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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4543
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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Hi... I run an online service which works as an agent, finding

Resolved Question:

Hi... I run an online service which works as an agent, finding professionals for other companies.
I want to arrange a sort of escrow service where buyers pay the full amount of the project to me, and when sutisfied with the results, I will pay the professional keeping my fee.
My company is a limited one registered in England and Wales while I have international clients.
Can I arrange this service just requesting a payment on my bank or paypal account?
Otherwise what is the correct procedure?
Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

In my opinion, there is no need to create an escrow account at all. Escrow accounts are usually created by realty / mortgage companies. You should have an alternate procedure for the same.

In my opinion, your business need not create an escrow account. Alternatively, what I would suggest that you receive all your fees in an account held separately. Further to this, you should hire professionals with the terms that they would be paid ONLY AFTER you are satisfied with their services. If you are not satisfied with the services, you will have the option to make a refund to your clients.

Usually escrows are created if your clients insists like this. However, what I understand that this is your internal procedure and there is no need to create such escrow account at all.

You can just have your internal process and procedures like as suggested above.

I am sure this would help.

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Warm Regards
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