Escrow service
Reduce the risk of fraud when buying or selling with Escrow. As a buyer, you can safeguard your funds in an Escrow account until the seller delivers what was promised. As a seller, you can have peace of mind as the trade will only start once the buyer has the agreed funds.
Some of the benefits
Fast and cost-effective
Registration is free and the Escrow fee is as low as R115. Our digital service also ensures a fast process
Buyer and seller protection
A seller will not be paid if the buyer doesn’t have the agreed funds
Automated notifications
All parties will receive email and SMS notifications during the transaction process
Partial release
Payment can be released upon a successful completion of certain milestones
Need to provide consent on a Business Escrow Account?
Authorise your business partner to transact on behalf of your business.
How it works
To transact using Escrow, you will need to complete a registration process which will require some information about you. Additional information will be required if you are registering to transact as a business. We will perform verification checks on the details provided and once those have been completed, you can begin transacting by doing the following:
If you’re the seller:
- Inform your buyer that you would like to do the transaction through our Escrow service
- Create the transaction on the system and specify terms such as the transaction description, costs, delivery dates, etc
- We will automatically send the buyer a transaction invitation which will include all the details
- The buyer can accept the transaction terms or negotiate until both parties are in agreement
- Once the terms have been agreed upon, the buyer deposits the funds with Escrow service via EFT
- You will then be notified once the funds have been verified and cleared
- You can now sell your product or provide your service knowing that you will get paid
- If the buyer is satisfied, our Escrow service will release the funds to you
If you’re the buyer:
- Inform the seller that you would like to do the transaction through our Escrow service
- Create the transaction on the system and specify terms such as costs, delivery times, etc. You will have the option of uploading documentation such as agreements and pictures
- We will automatically send the seller a trade invitation which will include all the details
- The seller can accept the transaction terms or negotiate until both parties are in agreement
- Once the terms have been agreed, you can deposit the funds into Standard Bank’s Escrow via EFT
- The seller now dispatches the product or delivers the service
- Once the product/service has been delivered, you have the option of inspecting the goods/services in order for the funds to be released to the seller
- If you are happy, sign into your transaction dashboard and accept the goods or services
- This will inform us to release the funds to the seller
- If you’re not satisfied, the transaction will be frozen, and you and the seller will have ten business days to resolve the dispute
- If a dispute cannot be resolved, we will refer it to the Small Claims Court or to arbitration
What it costs
- Registration is free
- Fees are calculated as a percentage of your trade amount and costs as little as R115 per transaction
Frequently Asked Questions
To learn more about Escrow, view our Frequently Asked Questions
What you get
- Access to our online Escrow service when you register
- Reduced risk of fraud and scams
- A seller will not be paid if they misrepresent what they’re selling, and the buyer will not receive the product/service if they don’t have the agreed funds
- Ability to split a single transaction into progress payments or separate milestones
- Guaranteed cashflow and peace of mind as there is no handling of cash
- Complete transparency through email and SMS notifications during each stage of the transaction lifecycle
- Ability to freeze the trade if you’re not satisfied
- If it cannot be resolved, we will refer it to the Small Claims Court or Arbitration
How to get it
If you’re a Standard Bank customer:
- Click here to register an Escrow account
Not a Standard Bank customer?
- You will only be able to register as a seller and not a buyer. Click here to create an Escrow account
- If you’re an individual looking to register as a buyer, simply open a MyMo account online for only R5.95 per month
- If you are a business looking to register as a buyer, apply online for MyMoBiz Business Account for R5 per month.
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How it works
-
What it costs
-
Frequently Asked Questions
-
What you get
-
How to get it
To transact using Escrow, you will need to complete a registration process which will require some information about you. Additional information will be required if you are registering to transact as a business. We will perform verification checks on the details provided and once those have been completed, you can begin transacting by doing the following:
If you’re the seller:
- Inform your buyer that you would like to do the transaction through our Escrow service
- Create the transaction on the system and specify terms such as the transaction description, costs, delivery dates, etc
- We will automatically send the buyer a transaction invitation which will include all the details
- The buyer can accept the transaction terms or negotiate until both parties are in agreement
- Once the terms have been agreed upon, the buyer deposits the funds with Escrow service via EFT
- You will then be notified once the funds have been verified and cleared
- You can now sell your product or provide your service knowing that you will get paid
- If the buyer is satisfied, our Escrow service will release the funds to you
If you’re the buyer:
- Inform the seller that you would like to do the transaction through our Escrow service
- Create the transaction on the system and specify terms such as costs, delivery times, etc. You will have the option of uploading documentation such as agreements and pictures
- We will automatically send the seller a trade invitation which will include all the details
- The seller can accept the transaction terms or negotiate until both parties are in agreement
- Once the terms have been agreed, you can deposit the funds into Standard Bank’s Escrow via EFT
- The seller now dispatches the product or delivers the service
- Once the product/service has been delivered, you have the option of inspecting the goods/services in order for the funds to be released to the seller
- If you are happy, sign into your transaction dashboard and accept the goods or services
- This will inform us to release the funds to the seller
- If you’re not satisfied, the transaction will be frozen, and you and the seller will have ten business days to resolve the dispute
- If a dispute cannot be resolved, we will refer it to the Small Claims Court or to arbitration
- Registration is free
- Fees are calculated as a percentage of your trade amount and costs as little as R115 per transaction
To learn more about Escrow, view our Frequently Asked Questions
- Access to our online Escrow service when you register
- Reduced risk of fraud and scams
- A seller will not be paid if they misrepresent what they’re selling, and the buyer will not receive the product/service if they don’t have the agreed funds
- Ability to split a single transaction into progress payments or separate milestones
- Guaranteed cashflow and peace of mind as there is no handling of cash
- Complete transparency through email and SMS notifications during each stage of the transaction lifecycle
- Ability to freeze the trade if you’re not satisfied
- If it cannot be resolved, we will refer it to the Small Claims Court or Arbitration
If you’re a Standard Bank customer:
- Click here to register an Escrow account
Not a Standard Bank customer?
- You will only be able to register as a seller and not a buyer. Click here to create an Escrow account
- If you’re an individual looking to register as a buyer, simply open a MyMo account online for only R5.95 per month
- If you are a business looking to register as a buyer, apply online for MyMoBiz Business Account for R5 per month.
SAFELY BUY AND SELL ONLINE
Ensure that every transaction is safe and secure when you buy and sell online with our trusted Escrow service.Register online and start trading in a safe environment.
Contact us
Email Support
Our operating hours are:
Monday-Friday: 07h00 to 18h00
Saturday: 07h00 to 13h00
You can reach us at:
[email protected]
Telephonic Support
Our operating hours are:
Monday-Friday: 07h00 to 18h00
Saturday: 07h00 to 13h00
You can reach us at:
+27 (0) 87 135 3403
We also offer
MyMo account
Apply online right now for a cheque account with full transactional benefits – and earn free data and airtime on your daily banking.
Virtual Cards
Our Virtual Cards are digital bank cards that you can create to shop online. You can load your card on your favourite mobile apps and use it to securely make payments and purchases online without having to use your credit or debit card details.