What is Escrow
What do you think of when you hear the word ‘escrow’? Unless you’re in the finance industry or one closely related, you can be forgiven for thinking “what?” Perhaps you’ve bought or sold a house and remember someone, probably a lawyer, mentioning escrow agreements or an escrow payment at some stage. It’s even more possible you’ve heard the word, can’t remember where or why but all you do know is it’s something to do with money.
The truth is, escrow is for everyone, not just lawyers and banks, and the even better news is that you don’t have to go through a lawyer or bank anymore to benefit from an escrow account. Since we’re an escrow company, offering escrow services through an easy to use trusted escrow platform, we thought we’d explain exactly what it is and just how simple it is for you to take advantage of it.
Truzo was born out of a deep desire to ensure buyers and sellers aren’t scammed and spur economic growth on the African Continent.
In essence, escrow keeps people honest. It’s a financial commitment between people or businesses to do what they say and say what they do. How can that be ensured? Easily. It’s not just a handshake or ‘gentleman’s agreement’. A person or business who wants to buy something (goods or services) from another person or business commits by paying the money into a trusted escrow bank account, using a trusted third-party payment provider. The person or business who is selling those goods or services commits to delivering it within a specific time frame, let’s say two days for a small item or perhaps a week for a bigger item like a car or a service that needs to be booked in. The seller knows up front that the money is real and if they deliver what was promised, in time, it will be paid out quickly. Likewise, the buyer knows that if the seller doesn’t deliver on time or what they asked for, the agreement can be cancelled and their money will be returned quickly, without loss.
Whether you know it or not, lawyers and banks have been using escrow when dealing with property since forever to avoid scams and fraud. Truzo was born out of a deep desire to ensure buyers and sellers aren’t scammed and spur economic growth on the African Continent. If using escrow services has worked for banks, it can definitely work to safeguard payments for everyone. Keeping people honest in times like these is almost a basic necessity. Even though escrow services become more necessary the bigger the amount, making sure people aren’t scammed out of even R100 can mean the difference between eating a hot meal or going without.
How do you set something like that up? Easy! We’ve taken all the guesswork out of using escrow, handled all the legal stuff and opened a trusted escrow account for anyone to use. Simply create a profile on our website or use our app which can be downloaded from your PlayStore or App Store to get set up. For detailed instructions, visit How It Works or drop us a mail on email@example.com and we’ll call you back.