How Does Escrow Service Work on HQEW.net?
HQEW.net is an top B2B marketplace of electronic components such as IC components, semi-conductors, etc. It supplies a service called "Escrow", thus how does it work?
There are 7 steps to complete a trade with escrow service, you can check your status in "My Hqew" on HQEW.net.
Step 1. Both side confirm the trade details
Buyer starts escrow service and send related information for seller's confirmation including:
PO, details of buyer or seller, escrow items, fee sharing and order details
As soon as buyer sent the information and signed Escrow Service Agreement, seller will receive the notice by email or fax. If seller approved and signed the agreement, the payment of goods should be paid to escrow account by buyer.
Step2. Buyer paid to escrow account
If buyer paid via T.T., we will charge T.T. duty and the 0.7% of each trade volume (or at list $50 per order). After escrow account received money, seller will be informed to start delivery.
Step3. Upload Way Bill No.
Seller uploads Way Bill No. in Escrow control panel for buyer and escrow services' reference
Step4. Tracking goods
Now the goods is on the way and both side could check its status online. The inspection period will starts as soon as buyer received goods
Step5. Inspection
Buyer can check goods during this period and make the decision about the acception of goods. If there is any problem, buyer can contact Escrow Service for refund
Step 6 Escrow account release payment to seller
If buyer confirms the acception of goods, escrow account will paid to seller at once, escrow duty and other cost will be deducted.
Step 7 Done.
The trade has been done
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