Q: What is "escrow"?
A: Escrow protects buyer's money and seller's goods against a fraud. See below.
Q: How does Multicoinescrow works?
A: The buyer or seller clicks 'Start Escrow' and fills out the required entries.
From there, the buyer has X days to send the required funds for the transaction. Once the funds are received, the seller is notified and will ship/send/release the product or service the buyer purchased and the 'inspection period' has begun. (When setting up the transaction, make sure to leave enough time for shipping as well.)
When the buyer receives their product/service they will either click 'Release Transaction' if they are happy with the purchase to send the funds to the seller or they can click 'Start Dispute' if there is a problem. If the buyer doesn't click either option the escrow will time out after the configured number of days and release the funds to them automatically.
Q: How are disputes handled?
A: The buyer and seller will both provide testimony and evidence (pictures, tracking numbers, etc.) for their case. A panel of 3 judges will decide the outcome of the case which may be a) refunding the funds to the buyer, b) releasing the funds to the seller, c) a 50/50 split, or d) in the rare case a decision can't be reached, the funds will be released to a registered charity of our choice and the transaction ID published on this website.
Q: How can I get in touch with Multicoinescrow?
A: Please feel free to contact us via email support@multicoinescrow.com