What Does It Mean to Be An Escrow Agent?
When a buyer and a seller want to ensure satisfaction, they can appoint an arbiter. When the buyer pays, their money is held in a separate account called an ‘escrow’. When the product arrives or the service is rendered, the buyer can declare if all was delivered as promised. If so: the arbiter is asked to release payment.
This arbiter is called an ‘escrow agent’.
As an agent, your task is simple: ensure both parties are satisfied with their order and that the agreed upon payment is provided. In most cases, it’s as simple as checking your DMs and clicking a button.
How Are Escrow Agents Appointed?
The process is simple: you apply to become an agent, and then are assigned an Agent Profile. The main feature here is a reliability rating: nobody wants to appoint an agent who’s unreliable.
Beyond that: sit back, relax, and wait for user requests.
How Are Escrow Agents Paid?
When listing, the seller can submit an escrow request. Generally, agents are paid, at minimum, .25% percent of the sale price.
If they offer higher (as they often will), or if it goes to arbitration, you have the potential to earn more. When the majority of cases are just clicking a button, it’s pretty solid money.
How Much Money Can An Escrow Agent Make?
That’s up to you. By being active in the ecosystem, and maintaining a positive reputation, you’ll gradually accrue more and more cash flow.