Aster Impact partnered with Escrow.com to bring trust to the PPE market. You work with experienced facilitators of PPE.
Standard Order Process with Escrow
1. Buyer and Seller sign a Sales Agreement. Once the buyer has chosen the product, quantity, and delivery date. And a sales agreement has been signed by both buyer and seller which states terms and conditions of the transaction.
2. The buyer pays escrow.com. The Buyer then transfers the agreed-upon amount into their Escrow account.
3. First Payout. Escrow.com pays the Seller 50% of the Product Cost and Aster Fee.
4. Product Due Diligence. As soon as the payment is complete, the Seller commences the formalities of packing, inspecting, and preparing the export/import documents.
5. Shipping Confirmation. To ship the products, Escrow.com will pay the Seller 50% of the remaining Product Cost and 100% of the shipping fee. The buyer will be issued a Bill of Lading or Airway Bill.
6. Delivery. Upon delivery, the Buyer will inspect the PPE, making sure they are exactly what they ordered and in good condition. They then confirm to Escrow.com that they are satisfied with their purchase. And Escrow.com will pay the remaining fee to Aster.
Why should you use an Escrow?
Sellers prefer using an escrow
Currently, PPE is a Seller’s market. There is more demand than Sellers can supply. It means Sellers are picky in who they decide to do business with. Their biggest issue is that buyers often fail to make payments timely to manage the transaction timely. To gain confidence with a Seller and for the security of your money, we highly recommend using an escrow.
Having money in a bank account is not sufficient to manage PPE transactions successfully. We often experience various banking challenges including delayed payments.
We, therefore, recommend using an Escrow service for ALL transactions.
Escrow.com vs your lawyer or a bank?
1. Transaction Speed. Speed is important in PPE transactions where price and stock availability is dynamic. Escrow.com has a robust order system that ensures everything gets set up and working in minutes. It is tailored for PPE which includes milestones such as SGS inspection.
2. Money Speed. If a wire transfer is large, the bank might flag it, which will lead to payment delays. We expect banks flagging large amounts for PPE will only increase as the Federal Government is increasing its watchfulness due to money laundering. Making payments through escrow is safer and faster than passing through your own bank account. Also the fee is more reasonable than an attorney or bank managed escrow account.
|PPE Transaction Amount ($)||Escrow Fee||Non-Refundable %|
|0 to 5,000||3.25%||50%|
|5,000.01 to 25,000||162.50 + 0.26% amt over $5000||50%|
|25,000 to 999,999||0.72%||50%|
|1,000,000 to 4,999,999||0.50%||20%|
|5,000,000 to 14,999,999||0.35%||15%|
|15,000,000 to 29,999,999||0.30%||10%|
|30,000,000 to 39,999,999||0.25%||10%|
|40,000,000 to 49,999,999||0.20%||10%|
|50,000,001 to 99,999,999||0.17%||10%|
|100,000,001 to 299,999,999||0.10%||10%|
|300,000,000 to 1,999,999,999||0.03%||5%|
|2,000,000 to 4,999,999,999||Flat $660,000||5%|
|5,000,000,000 <||Flat $800,000 (max escrow fee)||5%|
|Afghanistan||Côte d’Ivoire||Korea, Democratic People’s Republic of||Sierra Leone|
|Angola||Equatorial Guinea||Lao People’s Democratic Republic||South Sudan|
Syrian Arab Republic
|Central African Republic||Haiti||Myanmar||Uganda|
|Congo||Iran, Islamic Republic of||Pakistan||Uzbekistan|
|Congo, The Democratic Republic of the||Iraq||Panama||Venezuela|