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 and ‘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 a escrow request. Generally, agents are paid a percentage of the sale price (much like a Real Estate agent).
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.