Escrow Services
Take advantage of our Escrow services and solutions designed to meet all your needs.
Register below for an Escrow account after which we can get started.
Customer account opening form – Sevenhills Logistics BV
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There are risks involved with (inter)national projects and transactions, for example when payment and delivery do not take place simultaneously and when payments have to be divided between several recipients. All parties involved want certainty. Traditional products such as letters of credit and credit insurance are often expensive and the process takes too long and can be arduous.
In addition to our transport options, we also take the role of the bank out of the process, which means that transactions can be processed quickly and directly. Goods and monies are released on behalf of both parties. This enables both the seller and buyer to protect their transaction.
This service saves time and money for all parties and is a very safe way of doing business.
Escrow service is as follows:
- The seller, the buyer and possibly the agent/broker come to a purchase agreement.
- The seller delivers this purchase agreement together with an invoice and packing list
to Sevenhills Logistics. - The buyer pays the purchase price to the Sevenhills Logistics trust account.
- Sevenhills Logistics confirms to all parties that the purchase price has been received.
- The seller ensures that the goods are ready.
- Sevenhills Logistics arranges transport.
- The buyer confirms to us that the correct goods have been received.
- Sevenhills Logistics releases the funds to the seller and any other recipients.
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Scenario
Example:
You have a new customer without a payment history. To minimise your risk, request payment in advance, but this is the least attractive option for the buyer.
Furthermore, asking for cash payment in advance is a disadvantage when competing with other suppliers available to the buyer worldwide.
The truth is that if you insist on cash payment in advance as your only payment method for doing business worldwide, you can limit your export potential and thereby lose out to competitors who are willing to offer more attractive payment terms.
Risks arise in transactions where payment and delivery do not occur simultaneously. As a seller you want to secure payment from your buyer before you deliver. However, your buyer does not want to pay in advance without guarantees on delivery of the goods or services. In addition, there are often multiple parties involved in the transaction, such as intermediaries and transporters. The payment by the customer must ultimately be distributed correctly among all parties involved.
Benefits:
- You no longer have to waste time and money collecting late payments or investigating
the buyers’ credit history. - Buyers and sellers experience the same benefits: 100% certainty.
- Receive immediate information about the status of transport and payment.
- Increase the trust among new customers.
- All-in-1: transport and payment.