Silk Road forums

Discussion => Newbie discussion => Topic started by: tbart on July 09, 2013, 03:06 am

Title: silk road escrow
Post by: tbart on July 09, 2013, 03:06 am
i keep seeing references to it, and about not finalizing early but, to be frank, not sure how it works

anyone care to enlighten me?? i'm an old fart and have limited energy left for climbing new learning curves

tks in advance
Title: Re: silk road escrow
Post by: tbart on July 09, 2013, 03:07 am
JUST REALIZED - i;m halfway there to that magic "50"

Title: Re: silk road escrow
Post by: ytabletrash on July 09, 2013, 03:09 am
Alright, so when you place an order funds are taken out of your account. These funds are not released to the vendor until you click finalize. Finalizing early is when you finalize before receiving product. The problem with this is if you dont receive the product the vendor already has your money. On the other hand if you dont finalize until you get the product and inspect it, you can go into resolution if something is wrong (doesnt come/bunk) Then you can usually at least get some of your money back.
Title: Re: silk road escrow
Post by: tbart on July 09, 2013, 04:10 am
thanks for the response

WHEN you say "....funds are taken out of your account..." , are you saying i deposit the funds in an account with SR before placing an order, like an ewallet or are you saying the payment for a particular purchase goes to an SR account

sorry for the basic type questions but this stuff is all new to me

tks in advance
Title: Re: silk road escrow
Post by: Jack N Hoff on July 09, 2013, 04:23 am
thanks for the response

WHEN you say "....funds are taken out of your account..." , are you saying i deposit the funds in an account with SR before placing an order, like an ewallet or are you saying the payment for a particular purchase goes to an SR account

sorry for the basic type questions but this stuff is all new to me

tks in advance

He is saying that the funds will be held in escrow.  The funds will be help by SR until you finalize the order or you and the vendor come to a resolution.
Title: Re: silk road escrow
Post by: TheJoker on July 09, 2013, 04:51 am
I think a better explanation is this:
SR acts as a sort of 'middle man' for your funds while the vendor is shipping the items. Once you make an order the BC are transferred to a holding account. Once you receive your product and you're happy with it you can finalize your order which releases the BC to the vendor.

Finalizing early refers to the practice of releasing the BC as soon as you make your order, some vendors use this so they have more time to cash out their BC and keep up their stock levels.
However as soon as you finalize your order it is considered completed by SR and you will have no guarantee that the vendor will actually ship your product, so this is why people recommend not FEing.
While your order is still in escrow you have the option to receive extensions/refunds etc through customer support.
Title: Re: silk road escrow
Post by: tbart on July 09, 2013, 05:28 am
appreciate - so i'll ask the obvious- is this account created automatically when i agree to purchase or is there somewhere on SR that i go to to set it up?
Title: Re: silk road escrow
Post by: Jack N Hoff on July 09, 2013, 05:39 am
appreciate - so i'll ask the obvious- is this account created automatically when i agree to purchase or is there somewhere on SR that i go to to set it up?

It's automatic.  You should look up the definition of escrow.  Then it might make more sense.
Title: Re: silk road escrow
Post by: blue123blue123 on July 09, 2013, 05:52 am
perfect explanation ........ ;D
Title: Re: silk road escrow
Post by: tbart on July 09, 2013, 05:54 am
THANKS
Title: Re: silk road escrow
Post by: UV on July 09, 2013, 02:08 pm
Took me a while to get on board with the concept. Hard going from the street to this.