Escrow.com
{{Use dmy dates|date=July 2020}}{{Infobox Organization
| name = Escrow.com
| image = IconofanEsco.jpg
| formation = {{start date and age|1999}}
| extinction =
| type = Private
| headquarters = San Francisco, CA
| location = United States
| membership =
| language = English
| key_people = Matt Barrie, President and CEO; Jackson Elsegood, General Manager; Neil Katz, CFO; Greg Robinson, VP of Compliance; Sebastian Siseles, Marcomms Manager
| Services = Online Escrow
| website = {{URL|https://www.escrow.com/}}
}}
Escrow.com is a privately held internet escrow company. Based in San Francisco, CA, Escrow.com was founded in 1999 by Fidelity National Financial.{{cite web|title=Fidelity National Financial, Inc. to Offer Internet Escrow Services Through Escrow.com.|url=http://www.thefreelibrary.com/Fidelity+National+Financial,+Inc.+to+Offer+Internet+Escrow+Services...-a056325638|publisher=thefreelibrary.com|accessdate=3 October 2014|archive-date=5 March 2016|archive-url=https://web.archive.org/web/20160305110519/http://www.thefreelibrary.com/Fidelity+National+Financial,+Inc.+to+Offer+Internet+Escrow+Services...-a056325638|url-status=dead}} It was acquired in 2015 by Freelancer.com.{{cite web|title=Freelancer.com Acquires Payment Service Provider Escrow.com For $7.5M|url=https://techcrunch.com/2015/04/26/freelancer-acquires-escrow/|accessdate=27 October 2016}}
History
Escrow.com was founded in 1999 by Fidelity National Financial in response to Bank of America's four million dollar purchase a few years earlier of Loans.com. Fidelity decided to liquidate Escrow.com and did so in 2002 in a trade with iLumin for a software license. In 2004, Escrow.com was purchased by a private investor.{{Cite web|last=Frager|first=Owen|date=2012-07-12|title=How It Could Have Been: Escrow.com Rebrands As Finera|url=http://fragerfactor.blogspot.com/2012/07/how-it-could-have-been-escrowcom.html|url-status=live|archive-url=https://web.archive.org/web/20180219090857/http://fragerfactor.blogspot.com/2012/07/how-it-could-have-been-escrowcom.html|archive-date=2018-02-19|access-date=2020-07-26|website=The Frager Factor}} Currently, the company is owned by Freelancer Technology Pty Limited.
Overview
Escrow.com provides internet escrow services for many companies in e-commerce, international trade, online auctions, and online shopping, such as eBay,{{cite web|title=eBay Preferred Escrow Services|url=http://pages.ebay.com/help/pay/escrow.html|access-date=2014-10-02|archive-url=https://web.archive.org/web/20171220191330/http://pages.ebay.com/help/pay/escrow.html|archive-date=2017-12-20|url-status=dead}} GoDaddy{{Cite web|title=Commission rates for Premium listings {{!}} GoDaddy Auctions - GoDaddy Help US|url=https://www.godaddy.com/help/commission-rates-for-premium-listings-3494|access-date=2020-07-26|website=www.godaddy.com}} and AutoTrader.{{Cite web|last=|first=|date=2017-08-17|title=Fraud Awareness Tips: Prevent Internet Fraud - Autotrader|url=https://www.autotrader.com/fraud/index.xhtml|url-status=live|archive-url=https://web.archive.org/web/20170817214857/https://www.autotrader.com/fraud/index.xhtml|archive-date=2017-08-17|access-date=2020-07-26|website=autotrader.com}} The items that are handled range from domain name sales to high monetary value items such as motor vehicles and heavy equipment/machinery. Escrow.com is a strategic partner with the United States Department of Commerce{{Cite web|last=|first=|date=|title=The Strategic Partnership Program|url=https://2016.export.gov/california/irvine/eg_us_ca_050766.asp|access-date=2020-07-26|website=export.gov}} in support of President Obama’s National Export Initiative.{{Citation needed|date=December 2019}}
The company has been a guest blogger on ‘Tradeology’ – the official blog of the International Trade Administration{{Cite web|date=2013-09-25|title=How Are Escrow Services Used In International Trade Transactions?|url=https://blog.trade.gov/2013/09/25/how-are-escrow-services-used-in-international-trade-transactions/|access-date=2020-07-26|website=Tradeology, the ITA Blog|language=en}} as well as a featured writer in various magazines, including the Specialty Equipment Marketing Association (SEMA) News,{{Cite web|title=What Are "Escrow Services" and How Can It Help My Business? {{!}} SEMA|url=https://www.sema.org/news/2014/01/16/what-are-escrow-services-and-how-can-it-help-my-business|access-date=2020-07-26|website=www.sema.org}} EXPORT Magazine,{{Cite web|last=|first=|date=|title=Escrow Services – how to get paid when exporting!|url=https://www.rivcoeda.org/Publication/EXPORT/Magazine%20Issue_20_2014/files/assets/basic-html/page15.html|access-date=2020-07-26|website=www.rivcoeda.org}} and contributed towards having the term ‘Escrow Service'{{Cite web|last=|first=|date=2012-11-13|title=Trade Finance Guide - Chapter 2: Cash-In-Advance|url=http://www.export.gov/tradefinanceguide/eg_main_043222.asp|url-status=live|archive-url=https://web.archive.org/web/20160530142104/http://www.export.gov:80/tradefinanceguide/eg_main_043222.asp|archive-date=2016-05-30|access-date=2020-07-26|website=export.gov}} added to the third edition of the Trade Finance Guide, published by The International Trade Administration (ITA).
In 2013 Escrow.com reached an accrued value of over two billion dollars in transaction volume.{{Cite web|last=Sokol|first=Andrew|date=2014-01-13|title=Escrow.com Surpasses $2 Billion in Secured Transactions|url=https://www.prweb.com/releases/escrow_com_surpasses_2_billion_in_secured_transactions/prweb11480428.htm|access-date=2020-07-26|website=PRWeb}}
The company works extensively in an effort to prevent online fraud and is a resource for the Internet Crime Complaint Center,{{Cite web|title=Internet Crime Complaint Center (IC3) {{!}} Internet Crime Schemes|url=https://www.ic3.gov/crimeschemes.aspx|access-date=2020-07-26|website=www.ic3.gov}} a multi-agency task force made up by the Federal Bureau of Investigation (FBI), the National White Collar Crime Center (NW3C), and the Bureau of Justice Assistance (BJA){{Citation needed|date=December 2019}}
Services
The escrow company takes the buyer's funds, verifies the deposit to the seller, and transfers the funds to the seller after the buyer receives the merchandise, thus protecting the interests of both the buyer and seller.
- Vehicle Escrow: An escrow process that protects both buyers and sellers. It ensures the money is transferred and the vehicle is delivered with every sale.
- Domain and Website Escrow: An escrow process that ensures buyers get the domain or website and sellers get paid.
- Domain Name Holding Escrow: A service designed for domain name buyers and sellers who agree to hold the domain(s) in escrow while the buyer makes scheduled payments.
- General Merchandise Escrow: An escrow process used for almost any product that protects both buyers and sellers from fraud.
- Milestone Escrow: An escrow process where Escrow.com does not release payments to the seller until each phase/milestone has been completed and approved by the buyer.
- Broker Escrow: A three-party escrow transaction that offers brokers the ability to begin, manage and close transactions privately and in a secure manner.
- Trade Transaction Protection: An escrow process used for international trade that protects both exporters and importers from fraud.
Licenses & Partnerships
=Licenses=
| class="wikitable"
|+ !State !License Type !Regulator |
| Arizona
|Escrow |Arizona Department of Financial Institutions |
| Arkansas
|Money Transmitter |Arkansas Securities Department |
| California
|Escrow |California Department of Business Oversight |
| Colorado
|Money Transmitter |Colorado Division of Banking |
| Georgia
|Seller of Payment Instruments |Georgia Department of Banking and Finance - Non-Depository Financial Institutions Division |
| Idaho
|Escrow |Idaho Department of Finance |
| Illinois
|Money Transmitter |Illinois Department of Financial and Professional Regulation |
| Iowa
|Money Transmitter |Iowa Division of Banking |
| Kansas
|Money Transmitter |Kansas Office of the State Bank Commissioner |
| Maine
|Money Transmitter |Department of Professional & Financial Regulation - Bureau of Consumer Credit Protection |
| Mississippi
|Money Transmitter |Mississippi Department of Banking and Consumer Finance |
| Missouri
|Sale of Checks |Missouri Division of Finance |
| Montana
|Escrow |Montana Division of Banking and Financial Institutions |
| Nebraska
|Money Transmitter |Nebraska Department of Banking & Finance |
| New Hampshire
|Money Transmitter |State of New Hampshire Banking Department - Consumer Credit Division |
| New Mexico
|Escrow |New Mexico Financial Institutions Division |
| North Carolina
|Money Transmitter |North Carolina Office of the Commissioner of Banks |
| North Dakota
|Money Transmitter |North Dakota Department of Financial Institutions - Consumer Division |
| Ohio
|Money Transmitter |Ohio Department of Commerce Division of Financial Institutions |
| Oklahoma
|Money Transmitter |Oklahoma Banking Department |
| South Dakota
|Money Transmitter |South Dakota Division of Banking |
| Texas
|Money Transmitter |Texas Department of Banking |
| Washington
|Escrow |Washington Department of Financial Institutions |
| West Virginia
|Money Transmitter |West Virginia Division of Banking |
- Escrow.com has 42 financial services licenses granted or in-application {{Cite web|last=|first=|date=|title=Escrow.com Licenses|url=https://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01912146|access-date=2020-07-26|website=www.asx.com.au}}
=Partnerships=
- National Independent Automobile Dealers Association{{Cite web|last=|first=|date=21 November 2016|title=4th quarter Member Benefits & Services Guide|url=https://issuu.com/niada/docs/4th_quarter_gatefold_1116_running/4|access-date=2020-07-26|website=Issuu|publisher=NIADA|language=en}}
- Specialty Equipment Marketing Association (SEMA)
- eBay{{Cite web|last=|first=|date=2002-05-02|title=eBay brings escrow aboard|url=https://www.cnet.com/news/ebay-brings-escrow-aboard/|access-date=2020-07-26|website=CNET|language=en}}{{cite web|last=|first=|date=2002-10-28|title=Online escrow fraud on the rise|url=http://www.cbc.ca/news/canada/online-escrow-fraud-on-the-rise-1.350619|accessdate=2020-07-26|website=|publisher=cbc.ca}}
- GoDaddy
- DomainNameSales.com{{Cite web|last=Berkens|first=Michael|date=2012-07-10|title=Frank Schilling's DomainNameSales.com Integrated With Escrow.com|url=https://www.thedomains.com/2012/07/10/frank-schillings-domainnamesales-com-integrated-with-escrow-com/|access-date=2020-07-26|website=TheDomains.com|language=en-US}}
- United States Department of Commerce{{cite web|title=US Department of Commerce Partners|url=http://export.gov/CSPartners/eg_main_051038.asp}}
- International Trade Administration{{cite web|title=International Trade Administration Partners|url=http://export.gov/CSPartners/eg_main_051038.asp}}
- United States Commercial Service
- BizBroker24.com{{cite web|last=|first=|date=|title=Escrow Partner BizBroker24.com|url=https://escrow.com/why-escrowcom/partners/landing/bizbroker24com.aspx|url-status=dead|archive-url=https://web.archive.org/web/20141206074610/https://escrow.com/why-escrowcom/partners/landing/bizbroker24com.aspx|archive-date=2014-12-06|accessdate=2020-07-26|website=|publisher=escrow.com}}{{cite web|title=BizBroker24 Premium Partner of Escrow|url=http://bizbroker24.com/about-us/|publisher=bizbroker24.com|accessdate=5 December 2014}}
References
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