Ebay to offer escrow on luxury watches
Online trading platform eBay has implemented an escrow payment option for purchasers of luxury watches.
The firm has partnered with Escrow.com to provide the service as an additional layer of trust ensuring transactional safety for buyer and seller within the product category. Buyers will have the opportunity to inspect purchased items before the escrow payment is released, while sellers can oversee the entire transaction at all stages, protecting their payment.
The feature, will automatically offer escrow for watch purchases valued at US$10,000 or higher, will be an option on all eligible US sellers by the end of this year. At its discretion, eBay may make the escrow integration available for watch transactions that equal or exceed $2000 per watch.
It will allow watch buyers seven days to return an item, after which a refund will not be available.