What is Escrow?
An Escrow is a financial arrangement where a trusted third party holds payments on behalf of two parties involved in a given transaction. This helps to make transactions more secure by keeping the funds in a secure escrow account which is only released when all of the terms of an agreement are satisfied.
We are the Future...
Payonhold is a Digital Escrow System that allows individuals, businesses and corporate organizations to make and receive payments for goods and services without worrying about been defrauded as they are always in complete control of their transactions.
The buyer and the seller agree on the terms of a particular transaction. Which could involve specification of an item in terms of quality, duration, delivery condition etc.
The buyer creates the transaction and sends payment to the seller using the seller's payment handle. The seller is notified of the payment via SMS and Email alerts but the funds are not accessible as it is locked in Escrow.
The Seller fulfils their part of the bargain by delivering the agreed product or service in the exact quality and duration agreed by both parties.
Once the buyer have confirmed & received their product and are satisfied with the product delivered, then the buyer instantly releases the payment and the transaction comes to a close.
Our Model is Simple...
Payonhold works in a very simple yet effective way - The buyer is able to create a transaction on the payonhold platform and keep track of his/her payment until goods or services are delivered as agreed.
After a successful delivery, the buyer goes to their transaction page and click the 'Release' botton and payments is instantly released to the seller and ready for withdrawals.
Call it back option...
In cases where goods/services are not delivered as agreed, the buyer simply logon to payonhold and 'Callback Payment' and that automatically sets up a dispute resolution between the Buyer, Seller and Payonhold and every dispute is quickly resolved through our inbuilt chat system and we come to a resolution and close the deal within 24hours.
Sellers and Vendors not left out...
At Payonhold, sellers are also protected, as their payments are already held by the platform and ready to be released when they keep their end the deal.
The payonhold platform is fully automated and holds fund until both transacting party are satisfied with their terms. It is the best way a seller is guaranteed of payments while a buyer is also guaranteed that goods/services will be delivered.