Escrow services typically help ensure the safety of transactions between two parties. In escrow transactions, there is an independent third party. The third party holds money on behalf of the parties involved in the exchange. They only release the funds when the parties satisfy specific conditions.
Escrow services are helpful when parties involved in a transaction are unfamiliar with each other. The services are also useful when the buyer and seller are far away from each other. In the case of large-scale dealings like buying a car where fraud is a risk, escrow services are indispensable.
List of the top escrow services UK
Escrow services are helpful for both small and large businesses. They help provide a secure purchase experience. However, choosing a good escrow service may prove challenging. Read on for a list of the top escrow services UK residents can trust.
M&G Escrow Agent Services
M&G has extensive experience in providing escrow services to various sectors. From construction to litigation settlements, M&G can help facilitate a smooth transaction. They are capable of opening escrow accounts in all of the leading currencies worldwide. UK businesses can use these escrow accounts to ensure that M&G can accommodate a variety of clients.
M&G escrow services pledge only to use highly-rated banks in their dealings. Such an assurance helps keep clients at ease.
The service provider can also help lower legal costs. They do that by using their standard Escrow Agreement. M&G also promises users a fast and efficient onboarding process.
Shieldpay
Shieldpay is one of the escrow services that offer a high level of security. The platform provides end-to-end encryption and protection against fraud. Users also get to enjoy lower costs. Shieldpay can facilitate transactions of various sizes and complexities.
Some escrow services offer help during capital raising and supply chain payments. Shieldpay can also help with real estate transactions. The platform safeguards funds in tier 1 banks to help with risk mitigation.
There are many benefits of using Shieldpay. Customer support is always available to help facilitate smooth transactions. Shieldpay also has multiple payment methods, including credit cards and bank transfers.
MangoPay
MangoPay serves as a payment and escrow service provider for various organizations. It provides escrow services across multiple countries and businesses.
As one of the escrow services in the UK, MangoPay has multiple benefits. They deal in about 15 currencies and use multiple modes of payment. Money processed via MangoPay is usually kept in 100% guaranteed ring-fenced accounts. These accounts separate escrow funds and MangoPay’s assets. In doing so, they safeguard against liquidation risks.
It’s also easy to make global payouts.
Truust
Truust has an API that allows users to make payments through an intermediary escrow account. Its escrow software is available for specific marketplaces. Truust’s escrow accounts in the UK ensure buyers get the correct service or product. Once the buyer ascertains that everything is satisfactory, Truust releases the funds.
Truust boasts of being easy to use. You can access their services through a dashboard. Clients can also use the platform’s control panel for all operations. Before using Truust, you must verify your account and include your billing details.
Escrow.com
Escrow.com is a platform that protects buyers and sellers during a transaction. It treats all the involved entities equally. The service provider is especially useful for those who carry out transactions online. They can help facilitate the buying and selling of various products and services. These include:
- Artwork
- Luxury products
- Vehicles
- Domains
As one of the leading escrow services UK companies can refer to, Escrow.com helps reduce the risk of fraud. Even if you’re dealing with an unknown party, Escrow.com lets you have peace of mind. The platform accepts PayPal, MasterCard, Visa, and more. This makes the platform quite accessible and popular across many regions.
Trustap
Trustap offers a secure holding account where people can deposit funds. The platform can then transfer the money once the transaction is complete. Trustap’s escrow-like solution mirrors conventional escrow services.
The platform is an independent third party holding funds in secure escrow accounts. In doing so, they protect the buyer’s and seller’s interests. A benefit of using Trustap is the ease of use it offers. It takes a short time to open an account with them.
Trustap also allows both buyer and seller to track the package during delivery. However, the biggest advantage of Trustap is the facilitation of risk-free transactions.
Transpact
Transpact is a renowned escrow service in Europe that helps make transactions safer. It helps ensure buyers get the products and services they pay for. Sellers are also guaranteed a complete payment. Transpact eliminates the need to follow up on defaulted payments.
Transpact takes various measures to keep funds safe. They segregate and ring-fence the money that users pay in safe accounts. These accounts are usually opened in UK or EU government-guaranteed banks. Client funds can only get used for the intended purpose.
Barclays Corporate Escrow
Barclays corporate escrow solutions help clients carry out secure transactions. The platform is helpful in a range of areas, including:
- Mergers and acquisitions
- Financing
- Litigation
- Pensions
- Capital markets
You can reap numerous benefits by going for Barclays corporate escrow. They have expert escrow specialists who offer support for major transactions. These specialists can help with servicing accounts and developing solutions.
With Barclays escrow, you can enjoy reduced costs. They offer a standardized escrow agreement. Clients can also hold funds in joint or independent escrow accounts. The choice depends on your specific needs.
J.P. Morgan Escrow Services
J.P. Morgan escrow services help reduce risk in global transactions. The company has a team of skilled personnel who help clients create a suitable transaction structure. The organization will release funds fast and securely once a transaction is complete.
Many clients turn to J.P. Morgan escrow services because of their expertise. Their experienced team can facilitate a variety of corporate transactions. The escrow service provider can also help with cross-border transactions.
Choose the Right Escrow Services for Your Organization
The first step when choosing escrow services for UK businesses is outlining what you need the service for. If you need it for a large-scale transaction, pick a corporate provider. More flexible service providers are better suited for smaller-scale dealings. Ensure you consider service fees and payment processes before making the final choice.
