Bitmit escrow serviceDue to the pseudonymity of the Bitcoin network it is necessary to provide some trust building features to our customers. Beside the optional ID verification we have introduced an escrow service which protects our buyers from fraudsters and provides an easy way to build trust and to generate more sales.
How it worksOn orders with enabled escrow option the Bitcoins are only transfered to the seller when the buyer has set the item status to received or when the buyer has rated the order positively. It puts a stop to potential fraudsters because there is no chance to commit a successful fraud.
Options for sellers
- Cancel order and return the Bitcoins in escrow to the buyer
- Request a release of the bitcoins in escrow. The buyer will be notified of your request and has 14 days to deny payment to you.
Options for buyers
- Request a refund of the bitcoins in escrow. The seller is notified concerning your request and has 14 days to respond with a reason why he should receive payment regardless of your complaint.
If the seller has not read the order, all bitcoins will be refunded immediately. We will also refund orders when the seller has not set the order status to "shipped" or when we raise strong suspicion of a fraud.
When we have clear evidence we will release the bitcoins to the person who we deem to be in the right.