What is escrow and why is it provided on FlipDeal.com?

FlipDeal offers an automated Crypto escrow service to buyers purchasing items on the site. You can buy and sell knowing you are protected with Escrow protection!

Escrow is a place of trust where funds or objects are kept with a third party for a period of time until the deal is considered complete between two parties.
Due to the nature of crypto, transactions sent over the Blockchain are irreversible. That means that once you send Crypto from one address to another there’s no way to force the receiving party to sending you the payment back.

Unlike traditional currency services such as credit cards, bank transfers, or PayPal, once the funds are sent, there is no way to charge back the transaction.
Irreversible transactions is one of the greatest features of Crypto. It offers online retailers and sellers peace of mind over traditional payment methods, but at the same time it increases the risk for buyers spending their coins. Buyers are forced to place their full trust in the seller and hope that nothing goes wrong with their purchase.
This is where FlipDeal’s automated escrow service comes in. When a buyer pays for an item and uses escrow, FlipDeal will hold onto the funds until the buyer receives their items and is happy to release escrow to the sellers. If the buyer does not receive their item or it is not satisfied with their purchase, they can submit a refund request. This process reduces the risk of Crypto loss and increases the trust between parties.
FlipDeal offer protection to buyers using our escrow service.

FlipDeal Escrow Service

How does it work?

FlipDeal is easy to use and offer escrow protection buyer and seller. Once buyer are satisfied with their purchase, buyers must release escrow, at which point FlipDeal immediately sends the funds to the sellers. If the buyer does not release escrow within 72 days, the funds will be automatically released to the seller from the time of purchase.

Escrow Refunds

If the buyer does not receive or is not satisfied with the purchase, they can submit refund request to FlipDeal and ask for a refund for their Crypto. Sellers are then sent a notification of the request, and the following refund process occurs:

  • Buyers are expected to give sellers a minimum of 72 hours to deliver the item before they ask for a refund.
  • Sellers are given 72 hours to respond to a refund request, to either Agree to the refund or Dispute it.
  • If the seller agrees to the refund, buyers are immediately refunded.
  • If the seller disputes refund, our escrow team will intervene and arbitrate the dispute. We will ask both parties to provide further evidence to support their claims, before making a decision.
  • If the seller does not respond and dispute the refund within 72 hours the funds will be automatically refunded to the buyer.
  • Once evidence is received from both parties, FlipDeal will use this, along with other information such as account history, feedback, prior sales, private messages etc in order to make a decision on the refund request.
  • By selling or buying good using our escrow service, you agree that FlipDeal reserves the right to use its own judgement an any and all means at their disposal in order to arbitrate a refund request and reach a final decision.
  • Escrow refund decisions are final and can not be overturned.

Escrow Release

Sellers may request for funds instantly once buyer release funds and confirm purchase. Applications for escrow releases should be made through our Support portal where you need fill your wallet.

Things to know for buyers

  • We recommend buyers not to release the funds before they receive their items.
  • If you purchase gift cards or other similar credit, do not release escrow until you’ve used the cards/credit.
  • Never agree to release escrow before the seller ships the item.
  • Never agree to transact with sellers outside of FlipDeal.
  • Do not agree to send Crypto directly to the seller’s Crypto address
  • If you release escrow for an item, you void your buyer protection and no refund is possible. The seller will receives the funds as soon as you release them and we no longer have the funds on hand.

Things to know for sellers

  • Escrow fee is 10% of sold items. We take all responsibility that escrow will be safe.
  • Be clear with item descriptions and aim to deliver within 72 hours.
  • Use the private message system for all communication.
  • Try to resolve issues with buyers before it leads to a refund request.
  • Respond to refund request within 72 hours.
  • Provide FlipDeal with as much evidence as possible when disputing a refund request.