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Online escrow service

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Definition Edit

An online escrow service accepts and holds payment from a buyer — often a wire transfer, check, money order, or credit card — until he receives and approves the merchandise. Then, the escrow service forwards the payment to the seller. The buyer pays the fee for an online escrow service — generally a percentage of the cost of the item.

Overview Edit

The primary purpose of online escrow services is to protect buyers and sellers from fraud.

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