The sheer number of business and personal consumers spending money online is mind boggling. In a business climate where some verticals are seeing greater than 50% of their revenue generated from online sales, how can businesses and online marketplaces even begin to separate the ready and qualified buyers from those who are just window shopping or are still in the research phase?
When it comes to facilitating connections between buyers and sellers, online marketplaces would do well to provide services that allow sellers to quickly eliminate non-committed buyers from the funnel. Not only will this make closing listings easier for the seller, but the website will gain reputation as being THE place to close sales.
One of the easiest ways businesses and marketplaces can help vet potential buyers is by partnering with an online escrow service. While many consumers often only associate escrow with real estate, B2B sales teams and individuals are quickly recognizing the benefits escrow provides for any type of high-dollar transaction.
In its most basic function, escrow services simply provide a neutral, third party to oversee the transfer of funds between any buyers or sellers – with increased benefit when neither party is familiar with the other. But outside of simply transferring funds, escrow services verify and hold a buyer’s funds early on in the process.
The long and short of it, only serious buyers in your online marketplace will bother with escrow services. Because escrow requires the buyer to wire the full purchase amount in advance, sellers know that they can count on reliable leads.
How does this benefit your business? No longer is your sales team chasing down every single inquiry that lands in their inbox. By partnering with an escrow service, the vast majority of the leads generated will only be coming from genuinely interested buyers with readily available funds. For more on how escrow and be of benefit for your business be sure to see this post on the benefits of escrow in B2B transactions.