How does escrow payment work in CropConex?

Escrow is a contractual arrangement where a third party holds funds or item until a specific requirement has been met.

On CropConex, coffees can be listed in the marketplace by suppliers and buyers can order samples and contract sales agreements. When a contract is entered on the platform we send the details information through our API to the bank to initiate the payments process. The funds are debited from the buyers bank account and moved to a special escrow account where it is held fora short period of time. During this time, the coffee is dispatched from the region to be delivered to the buyer in Addis. The buyer cannot withdraw the funds from the escrow account once the coffee is in transit. Once the coffee arrives and is approved on the platform the funds are released and transferred to the seller.

Escrow payments are currently in closed beta. Interested in trialing escrow payments on CropConex? Please contact our team for more details. 

Still need help?

Contact our support team and we’ll be happy to answer your questions.