Effective Date: 14 June 2023
Our platform offers a seamless and secure payment process through smart contract-based escrow. Here’s how our payment system works:
1. Deposits
When initiating a transaction, users deposit crypto funds into a unique Escro Chain escrow address. These funds are securely held until the transaction terms are fulfilled.
2. Escrow Release
Once the buyer confirms that the goods or services were received as agreed, the escrow smart contract automatically releases the funds to the seller.
3. Withdrawals
To withdraw funds from your Escro Chain account:
#1. Provide your Transaction ID and your wallet address.
#2. Your funds will be sent to the provided wallet within 1–2 minutes.
A 1% withdrawal fee is applied to all withdrawal transactions.
4. Fees
Escrow Fee: Automatically calculated and shown before confirming a transaction.
Withdrawal Fee: 1% of the total withdrawal amount.
5. Refunds
Refunds are considered only if the agreement between the buyer and seller is breached. Refund requests are reviewed by our support team and may require evidence or communication logs.
6. Support
If you experience payment issues or have questions regarding your transactions, contact us at support@escrochain.io.