Escrow Account Payments
An escrow account is a financial tool that provides both parties (the payer and the payee) with equal control over payment for services. Use of an escrow account is recommended to facilitate ease of payment.
Definition: Money deposited with a neutral third party to be delivered upon fulfillment of certain conditions. An escrow account is a neutral account that holds a sum of money, until a specific transaction is completed.
Space Master Interiors provides users with the escrow account payment option to assist in the smooth, stress free and secure completion of payments. Clients can deposit a specific monetary sum, for a specific project, into an escrow account on Space Master Interiors. This option enables both parties, the Client and the Designer, to monitor the funds in the account.
Upon completion of the project, the Client transfers the money from the escrow account to the Designer. No other actions are allowed without the Designer's consent, thus giving each party equal control over the money deposited in the escrow account.
If the project is cancelled amicably, the Designer can cancel the escrow payment and the money will return to the Client's account. In the case of any dispute over the project, you must contact us before any money can be moved from the escrow account.
We encourage all users to send and receive money through our escrow account system. This proven method ensures control and security for both parties.
To manage your escrow payments, login to your account and go to the escrow payments menu.
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