Escrow Guideline.

Leadzinger Escrow Service Guidelines

Welcome to Leadzinger’s Escrow Service. These guidelines will provide you with all the necessary information to navigate and utilize our secure escrow service effectively. This service is tailored for both buyers and sellers from the US and other parts of the world.

1. User Roles and Responsibilities

Buyers

  • Initiate Transactions: Buyers can start transactions by providing necessary details and inviting sellers.
  • Fund the Escrow: Buyers must fund the escrow account before they can access the credentials provided by the seller.
  • Verify Credentials: Upon receiving credentials from the seller, buyers must verify their authenticity.
  • Release Funds: After verification, buyers release the funds to complete the transaction. Buyers have 12 hours to release payment; otherwise, funds will be automatically released to the seller.
  • Raise Disputes: Buyers can raise disputes at any time if there are issues with the transaction.

Sellers

  • Create Transactions: Sellers can initiate transactions and invite buyers.
  • Provide Credentials: Sellers must provide the necessary credentials upon funding by the buyer.
  • Fulfill Commitments: Ensure that all promised services/products are delivered as per the agreement.
  • Subscription and Verification: Sellers need to be subscribed members and verified to perform an escrow service.

2. Onboarding Process

Registration

  • Information Required: Users need to provide their email, name, phone number, and a password to create an account.
  • Password Security: Passwords are hashed to ensure security.

Verification

  • Required Documents: Users must provide a government ID and proof of address for identity verification.

3. Transaction Steps

Buyer-Initiated Transaction

  1. Creation: Buyer creates the transaction by specifying details and inviting the seller.
  2. Funding: Buyer funds the escrow account.
  3. Credentials: Seller adds the required credentials.
  4. Verification: Buyer verifies the credentials.
  5. Completion: Buyer releases the funds, completing the transaction.

Seller-Initiated Transaction

  1. Creation: Seller creates the transaction and invites the buyer.
  2. Credentials: Seller provides the credentials.
  3. Funding: Buyer funds the escrow account.
  4. Verification: Buyer verifies the credentials.
  5. Completion: Buyer releases the funds, completing the transaction.

4. Dispute Resolution

Filing a Dispute

  • Process: If there is a disagreement, either party can file a dispute within the platform.
  • Dispute Button: In the dashboard, every completed transaction has a "File a Dispute" button. Users can write to us and upload supporting files.

Mediation

  • Initial Review: Our support team will review the details provided by the dispute initiator and the chat conversation.
  • Prompt Response: If the dispute reason is valid, the partner user is prompted to respond. Failure to respond within 24 hours will lead to legal action.
  • Resolution: For instance, if seller credentials are correct and the buyer refuses to release funds, we will release the funds to the seller.

Response Time

  • Immediate Attention: We respond to disputes immediately, usually within 10 minutes.

5. Fees and Charges

Fee Structure

  • Buyer Bears Fees: Only the buyer is responsible for the escrow fees.
  • Transaction Amounts:
    • Minimum amount: $5
    • For transactions between $5 to $499, a 10% fee is charged.
    • For transactions between $500 to $4999, a 2% fee is charged.
    • For transactions above $5000, a 1% fee is charged.

6. Security Measures

Platform Security

  • Database Backup: Daily backups ensure data integrity.
  • CSRF Protections: All forms are protected against cross-site request forgery.
  • Data Encryption: AES-256 and AES-128 encryptions are used on all data parsed through forms.
  • Password Hashing: All passwords are securely hashed.
  • Mass Assignment Protection: Prevents mass assignment vulnerabilities.
  • Logging and Monitoring: Keeps track of critical events and errors.
  • File Validation: Ensures safe file uploads.
  • Authorization & Access Control: Manages user permissions effectively.
  • Rate Limiting: Protects against abuse by limiting the rate of requests.

User Best Practices

  • Password Security: Never share your password.
  • Communication: Keep all transactional communications within the escrow chat feature.

7. Support and Assistance

Help Channels

  • Help Chat Feature: Available in the application interface for immediate assistance.
  • Email Support: Contact us at support@leadzinger.com.
  • Phone Support: Call us at 929-715-5153 for help any time.

Conclusion

We hope this guide provides you with a clear understanding of how to use Leadzinger’s escrow service. Should you have any further questions, do not hesitate to reach out to our support team.

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