1. Escrow is a simple, financial arrangement where a licensed third party securely holds the funds of a transaction on behalf of a buyer and seller, and only releases payment when both parties deliver on their end of the deal.
2. Once the buyer places an order with a seller on the getlion website, the Buyer and Seller manage the transaction to its fulfilment/completion on the Truzo platform. This is accessible via truzo.com, and directly through the Marketplace dashboard once logged in.
1. A buyer agrees to purchase something from a Seller by placing an order online.
2. The Buyer is prompted to pay the agreed purchase price into a secure bank account operated by the escrow provider (Truzo). The Seller is notified of the payment.
3. The Seller is then obligated to the deliver the agreed product or service by the agreed deadline.
4. Once delivered, the Buyer reviews the order within a set time frame (known as number of inspection days per Truzo) and then accepts/rejects the product/service. The inspection days, as defined prior to placement of the order, outline the time period in which the Buyer must communicate their satisfaction (or not) with the delivery and request revisions (if permitted). If the buyer does not respond within this period, the Order will be considered completed and payment automatically released to the Seller by Truzo.
5. If accepted, the Seller is paid the value of the order total, less the website platform fee.