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Escrow service

Escrow product detail banner

Want to reduce the risk of fraud when buying or selling online as an individual? If you’re a buyer, our Escrow service safeguards your funds in a trust until the seller delivers what was promised. If you’re the seller, you can also have peace of mind as the trade will only start when the buyer has the agreed funds.

Some of the benefits

Fast and cost-effective

Registration is free and the Escrow fee is as low as R115. Our digital service also ensures a fast process

Buyer and seller protection

A seller will not be paid if the buyer doesn’t have the agreed funds

Automated notifications

All parties will receive email and SMS notifications during the transaction process

Partial release

Payment can be released upon a successful completion of certain milestones
How it works

If you’re the seller:

  • Register for our Escrow service and provide your cellphone number, ID number and banking account details
  • Inform your buyer that you would like to do the transaction through our Escrow service
  • Create the transaction on the system and specify terms such as the transaction description, costs, delivery dates, etc
  • We will automatically send the buyer a transaction invitation which will include all the details
  • The buyer can accept the transaction terms or negotiate until both parties are in agreement
  • Once the terms have been agreed upon, the buyer deposits the funds with Escrow service via EFT
  • You will then be notified once the funds have been verified and cleared
  • You can now sell your product or provide your service knowing that you will get paid
  • If the buyer is satisfied, our Escrow service will release the funds to you

If you’re the buyer:

  • Register for our Escrow service and provide your full name, email address, cellphone number, ID number and banking account details in case you need to be refunded
  • Inform the seller that you would like to do the transaction through our Escrow service
  • Create the transaction on the system and specify terms such as costs, delivery times, etc. You will have the option of uploading documentation such as agreements and pictures
  • We will automatically send the seller a trade invitation which will include all the details
  • The seller can accept the transaction terms or negotiate until both parties are in agreement
  • Once the terms have been agreed, you can deposit the funds into the Standard Bank’s Escrow via EFT
  • The seller now dispatches the product or delivers the service
  • Once the product/service has been delivered, you have the option of inspecting the goods/services in order for the funds to be released to the seller
  • If you are happy, sign into your transaction dashboard and accept the goods or services
  • This will inform us to release the funds to the seller
  • If you’re not satisfied, the transaction will be frozen, and you and the seller will have ten business days to resolve the dispute
  • If a dispute cannot be resolved, we will refer it to the Small Claims Court or to arbitration
What it costs
  • Registration is free
  • Fees are calculated as a percentage of your trade amount and costs as little as R115  per transaction

See our pricing guide

Frequently Asked Questions

To learn more about the Escrow service, follow the link below.

View our Frequently Asked Questions

 

What you get
  • Access to our online Escrow service when you register
  • Reduced risk of fraud and scams
  • A seller will not be paid if they misrepresent what they’re selling, and the buyer will not receive the product/service if they don’t have the agreed funds
  • Ability to split a single transaction into progress payments or separate milestones
  • Guaranteed cashflow and peace of mind as there is no handling of cash
  • Complete transparency through email and SMS notifications during each stage of the transaction lifecycle
  • Ability to freeze the trade if you’re not satisfied
  • If it cannot be resolved, we will refer it to the Small Claims Court or  Arbitration
How to get it

If you’re a Standard Bank customer:

  • Click here to register an account with our Escrow service

Not a Standard Bank customer?

  • You will only be able to register as a seller and not a buyer. Click here to create an account
  • If you want to register as a buyer, simply open a MyMo account online for only R4.95 per month
  • How it works
  • What it costs
  • Frequently Asked Questions
  • What you get
  • How to get it

If you’re the seller:

  • Register for our Escrow service and provide your cellphone number, ID number and banking account details
  • Inform your buyer that you would like to do the transaction through our Escrow service
  • Create the transaction on the system and specify terms such as the transaction description, costs, delivery dates, etc
  • We will automatically send the buyer a transaction invitation which will include all the details
  • The buyer can accept the transaction terms or negotiate until both parties are in agreement
  • Once the terms have been agreed upon, the buyer deposits the funds with Escrow service via EFT
  • You will then be notified once the funds have been verified and cleared
  • You can now sell your product or provide your service knowing that you will get paid
  • If the buyer is satisfied, our Escrow service will release the funds to you

If you’re the buyer:

  • Register for our Escrow service and provide your full name, email address, cellphone number, ID number and banking account details in case you need to be refunded
  • Inform the seller that you would like to do the transaction through our Escrow service
  • Create the transaction on the system and specify terms such as costs, delivery times, etc. You will have the option of uploading documentation such as agreements and pictures
  • We will automatically send the seller a trade invitation which will include all the details
  • The seller can accept the transaction terms or negotiate until both parties are in agreement
  • Once the terms have been agreed, you can deposit the funds into the Standard Bank’s Escrow via EFT
  • The seller now dispatches the product or delivers the service
  • Once the product/service has been delivered, you have the option of inspecting the goods/services in order for the funds to be released to the seller
  • If you are happy, sign into your transaction dashboard and accept the goods or services
  • This will inform us to release the funds to the seller
  • If you’re not satisfied, the transaction will be frozen, and you and the seller will have ten business days to resolve the dispute
  • If a dispute cannot be resolved, we will refer it to the Small Claims Court or to arbitration
  • Registration is free
  • Fees are calculated as a percentage of your trade amount and costs as little as R115  per transaction

See our pricing guide

To learn more about the Escrow service, follow the link below.

View our Frequently Asked Questions

 

  • Access to our online Escrow service when you register
  • Reduced risk of fraud and scams
  • A seller will not be paid if they misrepresent what they’re selling, and the buyer will not receive the product/service if they don’t have the agreed funds
  • Ability to split a single transaction into progress payments or separate milestones
  • Guaranteed cashflow and peace of mind as there is no handling of cash
  • Complete transparency through email and SMS notifications during each stage of the transaction lifecycle
  • Ability to freeze the trade if you’re not satisfied
  • If it cannot be resolved, we will refer it to the Small Claims Court or  Arbitration

If you’re a Standard Bank customer:

  • Click here to register an account with our Escrow service

Not a Standard Bank customer?

  • You will only be able to register as a seller and not a buyer. Click here to create an account
  • If you want to register as a buyer, simply open a MyMo account online for only R4.95 per month
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