Characteristics of online transactions are actually almost the same as trade between countries, where the seller and the buyer does not meet or know each other. In the process of inter-State trade, we know the letter of credit terms. LC is issued by a bank appointed importer as a guarantee that they had handed over a sum of money required in a transaction. LC from a bank was sent to the importers bank appointed exporters, and can only be disbursed when buying and selling process has been completed. Here LC issuing bank acting as escrow. In this payment model, there is no opportunity to deceive each other between exporters and importers. Payment model above can be adopted to accommodate online transactions on the Internet. Do I need an online escrow service is open to mediate between the seller and the buyer online.
Each principal transaction has an account on this escrow service. When ordering goods occurs, the buyer to transfer some money into escrow accounts online, and will be disbursed to the seller’s account if the goods ordered have been well received by the buyer. Currently there are many online escrow services, both domestically and abroad. Examples of this online escrow service many of us find freelance job forum, auctions, and some other public services.
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