In this PYMNTS.com article, Accruit CEO, Brent Abrahm, and TruckTractorTrailer CEO, John Gillie discuss how digital escrow services facilitate online transactions of big ticket items. Article excerpted below.
Big-name eTailers like Amazon, eBay and Walmart have made it easier than ever to buy just about anything online. When it comes to shopping for big-ticket items like pre-used or new commercial vehicles, though, the online shopping process is anything but simple.
In fact, it is frequently rife with friction. For sellers, the process might entail anxiously waiting to receive payments. Buyers, meanwhile, worry about handing over a large sum of money to a seller they’ve never met, hoping to have the vehicle safely delivered in the expected condition.
“We’re not talking about your Amazon transactions or small eBay transactions,” said Brent Abrahm, CEO ofdigital financial services provider Accruit.
When expensive items are sold online, both parties are looking for assurances that they will walk away from the transaction unscathed. Providing confidence to both sides is something Accruit is working to address through its PaySAFE Escrow service, which holds funds in a digital escrow account until all parties are satisfied. The funds are then disbursed to the seller.
“We’re talking about $5,000 or greater, where it means something to the two individuals,” Abrahm explained. “You have to figure out how [you can] help the transaction move forward, how [you can] keep it smooth and provide confidence.” Read the full article.