Silk Road forums
Discussion => Newbie discussion => Topic started by: isallmememe on July 15, 2013, 12:08 am
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how does it work on here? ..the idea of escrow is that a third party holds the funds until the buyer confirms delivery. if delivery doesn't happen then the third party returns the funds to the buyer. on many sellers profiles tho, i am seeing something like '50% return for non delivery', '30% if you have low stats' etc. that's not really escrow is it?
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SR will hold your funds in escrow until you signify that all is well with your order, then release the funds to the seller. But if something is not OK with your order, you can attempt to resolve it with the seller, and many sellers post their refund policies so disgruntled buyers know what to expect. If the buyer and seller cannot reach a resolution on their own, SR staff will step in to settle the matter.
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Is the process for how SR investigates disputes public information?
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I'm a newbie. Do I need to do anything to setup an Escrow account?
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You do not need to set up an escrow account. When you place an order, your funds are automatically in escrow until you release them by finalizing the order. If you fail to finalize, the order will eventually auto-finalize, but this is very inconsiderate to the vendor and is generally frowned upon. At the same time, if you finalize before receiving your order (finalize early or FE) your funds are no longer held in escrow and SR cannot help you if your order never shows or if there's something wrong with it. The lesson here is NEVER FINALIZE EARLY.
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You do not need to set up an escrow account. When you place an order, your funds are automatically in escrow until you release them by finalizing the order. If you fail to finalize, the order will eventually auto-finalize, but this is very inconsiderate to the vendor and is generally frowned upon. At the same time, if you finalize before receiving your order (finalize early or FE) your funds are no longer held in escrow and SR cannot help you if your order never shows or if there's something wrong with it. The lesson here is NEVER FINALIZE EARLY.
Well said! +Karma
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The only time I'd Finalize Early is if I'd done repeat business with the vendor and personally trust them, or they are vouched for by trusted members. It's always a risk though, so use discretion.
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The only time I'd Finalize Early is if I'd done repeat business with the vendor and personally trust them, or they are vouched for by trusted members. It's always a risk though, so use discretion.
I made multiple orders with DaRuthless1, all made it to me the next day, except for 1 which took 2 days. He had a 100% vendor rating and he just burned a ton of people outa lots o dough. I'm glad I didn't fall for the scam when he started asking for FE, it just shows that repeat business and vouches by members guarantees nothing.
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Yes greed gets the best of some people best to follow the well preached words of SR of NEVER FE EVER!