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General Questions
What is Escrow Service?
A lot of times, buyers and sellers are complete strangers. When these two parties don't know each other, they may want to turn to a third party to mediate their transaction to prevent any kind of fraud from taking place. Escrow acts as a third-party they can trust to make sure their transaction is simple and secure. As a result, Escrow gives the Buyer and Seller confidence that their transaction will be carried out fairly and successfully.
Protection for both Buyer and Seller
How Buyers are protected:
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HKinventory Escrow tracks and verifies delivery of the shipped merchandise. |
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The Seller won't get paid until the Buyer accepts the merchandise, or the agreed upon inspection period expires. |
How Sellers are protected:
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Kinventory Escrow verifies delivery of merchandise to the Buyer. |
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The Seller is notified to ship after HKinventory Escrow verifies good funds. |
Why should I use Escrow Service?
Typically, we recommend members to use our service when the Buyer and Seller are unknown to each other, for purchases made on business-to-business e-commerce sites, and online merchants.
What are the steps to use Escrow service?
Step 1: Buyer and Seller Agree to Terms
Either the Buyer or Seller signs in and creates a transaction. The information in the Escrow Order form include:
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Contact details of both parties |
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Length of inspection period |
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Delivery options |
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Party responsible for paying the escrow fee and shipping costs |
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Purchase order details |
The initiating party confirms the information entered, and agrees to the escrow instructions. The other party is notified by e-mail or fax, to sign in and agree to the terms of the transaction provided by the initiating party.
After both parties have agreed to the terms, the Buyer will be asked to submit payment to HKinventory Escrow.
Step 2: Buyer Pays to HKinventory Escrow
The Buyer submits their payment to HKinventory Escrow by wire transfer, the Escrow fee would be 0.70% of the total amount of transaction or a minimum charge of USD60.00; plus the service charge of wire transfer ( T/T ). After payment is secured into a trust account, the Seller is notified by HKinventory Escrow to ship the merchandise to the Buyer.
Step 3: Seller Ships Merchandise to Buyer
The Seller ships the merchandise to the Buyer using an approved delivery service.
After the Seller has shipped the merchandise, they must notify HKinventory Escrow and provide the tracking information. The inspection period will not begin until we confirm delivery of the merchandise.
Step 4: Buyer Inspects the Merchandise
When the Buyer receives the merchandise, the inspection period begins and the Buyer must inspect within this period and decide whether to accept the goods.
Step 5: HKinventory Escrow Pays the Seller
If the Buyer accepts the merchandise, HKinventory Escrow will disburse the funds to Seller via wire transfer. Payment is sent to the Seller with escrow fees and shipping costs deducted, if applicable.
Do I have to be a member of HKin.com?
No, neither of the parties involved are required to be a member, however it is highly recommended that you register as a free Trial Member. To learn more about our membership,
please click 
. We ensure that your information will never be released for marketing or any other purposes without your authorization.
How long does the escrow process take?
It depends upon three factors:
- the inspection period agreed upon by both parties;
- method of shipment;
- the length of making payment.
Generally, most escrow purchases can take from 7 to 14 days.
Will it be safe using Escrow?
All information provided are kept in strict confidential. Along with providing members with safe and secure ways to conduct online transactions, we are fully committed to protecting our members' privacy and personal information.
Does our service favor either Buyer or Seller?
No. The service is a neutral, third party intermediary that assures a secure transaction process for both buyers and sellers.
Which countries do Escrow service support?
We basically support transactions from all over the world.
What is EPS(Escrow fee Paid by Supplier program)? 
EPS is dedicated to helping buyers and sellers increase efficiency to close a deal in a safer trading environment. Suppliers of EPS are willing to pay the Escrow fee for their buyers during a transaction. EPS suppliers are entitled to receive a distinctive icon with higher ranking in part search result pages over the competitors. It also helps EPS suppliers to capture more new customers who are currently using online payment services. Buyers can make a selection of their favorite suppliers in accordance with their purchase requirement which means it helps them to save more on Escrow fee.
Benefits of being an EPS supplier
- New payment service amongst the industry – an innovative online payment method on top of Escrow service allows suppliers to stand out from competitors and attract buyers' attention.
- Enhance buyers’ confidence – EPS symbolizes the credibility and sincerity from suppliers who vowed that they are paying the Escrow fee which increase the buyers’ confidence.
- Easy and efficiency – accelerate the success rate of a transaction and reduce the number of times in negotiation.
- Penetrate new market - opportunity to penetrate a new target group and catch more buyers who are currently using other form of online payment such as NET.
- Well receipt of payment – The secured payment method protects both buyers and suppliers in which suppliers are confirmed receipt of payment before shipment.
How to become an EPS Supplier?
Requirements
1. Applicants must be a Standard or Corporate HKin.com member.
2. Registration fee is required per application.
Fee
1. The registration fee for EPS is USD 1,200 per application.
2. The annual fee for using the EPS service are:
- Standard Member: USD 180 per year
- Corporate Member: USD 280 per year
3. EPS suppliers can also purchase the special Escrow package to save more.
Terms and Conditions
- The EPS supplier has the right to decide the minimum purchase order amount as from USD50.00 to USD500.00
- Once you agree to use the EPS service in your posting offers, you acknowledge that you have to pay for the Escrow fee for that specified order. All EPS suppliers must comply with all the rules and regulations stated in the Escrow Agreement.
- In the event that the final purchase order amount is less than the minimum order required by the EPS supplier, the supplier has the right to refuse paying for the Escrow fee. However, if EPS supplier fails to provide the service and HKin.com received complaints against the supplier, it is deemed as violating the rules after investigation and following actions will be taken;
- 1st time – Warnings in written notice;
- 2nd time – Suspend the EPS service for 1 month;
- 3rd time – Suspend the EPS service for 3 months.
- More than 3 times – Suspend and terminate the service. Supplier has to re-apply for the service and submit the application with application fee again.
- The effective period for all the above conditions is within 6 months.
- The EPS status is effective upon approval, under the provision that the membership is not discontinued or terminated. In the event that the membership has been discontinued but it is renewal in within 3 months, the EPS status is still in effect. Otherwise, the supplier has to re-apply for the service and submit the application with registration fee again.
FAQs:
1. Who is eligible to apply for EPS program?
If you are a Standard or Corporate member of HKin.com is eligible to apply.
2. Is USD1,200 an one-time registration fee?
Yes, it is and the EPS status is effective under the provision that the membership is not discontinued or terminated.
3. When I posting offers, can I select only part of the inventories that come with EPS?
No, once you confirmed accepting the EPS service, all uploaded inventories must provide with the service. You cannot reject the buyer to use it unless the total purchase order amount is less than your minimum order requirement.
4. If I have been verified as violating the rules, will all my inventories with EPS be suspended?
Yes, we will suspend your EPS service.
5. Can I ask refund for EPS registration or annual fee?
No, no refund for all payment made.
6. Can I provide 2 different prices in one quotation ( one of them with EPS and the other one without EPS)?
No, you can only provide 1 price on each quotation. You are deemed as violating the agreement if you are providing 2 prices and reject to pay for EPS goods in the quotation.
7. Can I change my minimum order requirement?
Yes, you can send the request to customer service at cs@hkinventory.com
8. Can a supplier accept TT or NET payment term after he joined the EPS program?
Suppliers can determine whether to accept TT or NET as the payment terms on their own diligence. However, we still highly recommend suppliers to use Escrow service.
9. How can a buyer distinguish quotations received are from EPS suppliers?
The email quotation received from EPS suppliers will be showing in a bracket "Escrow Paid by Supplier" in the subject line. It helps buyers to take a quick glance and differentiate from other non-EPS suppliers.
10. In the event that the buyer rejects the goods, who is paying for the Escrow fee?
The EPS supplier still has to pay for the Escrow fee although the goods are returned.
11. What is the difference between "Accept small order amount" and "Escrow fee paid by supplier" in trading terms and conditions?
The preceding one is the acceptance of minimum order amount without using Escrow or EPS service. The latter one is the minimum order amount for supplier accepting the EPS service.Therefore, the amount for these two can be different.
12. What is  ?
For supplier with this icon representing that they are Top 10 Escrow Suppliers, and provide EPS to buyers.
Payment
How much does it cost to use Escrow?
New Escrow Pricing Scheme
| Total Prepaid Amount (USD) # |
Escrow Fee of
Total Transaction Amount |
Minimum Charge (USD) |
Number of Orders |
| --- | 0.70% | 60.00 | 1 | | 450 | 0.60% | 45.00 | 10 | | 1200 | 0.50% | 40.00 | 30 | | 1750 | 0.40% | 35.00 | 50 |
# We will deduct minimum charge from Prepaid Account per transaction. Customer needs to pay for the remaining difference.
- New escrow pricing scheme is applicable to all customers (including member and non-member).
- For a single order, you only have to pay for 0.70% of total transaction amount or a minimum charge of USD60.00. You do not need to pre-pay the escrow fee.
- If you want to enjoy more discounts, you should choose above package and make upfront payment to your Escrow Prepaid Account. For example, if you prepaid USD1200 to your account, you are entitled to place 30 orders and enjoy further discounts at 0.50% of total transaction amount or a minimum charge of USD40.00
- The effective date will commence on the date upon receipt of your Prepaid payment and such account is valid for 2 years.
- All payment made to Escrow Prepaid Account is non-transferable, non-refundable, and can be used for Escrow Service only.
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PayPal is acceptable if the transaction amount is less than USD400.00
How do I know if Seller accepts payment thru Escrow?
We highly recommend Buyer or Seller to use Escrow service when conducting transaction over Internet. You could find the Seller accepts Escrow payment with a yellow dollar sign icon on the right column in the Buyer/ Match offer page.
Who should pay for the Escrow fee?
Before the transaction, the Buyer and Seller should negotiate who will pay the escrow fees. Either the Buyer pay the fees, the Seller pays, or the Buyer and Seller each pay half of the escrow fee. In the event of a rejection of the merchandise or cancellation of the transaction, the Buyer and Seller should check a box in the order form where indicating who is responsible for return shipping fees. The escrow fee and any original shipping fees will be taken out of the original payment made to us.
What is the verification of "good funds" or "secured funds"?
In order to ensure payment, HKinventory Escrow waits until the money is deposited into our trust account, which is then considered "good funds." It gives Buyers and Sellers an extra level of security.
How do Sellers get paid?
HKinventory Escrow releases funds to the Seller once the inspection period has passed without the Buyer requesting cancellation of the transaction and upon HKinventory Escrow verification of the transaction information. The inspection period is agreed to by both the Buyer and the Seller and commences once the Buyer has received the items.
How long does it take for Sellers to get paid?
When the Buyer accepts the merchandise, the Seller will be paid. HKinventory Escrow will disburse the funds to Seller via wire transfer.
Sellers are always recommended to use a shipping company with online tracking to ensure quick release of funds at the close of the transaction.
How quickly is the payment processed?
It depends upon your financial institution; some require a few days before they can wire funds. We process wire transfers each business day.
As a buyer, what happens to my money when I send it to Escrow?
The fund we received remain in our secured escrow non-interest bearing trust account until the transaction concludes
How does Escrow protect against fraud?
It takes several steps to protect both the Buyer and Seller against fraud:
1) ensure all payments are made by the Buyer before the Seller is instructed to ship,
2) all shipments are tracked to ensure the Seller shipped and the Buyer received the goods, and
3) if the goods received is fraudulent, it gives the Buyer the chance to return the merchandise before payment is released to the Seller.
Will HKinventory Escrow convert my local currency to USD?
HKinventory Escrow does not convert money between currencies. All escrow transactions are processed in the United States Dollar currency.
Please contact your local banks for exchange rates and other costs associated with this conversion.
Who will pay for currency conversion rates?
HKinvenotry supports transactions in US Dollars. Once the transaction is started it will continue in the same currency throughout the entire transaction.
The buyer accepts all responsibility regarding gains or losses due to currency conversion rates while the funds are held in our trust account.
Can I use PayPal?
Yes, only if your transaction amount is less than USD400.00.
Transactions
How can I know my status?
Buyer or seller can check the status through Internet. HKinventory Escrow will also update buyer and seller the process to ensure each step has been followed strictly.
What is an inspection period, when does it start, and how long does it last?
The inspection period is the amount of time agreed to by both parties in which the Buyer may examine the items. The inspection period begins when HKinventory Escrow confirms the shipment has been received, and the Buyer must accept or reject the goods within this period. Buyers and Sellers should make sure the inspection period provides adequate time for any authentication and/or appraisal process that may be necessary to complete the transaction. The HKinventory Escrow suggested inspection period is 5 working days. When the Buyer rejects the items, the Seller has 7 days to examine the merchandise after it is returned.
What if I require more inspection days than previously agreed on?
HKI must have the Seller’s written approval if you need to prolong the inspection period.
What if the Buyer is dissatisfied with the
items?
The Buyer has the inspection period (a length of time agreed to by both parties) to approve the items. If dissatisfied, the Buyer must return the items to the Seller. Once the Seller has received the items and confirmed that they are in satisfactory condition, HKI will release the funds back to the Buyer.
What if the Buyer does not pay?
If the Buyer has not made the payment in time, the Seller has the right to cancel the order and the Buyer is responsible for the Escrow fee.
What if the Seller does not ship the item?
If the Seller cannot ship the goods, the Buyer has the right to cancel the order and the Seller is responsible for the Escrow fee. The fund will not be released to the Seller until the Buyer has received and approved the items.
Shipment
When do I ship the goods?
Ship the order only after you have received clear instructions and confirmation from HKI Escrow. Sometimes the Buyer may not have paid in full and gives you a payment confirmation. HKI will first ensure full payment has been made by the Buyer before asking you to ship the parts.
How should I ship the goods?
Before shipment, ensure the following is in order:
a. the parts are in working condition and packaged securely
b. the goods are packed as per purchase order
c. packing list
d. test reports if any, and leave a copy for your own reference
To avoid dispute, use a courier company that has online shipment tracking. We recommend UPS, Fedex, DHL, and TNT.
What if goods are damaged during shipping?
In the event of receiving damaged merchandise, the receiver (buyer or seller) should inform HKin.com, who will continue to hold the funds until both parties come up with a solution.
What if the Seller did not ship the items?
Your funds will not be released to the Seller until you have received and approved the items you are purchasing. All shipping and handling costs will be occurred by the Seller. The Buyer has the right to recover any loss or damage from the Seller.
Who should pay the shipping cost?
Before signing the agreement of terms, the Buyer and Seller should agree who's paying for shipping. In the event the goods are received by the buyer and rejected, Buyer or Seller should indicate who is paying for return shipping fee.
Should I insure the shipment?
All shipments, domestic and international, recommend to be insured for the item's full value. Failure to insure the item for its full value means assumption of liability in the event the merchandise is damaged or lost.
Does Escrow keep goods or drop shipment for Buyer and Seller?
We would act as a third party for buyer and seller to transact in a more secure way over internet. HKinventory Escrow would not keep goods or drop shipment for buyer or seller.
Return
How long does the Buyer have to inspect the items?
The Buyer and Seller should specify the inspection period in the Agreement. If the inspection period has expired and HKI Escrow confirmed the buyer received the item, we assumed that the Buyer has approved the merchandise.
How does the Buyer decline or reject items sent by the Seller?
The Buyer is responsible for returning shipment to the seller using a trackable shipping method. The Buyer's refund is processed only after the Seller confirms receipt of the returned items in the same condition it was sent.
How does the Buyer decline some of the items sent by the Seller?
The Buyer has to contact the seller and us directly he is accepting partial of the items received. We will then send notification to both parties. If the Buyer returned the declined items to Seller and the Seller accepts partial returned items. We will send partial payment to the Buyer and Seller accordingly.
What if the Buyer rejects the items?
The Buyer has the inspection period (a length of time agreed to by both parties) to approve the items. If dissatisfied, the Buyer must return the items to the Seller. Once the Seller has received the items and confirmed that they are in satisfactory condition, HKI Escrow will release the funds back to the Buyer. In any case, on return, the Buyer or the Seller is fully or partial responsible for fees including escrow fees, return shipping fees, and original shipping fee according to the agreement. The escrow fee and any original shipping fees will be taken out of the original payment made to HKI Escrow.
How are buyers refunded?
In the event of a cancelled transaction or a partial refund to the Buyer, funds less escrow fee will be returned using the same method as the Buyer paid. The escrow fee is non-refundable.
Security & Privacy
How does Escrow protect against fraud?
It takes several steps to protect both the Buyer and Seller against fraud:
1) ensure all payments are made by the Buyer before the Seller is instructed to ship,
2) all shipments are tracked to ensure the Seller shipped and the Buyer received the goods, and
3) if the goods received is fraudulent, it gives the Buyer the chance to return the merchandise before payment is released to the Seller.
Are services offered through Escrow safe?
Definitely. You and your transaction are protected every step of the process.
Will HKI Escrow release my email address or any private information to other companies?
We will never release your information to any person or organization. Read our privacy policy for more information.
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