A simple definition of Escrow is that money is deposited with a trusted third party in order to protect both buyer and seller in a transaction. Our Payment Protection Service, covers ALL sales through BB List without exception. This is to prevent fraud and to protect you!
Buying at a distance raises the concern about sending money, cash or a cheque, to an unknown person in the hope that they will send you the item you wish to buy. Another concern is that when the item arrives it may not be the advertised item or in the condition described.
The vendor’s dilemma is whether or not to send the goods to an unknown buyer before receiving payment. BB List resolves those problems for both buyer and seller by providingescrow. Any item listed in the web site database can only be sold or purchased through the Payment Protection Service provided by BB List.
A sale via BB List is effectively a five stage process
A deal agreed
The buyer deposits payment with BB List.
The merchandise is shipped from the seller to the buyer
The buyer has 24 hours to examine the merchandise to ensure that it is as described by the seller
The sale is completed and funds transferred to the seller's escrow account.
Payment for any item will be held in BB List's ring-fenced Client's account. When the payment has been cleared by the bank, and not before, BB List will request that the item is shipped to the buyer.
Buyers can pay directly into BB List Client Account by Electronic Transfer, Banker’s draft, by cheque drawn of a British Bank Account or International Money Order or pay by cash over the counter of any Branch of Barclays Bank in the UK. All payments must be in the currency of the listed item; that is, pounds sterling, Euro or USD. We cannot accept payment by credit or debit card.
Escrow gives sellers greater confidence in selling at a distance because they know they will receive payment or, in the unlikely event that the goods have been inaccurately described, they will have their property returned. Buyers can be confident that they will receive the goods, and with some guarantee that the condition will be as stated by the seller. It must be emphasised that the contract of sale/purchase is between the buyer and seller and not with BB List. BB List does not own or see any of the items advertised on our web site.
The Payment Protection Service provided by BB List, is free to those buying or selling any item listed on BB List's web site. Escrow will be used for all sales through BB List, even when the buyer and seller meet so that the seller can inspect the kit prior to buying.
Only carriers (shipping companies) or postal services which offer the facility to track items via the Internet, should be used. This tracking facility will enable BB List, the buyer, and the seller, to know the time and date when the item was collected, where it is in transit and, importantly, the delivery time and place. Unless otherwise agreed by the seller, shipping charges and insurance will be paid by the buyer. The buyer will be given 24 hours maximum, after delivery, in which to examine the item. Should the item not be as described in the on-line description, or not functioning if it was sold as a functioning item, the seller and BB List must be informed through the messaging system that there is a problem. If the item is to be returned to the seller it must be returned by the same carrier used to ship the item, and collected by that carrier within 48 hours of delivery. If the item is not returned within that period it is deemed that the buyer is satisfied and the seller will be immediately paid by BB List, less any commission and any other charges and VAT, where this is applicable. Should the item be damaged in transit, then the seller and BB List must be notified immediately so an insurance claim may be initiated. The buyer is advised, on delivery of an item, not to accept or sign for any package that is damaged. By doing so, this could invalidate any insurance claim.
Please note Banks charge for making cross border currency transactions. Banks also charge for currency conversion. The rates vary each day. You will need to check with your bank what it will cost you to send or receive a foreign payment.
Even though the buyer has instructed their bank that they will pay all charges, there are still some circumstances when our bank will also charge us to receive a deposit. For example, we can be charged either 6GBP, 10GBP or even 20GBP to receive a foreign payment.This fee will become payable by the seller. After all, you would have to pay this charge if the deposit went directly into your bank account.
When we make payments to overseas sellers our bank charges 15GBP for a SEPA payment and 25GBP for a standard payment, to transmit funds. Of course, we have to pass these charges on to the beneficiary.
Should BB List have to return funds, funds will always be returned in the currency received, that is, GBP, Euro or US Dollar, and converted by the beneficiary's bank. This could result in a 10% loss of the amount sent to us if the payment is converted from one currency to another and then back to the sender's currency. There will also be the normal bank charges which are determined by the currency in which the payment is made. Where payments made in GBP or USD to non British bank accounts, our bank charges 25GBP for each and every transaction. Where payment is made in Euros from our Euro bank account the charge is the currently equivalent to 15GBP. These, and all other bank charges will be paid by the beneficiary.