10. Escrow & Payment

10.1 What is Escrow?

Escrow is a financial arrangement where a neutral third party holds and manages the payment of funds required for two parties involved in a given transaction. This arrangement ensures that both parties fulfill their contractual obligations before the transaction is completed.

Gamehaap partners with Escrow.com, the most well-known global escrow service, to provide a secure and trustworthy transaction process.

We partner with Escrow.com because of their established reputation, global reach, and robust security measures.

However, sellers and buyers can choose to use their own escrow services if mutually agreed upon, with Gamehaap guiding the seller through the process in either case.

10.2 How does Escrow.com work?

Escrow.com provides a secure platform to manage payments and protect both buyers and sellers in a transaction. Here is a step-by-step process for sellers using Escrow.com after the sales purchase agreement is finalized:

1. Sign in or create your account on Escrow.com:
• Go to Escrow.com and sign in or create a new account if you don’t already have one.

     2. Agree to the final sales agreement:

• On your dashboard, review and agree to the final sales agreement shared with Escrow.com by Gamehaap.

     3. Enter bank account details:

• Provide your bank account details where you want to receive the funds once the transaction is completed.

     4. Verify your Escrow.com account:

• Verify your account by providing personal details that match the information on the Sales Agreement.

     5. Wait for Escrow.com to verify the sales agreement:

• Escrow.com will verify the sales agreement details with the buyer.

     6. Wait for Escrow.com to verify the funds:

• Escrow.com will verify that the buyer has the necessary funds for the transaction.

     7. Funds secured by Escrow.com:

• Once verified, Escrow.com receives and secures the funds from the buyer.

     8. Transfer your game assets:

• Transfer the game assets to the buyer as per the agreed terms.

     9. Buyer inspection and confirmation:

• The buyer will inspect the game assets and confirm their satisfaction.

     10. Release of funds:

• After the buyer confirms the assets, Escrow.com releases the funds to you.

• At this stage, Gamehaap's closing commission fee will be deducted from the released funds automatically, so there’s no need for a separate payment.

10.3 How does Gamehaap assist in this step?

Gamehaap provides comprehensive support to ensure a smooth and secure escrow process:

1. Trusted Escrow partners:
• Gamehaap collaborates with reputable escrow service providers, primarily Escrow.com, to facilitate secure transactions.

     2. Setup and coordination:

• We assist in setting up the escrow account and coordinate with Escrow.com to ensure that all procedures are followed correctly.

     3. Guidance and instructions:

• Gamehaap provides clear instructions to both the seller and the buyer on how to deposit and release funds through the escrow service.

     4. Monitoring and communication:

• Throughout the transaction, Gamehaap monitors the escrow process and maintains communication with both parties to address any questions or concerns.

     5. Dispute mediation:

• In the event of a dispute, Gamehaap helps mediate between the buyer and seller, working with the escrow service to resolve the issue fairly.

     6. Final verification:

• We ensure that all conditions of the sale are met before advising the escrow service to release the funds to the seller.

By leveraging these services, we ensure that the escrow and payment process is secure, efficient, and transparent, protecting the interests of both sellers and buyers.