eraiESCROW is powered by ERAI, a trusted source for counterfeit part mitigation. If the part you are sourcing has been reported by ERAI, an eraiESCROW agent will notify you of the risk, regardless of membership status. We will also notify you if the party you are transacting with has been reported by ERAI.

Obviously, we cannot facilitate an escrow agreement unless both parties are willing to use the eraiESCROW. If your customer/supplier does not want to use eraiESCROW, you should ask them why they are refusing to use the service.

If they simply do not know who eraiESCROW is, we will be happy to provide your customer / supplier with more than enough information to alleviate any reservations or concerns in relation to the legitimacy or reliability of our service.

If this does not satisfy your potential customer/supplier, ask them if they would be willing to use another escrow service. If they do agree to use another service, you should check with ERAI to see if we have reported this company. This can sometimes be the reason companies shy away from eraiESCROW. We may know something YOU need to know.

We tell our members that if your customer/supplier simply refuses to use any available escrow service, this should be regarded as a "Red Flag". A company who will not consider payment options other than TT (wire transfer in advance) is reason for concern, especially if that supplier is not willing to consider your company's positive trade references, or those of eraiESCROW. We cannot think of one good reason to avoid a platform, such as eraiESCROW, that can provide both the Buyer and the Seller with protection during the transaction.

After a Buyer issues a Purchase Order and a Supplier issues a Proforma Invoice, both parties agree to use eraiESCROW. A representative of either company registers and/or logs in to the eraiESCROW website. The escrow transaction will be initiated by entering the order details and uploading a copy of either the PO or PI. Once the transaction is entered, the eraiESCROW system will send an invitation to the designated contact of the other company indicating that an escrow has been initiated. The other party logs into the eraiESCROW system, reviews the order and terms and can propose changes, if necessary. The changes will need to be reviewed by the other party before the escrow is started. If the other party has made changes, the escrow initiator can review and accept the changes or propose alternate changes.

Once both parties have agreed to the terms, eraiESCROW will instruct the Buyer to send the funds to the eraiESCROW bank account. Once the funds are confirmed by eraiESCROW, eraiESCROW instructs the Seller to ship the product and provides eraiESCROW with a tracking number. eraiESCROW tracks the shipment until the goods are received at the address specified by the Buyer. The Buyer will have an agreed-upon time period to inspect the product.

eraiESCROW enforces the inspection period, making certain the Buyer either accepts or rejects the material in the agreed upon period. If the Buyer accepts the shipment, eraiESCROW will be authorized by the Buyer to release payment to the Seller. If the Buyer rejects the shipment, they will be required to return the parts to the Seller. eraiESCROW will hold the funds until the return shipment is received and accepted by the Seller.

At any point in time during a transaction, a Buyer and Seller can communicate with each other and with eraiESCROW through a communication module in the eraiESCROW website. Each transaction has its own secure and private communication module.

This fast, easy process will give you peace of mind and will eliminate the vast majority of the risks both Buyers and Sellers face.

The length of the escrow largely depends on the transit time of the product from the Seller to the Buyer and the length of the agreed-upon inspection period. During the escrow set up process, the Buyer and Seller will agree how long the Buyer has to inspect (or test) the parts. During this time period, the Buyer can inspect the product and decide whether or not to accept the goods.

All funds must be wire transferred directly to eraiESCROW’s bank account in US Dollars. Credit card payments are not accepted.

The monies are held in the eraiESCROW bank account until the transaction is complete when the Buyer accepts the shipment or once the rejected product is returned to the Seller.

During the negotiation stage, the Buyer and Seller will agree who will be paying the eraiESCROW fees. If the Buyer is covering the fees, the amount will need to be included in the wire transfer to eraiESCROW. If the Seller is covering the fees, the amount will be deducted once eraiESCROW releases payment to the Seller. If the Buyer and Seller are sharing fees, the same process above applies to the percentage determined in the agreement.

Often times, a Buyer wants their end user (customer) to inspect the product before funds are released to the Seller. If the Seller is in agreement, eraiESCROW can allow the Buyer to send parts to a third party with the written consent of the Seller.

The Seller will be instructed to ship the product once eraiESCROW has instructed the Seller after confirmation of receipt of the Buyer’s funds.

Once instructed to ship goods, the Seller has 48 hours to provide a tracking number. If the Seller cannot supply the product by the specified delivery date and the Buyer cannot accept a delivery delay, the eraiESCROW transaction will be cancelled.

The Buyer and Seller should, as in all transactions, make the necessary arrangements to insure the shipment prior to contacting eraiESCROW. eraiESCROW is not liable for lost, stolen or damaged shipments. The Buyer and the Seller need to make insurance arrangements and this information should be clearly stated on the Purchase Order and/or the Proforma Invoice.

At any time during the transaction, either party can log in to the eraiESCROW website and view the status of their transaction and can use the communication module to send messages to the other party or eraiESCROW. An eraiESCROW agent will provide a daily update in the communication module to ensure all parties are aware at each stage of the transaction.

During the escrow set up process, the Buyer and Seller will agree how long the Buyer will have to inspect the parts. The inspection period starts once all of the product has arrived at the designated shipping address, confirmed through tracking information. It is the responsibility of the Buyer to ensure that they request an inspection period long enough for the verification of the product. If the Buyer requires additional time, agreement in writing must be obtained from the Seller.

Once the Buyer accepts the product, eraiESCROW will release payment to the Seller through a wire transfer to the account designated by the Seller. Wires are processed by eraiESCROW on a daily basis.

If the product does not pass the Buyer’s incoming inspection, an RMA will be requested from the Seller, including a shipping account number. The Buyer will need to provide a tracking number for the rejected product within 48 hours of being provided the RMA and shipping information. Once received by the Seller, the Seller has 48 hours to verify receipt of the returned goods before the refund is sent to the Buyer.

Yes, payment would be released to the Seller for the accepted quantity and an RMA would be requested for the rejected quantity. A partial refund would be sent to the Buyer once the parts have been returned and verified by the Seller.

If the goods are determined to be suspect counterfeit or counterfeit by the Buyer or a test laboratory chosen by the Buyer, the Seller can either agree with the Buyer’s finding and the escrow will be voided or the Seller can have the Buyer’s findings verified by contracting with an ERAI-approved test laboratory.

The Seller is responsible for paying the shipping charges on rejected shipments. If the shipment is rejected, the Seller is required to provide eraiESCROW with an RMA number and a valid shipping account number.

At this time, eraiESCROW does not provide escrow services in the states of Texas and California.