several basic needs, and Catcher pouch covers the one(s) you may need on its platform.

Escrow Account

An escrow account is an account designed to safely hold funds temporarily. The escrow provider should be a disinterested third party with no preference about who ultimately receives funds from the account. For example, in a real estate transaction, the account does not belong to the buyer or seller. Escrow accounts are useful in several ways:

 
    1. Homebuying: An earnest money deposit should stay in the account to protect both the buyer and seller.
    2. Monthly payments: A homeowner might make deposits into the account with each monthly payment, helping to smooth out large annual expenses.
    3. Renters and landlords: The accounts can be helpful for protecting the interests of renters and settling disputes.
    4. Buying goods and services: Escrow is an option for almost any transaction where buyers and sellers want a “referee” to oversee payment.
 
So, escrow accounts can help to facilitate almost any kind of transaction. By involving a third party to hold funds in safekeeping, buyers and sellers can feel confident about doing business. For example, when buying or selling online, you don’t know the person or company on the other end of the deal.
 
By way of conclusion, the escrow account enables Catcherpouch to guarantee a payment/refund. As soon as a shopper receives their item, they can pass a release code to the traveler. Then, he/she can get the cash and reward by Catcher pouch. On the other hand, in case of any disagreements or cancelling the order; reaching a consensus to refund the payment to the shopper may occur. And they will have their payment back. 
 
 
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