Escrow is a financial service designed to protect both parties when buying or selling from strangers.
It acts as a ‘middle man’ in order to reduce the risk of you being ripped off.
Escrow is a financial service that is designed to protect you against fraud.
Scarlet Mist has set up an arrangement with Transpact.com to facilitate this.
The stages are:-
- The Buyer and Seller agree to use Transpact and agree the terms of the deal.
- Either the Buyer or the Seller can initiate the process.
- Once the process has started then Transpact.com will send each of you an email asking you to register with their service and agree to their terms.
- Transpact.com will send you an email confirming their terms and requesting their Fee.
- The Buyer sends payment to Transpact.com.
- Once Transpact.com confirms that the payment is protected and secure, the Seller then sends the tickets to the Buyer.
- The Buyer instructs Transpact.com to transfer the payment to the Seller
- In the event of a dispute between buyer and seller then Scarlet Mist will arbitrate, as described below
Both the Buyer and Seller are required to pay a Fee to Transpact.com - this is £2.99 for each party (3.49 Euros). This Fee is payable directly to Transpact.com. Scarlet Mist does not receive a commission on this, it is a service that we provide for your protection.
You can create a Transpact on a ticket that you have sold through Scarlet Mist, or you can use if for any other transaction. You can do directly through Scarlet Mist or you can do it directly with Transpact.com.. The cost to you would be the same - Scarlet Mist does not get a commission on this and we provide it as a service to users.
There are other companies that provide Escrow services -we have had good reports from users who have used Auctionchex and would recommend that you look at the services they offer. They are an independent company, founded in June 2000. We do not recommend any other Escrow companies at present.
How much does Escrow with Tranpact costs
There is a flat charge - costs are normally limited to £2.99 per party for (GB) Pound transactions or €3.49 per party for Euro transactions for transactions up to £10,000. US Dollar transactions are charged at $9.99 per party for transactions up to $2,500, with a fee of $15 subtracted from any payment made (only for USD transactions). There are some exceptional situations where additional charges must be paid - see the Transpact Fee Page for more details.
Sending the Ticket and Confirming Receipt
We strongly recommend that ticket sellers ensure that they can verify the ticket was sent properly - and we advise that you use a form of postage where a signature is required by the recipient (eg recorded delivery).
When does the Buyer notify the Escrow service that the tickets have arrived?
In the case of regular tickets we recommend that the buyer should pay as soon as the tickets are delivered.
However with e-tickets we are aware that dishonest sellers may attempt to ‘sell’ the same e-tickets repeatedly. The venue will only admit the first person to arrive with the ticket, and anyone with a duplicate ticket will be refused entry. For this reason, we advise that payment is made on receipt of the tickets for paper tickets, but that payment is made after admission to the gig for e-tickets.
Arbitration and Disputes
In the unlikely event that there is a dispute between Buyer and Seller then Scarlet Mist will seek a statement from each of you and will reach a decision as to what should happen with any money held by Transpact - should it be returned to the Buyer or should it be given to the Seller? We will ask questions from both of you, in an attempt to establish the facts. We will make a decision to the best of our abilities. We are not the Police and we are not lawyers.
If you use this Arbitration Service then we will reach a decision on the basis of the information that is available to us at the time. If you are unhappy with our decision then you will need to resolve it between the two or you (Buyer and Seller) using the Small Claims Court or other legal avenues. Scarlet Mist will not take any further part in the proceedings or have any further liability to either of you once we have reached our decision, and although we will act in good faith we require that you absolve us from any further or ongoing liability.
If you would like to set up a Transpact Escrow thenClick here to set up an Escrow transaction ...
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