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Escrow What is Escrow?     

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   What is ?
[ Escrow Q & A ]


What is Escrow Service?
A lot of times, buyers and sellers are complete strangers. When these two parties don't know each other, they may want to turn to a third party to mediate their transaction to prevent any kind of fraud from taking place.
Escrow acts as a third-party they can trust to make sure their transaction is simple and secure.
As a result, Escrow gives the Buyer and Seller confidence that their transaction will be carried out fairly and successfully.


- Protection for both Buyer and Seller -

How Buyers are protected?
IC2IC Escrow tracks and verifies delivery of the shipped merchandise.
The Seller won't get paid until the Buyer accepts the merchandise, or the agreed upon inspection period expires.

How Sellers are protected?
IC2IC Escrow verifies delivery of merchandise to the Buyer.
The Seller is notified to ship after IC2IC Escrow verifies good funds.

Why should I use Escrow Service?
Typically, we recommend members to use our service when the Buyer and Seller are unknown to each other, for purchases made on business-to-business e-commerce sites, and online merchants.

What are the steps to use Escrow Service?
Step 1: Buyer and Seller negotiate Part Price & Escrow options
Buyer must agree the Escrow terms & conditions when sending Escrow RFQ to Seller.
Escrow RFQ & Quotation system include following options to negotiate and other details:

* Length of inspection period
* Delivery Option(Carrier)
* Party responsible for paying return shipment
* Contact Details of both parties
* Escrow Purchase Order Details

Buyer starts the Escrow with negotiated options.
Seller is notified by e-mail about the Escrow P.O provided by Buyer when Escrow started.
When Escrow started, Buyer will be asked to send payment to IC2IC Escrow.

Step 2: Buyer Pays to Ic2ic Escrow
Buyer send their payment to IC2IC Escrow by wire transfer including the Escrow fee (2% from the total amount and minimum cost is $150) and plus the service charge of wire transfer(T/T) $50.
After payment is secured into a trust account, the Seller is notified by IC2IC Escrow to send the merchandise to the Buyer.

Step 3: Seller sends Merchandise to Buyer
Seller sends the merchandise to the Buyer by agreed delivery service(Carrier).
After Seller sends the merchandise, Seller must notify IC2IC Escrow and provide the tracking information in the Escrow process.
The inspection period will not begin until Buyer or IC2IC confirm delivery of the merchandise.

Step 4: Buyer Inspects the Merchandise
When the Buyer receives the merchandise, the inspection period begins and the Buyer must inspect within this period and decide to purchase the goods.

Step 5: IC2IC Escrow Pays the Seller
If Buyer Purchase the merchandise, Ic2ic Escrow will send the payments to Seller via wire transfer.
Payment is sent to the Seller with escrow fees and Wire Transfer service charge deducted as notified in Escrow P.O.

Do I have to be a member of IC2IC.com?
Yes, both Buyer and Seller are required to be a member of IC2IC.com.
IC2IC.com membership is free and click here to learn more about IC2IC membership.

How long does the escrow process take?
It depends upon three factors:
1. The inspection period agreed upon by both parties
2. Method of shipment
3. The length of making payment.
Generally, most escrow purchases can take from 7 to 14 days.

Will it be safe using Escrow?
IC2IC is one of the famous On-line Marketplace for Semiconductor and Electronic components.
We are trusted third party and we act as mediate of transaction in Escrow.
We always do our best to give utmost satisfaction to users and now well trusted to people.

How does Escrow protects you against fraud?
It takes several steps to protect both the Buyer and Seller against fraud:
1) Ensure all payments are made by the Buyer before the Seller is instructed to ship.
2) All shipments are tracked to ensure the Seller shipped and the Buyer received the goods
3) If the goods received was fraudulent, it gives the Buyer the chance to return the merchandise before payment is released to the Seller.

Does our service favor either Buyer or Seller?
The service is a neutral, third party intermediary that assures a secure transaction process for both buyers and sellers.

Which countries do Escrow service support?
We basically support transactions from all over the world.


- PAYMENT -

How much does it cost to use Escrow?
IC2IC Escrow fee is 2% from the total amount and minimum cost is $150; plus T/T fees ($50) will apply to payment made by wire transfer.

How do I know if Seller accepts payment thru Escrow?
We highly recommend Buyer or Seller to use Escrow service when conducting transaction over Internet.
You need to contact Seller or Buyer to ask through our RFQ massaging system or E-mail or other method(direct calling).

Who should pay for the Escrow fee?
We recommend Buyer to pay escrow fees and contact escrow@ic2ic.com in case of Seller pays Escrow fees or split.
In the event of a rejection of the merchandise or cancellation of the transaction, the Buyer and Seller should choose in the order form who is responsible for return shipping fees.
The escrow fee and return T/T fees will be taken out of the original payment made to us.

Are there any other charges for Escrow Payment?
There in no additional Escrow fee except Bank T/T fees.
Bank T/T fee is additional charge for send payment to Seller by wire transfer.

What is the verification of "good funds" or "secured funds"?
In order to ensure payment, IC2IC Escrow waits until the money is deposited into our trust account, which is then considered "good funds".
It gives Buyers and Sellers an extra level of security.

How do Sellers get paid?
IC2IC Escrow releases payment to the Seller once the inspection period has passed without the Buyer requesting cancellation of the transaction and upon IC2IC Escrow verification of the transaction information. The inspection period is agreed by both the Buyer and the Seller and commences once the Buyer has received the merchandises.

How long does it take for Sellers to get paid?
When the Buyer accepts to purchase the merchandise, the Seller will be paid.
IC2IC Escrow will disburse the payment to Seller via wire transfer.
Sellers are always recommended to use a delivery company(Carrier) with online tracking to ensure quick release of funds at the close of the transaction.

How quickly is the payment processed?
It depends upon your financial institution; some require a few days before they can wire funds. We process wire transfers each business day

As a buyer, what happens to my money when I send it to Escrow?
The payment we received remain in our secured escrow non-interest bearing trust account until the transaction concludes.

Will IC2IC Escrow convert my local currency to USD?
IC2IC Escrow does not convert money between currencies.
All Escrow transactions are processed in the United States Dollar currency.
Please contact your local banks for exchange rates and other costs associated with this conversion.

Who will pay for currency conversion rates?
IC2IC supports transactions in US Dollars.
Once the transaction is started it will continue in the same currency throughout the entire transaction.
The buyer accepts all responsibility regarding gains or losses due to currency conversion rates while the payments are held in our trust account.


- TRANSACTIONS -

How can I know my status?
Buyer or seller can check the Escrow status through Internet.
IC2IC Escrow will also update buyer and seller the process to ensure each step has been followed strictly.

What is an inspection period, when does it start and how long does it last?
The inspection period is the time agreed by both Buyer and Seller in which the Buyer examine the received merchandise.
The inspection period begins when Buyer or IC2IC Escrow confirms the shipment has been received.
Buyer must accept or reject the received merchandise within agreed inspection period.
Buyers and Sellers should make sure the inspection period provided adequate time for any authentication and/or appraisal process that may be necessary to complete the transaction.
The IC2IC Escrow suggested inspection period is 3 business days.
When the Buyer rejects the received merchandise, the Seller has 5 business days to examine the merchandise after it is returned.

What if I require more inspection days than previously agreed on?
IC2IC must have the Seller’s written approval if you need to prolong the inspection period.

What if the Buyer is dissatisfied with the received merchandise?
The Buyer has the inspection period (time agreed to by both Buyer and Seller) to approve the received merchandise.
If dissatisfied, the Buyer must return the received merchandise to the Seller.
Once the Seller has received the merchandise and confirmed that they are in satisfactory condition, IC2IC will release the payments back to the Buyer.
Of course Buyer will receive the payments that deducted the Escrow fee and Bank T/T charge.

What if the Buyer does not pay?
If the Buyer has not made the payment in time, the Seller has the right to cancel the order and the Buyer is responsible for the Escrow fee.

What if the Seller does not ship the item?
If the Seller cannot ship the merchandise in time, the Buyer has the right to cancel the order and the Seller is responsible for the Escrow fee.
The payments will not be released to the Seller until the Buyer has received and approved the merchandise.


- SHIPMENT -

When do I ship the merchandise?
Ship the order only after you have received clear instructions and confirmation from IC2IC Escrow.
Sometimes the Buyer may not have paid in full and gives you a payment confirmation.
IC2IC will first ensure full payment has been made by the Buyer before asking you to ship the parts.

How should I ship the merchandise?
Before shipment, ensure the following is in order:
1. The parts are in working condition and packaged securely as written in Escrow P.O
2. Packing list
3. Test reports if any, and leave a copy for your own reference
To avoid dispute, Seller have to use the delivery company that has on-line tracking system. We recommend UPS, Fedex, DHL, and TNT.

What if merchandise is damaged during shipping?
In the event of receiving damaged merchandise, the receiver (Buyer or Seller) should inform IC2IC.
IC2IC will continue to hold the payment until both parties come up with a solution.

Who should pay the shipping cost?
IC2IC recommend Seller to pay shipping cost and contact escrow@ic2ic.com in case of Buyer pays or spilt.
For the return shipment, Buyer and Seller have to negotiate who will pay.
In the event the merchandise is received by Buyer and rejected, Escrow P.O indicates who is paying for return shipping fee.

Should I insure the shipment?
All shipments, domestic and international, recommend to be insured for the merchandise full value.
Failure to insure the merchandise for its full value means assumption of liability in the event the merchandise is damaged or lost.

Does Escrow keep merchandise or drop shipment for Buyer and Seller?
We would act as a third party for Buyer and Seller to trade in a more secure way over internet. IC2IC Escrow would not keep merchandise or drop shipment for buyer or seller.


- RETURN -

How long does the Buyer have to inspect the items?
The Buyer and Seller should specify the inspection period in the Purchase P.O.
If the inspection period has expired and IC2IC Escrow will confirm the Buyer received the merchandise, we assumed that the Buyer has approved the merchandise.

How does the Buyer decline or reject merchandise sent by the Seller?
The Buyer is responsible for returning shipment to the Seller by using a delivery company that provides on-line tracking service.
The Buyer's refund is processed only after the Seller confirms receipt of the returned merchandise in the same condition as it sent.

How does the Buyer decline some of the merchandise sent by the Seller?
The Buyer has to contact IC2IC that you want to purchase partial merchandise only and contact Seller directly to negotiate about who pays additional bank T/T charge and other conditions. In this case, both Buyer and Seller have to give us the solution.
As the solution, IC2IC will send notification to both parties.
If the Buyer returned the declined merchandise to Seller and the Seller accepts partial returned merchandise.
IC2IC will send partial payment to the Buyer and Seller accordingly as the solution.

How are buyers refunded?
In the event of a cancelled transaction or a partial refund to the Buyer, Buyer will receive the payments that deducted Escrow fee and Bank T/T.
The escrow fee is non-refundable.


- Security & Privacy -

Are services offered through Escrow safe?
Definitely IC2IC Escrow is safe. You and your transaction are protected every step of the process.

Will IC2IC Escrow release my email address or any private information to other companies?
IC2IC Escrow will never release personal information we collected to any person or organization except both Buyer/Seller Escrow providers in process.
But we may use your company information and Escrow success status to show up how many Escrow has done by your company and it will increase your company’s reliability.
* If you do not agree to show up, contact escrow@ic2ic.com to not show up your company’s Escrow success status.

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