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Online shopping is becoming a trend in countries with the technology for it. Filipinos are starting to join the bandwagon of online shopping. However, most Filipinos are cautious to shop and sell online because of online frauds that proliferate in the Internet. Studies reveal that Filipino buyers are still reluctant to trust online sellers who were unknown to them.
“Why would I trust my hard-earned money to an unknown person? I’ve heard a lot of bogus deals online and I am not going to take the risk. I’d rather stand in a long queue in stores than be robbed of my money just under my nose,” commented a shopping addict.
“The emergence and eventual hype of online shopping in local Internet scene has posed a challenge to thousands of Filipinos who shop online due to security issues on terms of payments,” remarked Ria Mutuc, PR-OIC of Auction.ph Corporation. “But now, Auction.ph brings to local online shopping industry the Escrow System.”
The persistent clamor for tighter security in online shopping is what Auction.ph Corporation addressed with its Escrow System. The Escrow System reduces the potential risk of fraud, and protects the buyers and sellers online. Under the Escrow agreement, an escrow agent acts as a dependable and reliable third party that collects, holds, and pays out funds according to buyer and seller instructions.
The process of transaction using an escrow service is simple. Once the buyer and the seller reached an agreement, the buyer sends the payment to Auction.ph through bank deposits or ATM debit online. Auction.ph then notifies the seller that the payment has been received. The seller in turn sends the item to the buyer. Once the buyer received the item, and is satisfied with it, the buyer notifies Auction.ph to release the payment to the seller, which completes the transaction.
“The Escrow system protects the buyers from fraudulent sellers who do not give accurate description of the item. At the same time the sellers are to ship the merchandise only after Auction.ph verifies that the buyer already paid for the item,” said Mutuc. “The Escrow system can also help build trust between buyer and seller.”
Mutuc added, “We hope that with the Escrow system being implemented, Filipinos would be more confident to shop online.”
Its unique Escrow system sets Auction.ph apart from other online shopping sites in the country. Whereas other shopping websites just provide the venue for the sale transaction, Auction.ph takes an extra big step to ensure payment security between the buyer and the seller.
Auction.ph is the first online shopping website in the Philippines to adapt the Escrow system.
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rbapante[.]auction.ph 
