Personal Protective Equipment (PPE) Transactions on Escrow.com
Global demand for Personal Protective Equipment (PPE) is at an all-time high. Here at Escrow.com, we have seen a surge in the use of our online escrow services to help organizations securely order, pay for, and receive vital PPE.
The World Health Organization is calling on governments and industry to increase manufacturing by at least 40% in order to meet these rising needs. With panic buying, hoarding, rising demands, and misuse; there is a growing fear that lives are being put at risk due to inadequate PPE supply chains.
A New Global PPE Supply Chain
In order to fill the gap, new suppliers are emerging across all corners of the globe. While many of these suppliers are authentic and have the facilities and production capacity to fulfill the orders they take; unfortunately, scammers continue to leverage COVID-19 for their own personal gain.
In a harrowing warning issued by the FBI this week, the healthcare industry has been warned about the potential for fraud, specifically relating to the procurement of PPE and other COVID-19 medical equipment. The current tension within the supply chain may lead scammers to offer assurances or take orders for the equipment they do not have access to. While the healthcare sector struggles to get access to this potentially life-saving equipment, scam artists are leveraging the shortage in supply to their own advantage.
In a press release issued on March 27th, the FBI asked the medical community to exercise due diligence and appropriate caution when dealing with any vendors with whom they have never worked and/or of which they’ve never heard, and when relying on unidentified third-party brokers in the supply chain.
What Suspicious Indicators Should You Watch Out for When Buying PPE online?
According to advice directly issued by the FBI this week; this is what suspicious activities look like from rogue and risky sellers:
- Unusual payment terms (e.g., supplier asking for up-front payments or proof of payment)
- Last-minute price changes
- Last-minute excuses for delay in the shipment (e.g., claims that the equipment was seized at the port or stuck in customs)
- Unexplained source of bulk supply
To coin an old phrase; if a deal looks too good to be true, then it probably is. One of the things to be wary of, is lower than average unit pricing. While it’s expected to get a discount on bulk orders, you should also be alert to unrealistic pricing, or pricing that is not in line with the rest of the market.
Guidance for Staying Secure When Buying Medical Supplies Online
When buying PPE online, it helps to have a neutral third-party facilitator protecting the interests of both parties.
Escrow.com is the industry leader when it comes to third-party financial payment transactions. We can help you secure your transaction and confirm the quality of the product exchanged prior to releasing your funds to the Seller.
What Are the Benefits of Using Escrow.com?
The procedure is straightforward and easy for both Buyers and Sellers. You can complete the formalities within a few minutes, whether your order is for a single facility or into the millions of dollars.
As a licensed and regulated online escrow service, you get peace of mind, along with a tailored service that can be adapted to the needs of your specific transaction. If you need an SGS inspection to be carried out before the funds are dispersed, the systems and processes at escrow.com are already in place to make this happen. By calling escrow.com directly for a quote, we can better understand the countries involved, the parties, and discuss a custom pricing agreement.
Benefits for Buyers
Every Buyer gets a smooth, easy online transaction with a fully licensed escrow service. We ensure that the Buyer will receive their Personal Protective Equipment (PPE) as described. The funds are securely held in trust until the transfer is complete, which minimizes the risk and protects the Buyer from fraudulent users. Escrow.com allows the Buyer the opportunity to inspect the merchandise purchased before we release the funds to the Seller.
Benefits for Sellers
Escrow.com verifies the Buyer's payment, which protects the Seller from fraudulent users. We ensure Sellers receive their funds if they deliver the PPE purchased to the Buyer. All shipments are tracked to ensure the Seller shipped and the Buyer received the merchandise. The Seller is also protected from unexpected chargebacks.
How Transactions Work on Escrow.com
- The Buyer and Seller agree to terms. The Buyer and Seller first agree on a price, and to the terms and conditions of the transaction.
- The Buyer pays Escrow.com. The Buyer then transfers the agreed-upon amount into their Escrow account. As soon as the transfer is complete, Escrow notifies the Seller, who then commences the formalities of packing, shipping and insuring the PPE.
- The Seller ships merchandise to Buyer. The Buyer can then track their purchases from the moment they leave the Seller’s shipping facility, to when they reach the Buyer’s door.
- The Buyer accepts the merchandise. On receipt, the Buyer will inspect the PPE, making sure they are exactly what they ordered and in good condition. They then confirm to Escrow.com that they are satisfied with their purchase.
- Escrow.com pays the Seller. Once this information has been verified, Escrow.com will immediately release the money to the Seller.
Whether you are dealing with new suppliers, or you want to secure transactions with existing suppliers, Escrow.com has predefined processes in place to help you every step of the way. When you use our highly secure platform, you can rest assured that your funds are being kept safe and the details of your transactions are being kept completely confidential.
How Escrow.com Works for Brokers
Escrow.com offers Brokers the ability to begin, manage and close every sale simply and privately. First, the Broker begins a three-party transaction on Escrow.com, and all parties must agree to the terms of the transaction.
After the transaction is created, the Buyer will submit their payment to Escrow.com. We will verify the payment and let the Broker and Seller know that the funds have been secured.
Upon payment verification, the Seller is authorized to send the PPE and any tracking information. After, Escrow.com will verify that the Buyer has received their merchandise and notify the Broker.
Finally, the Buyer has a set number of days to inspect the merchandise purchased and has the option to accept or reject it. When the Buyer accepts the merchandise, Escrow.com will proceed to pay the Broker and Seller.
To Get Started
For Brokers selling or buying Personal Protective Equipment (PPE), Escrow.com offers individual Escrow fee quotes. We can also handle transactions with multiple brokers and buyers.
The fees for PPE transactions will be lower than our standard rates. For any PPE medical equipment such as n95 masks, respirator masks, paper masks, gloves, and other medical supplies; we are providing custom pricing with lower fees during these challenging times.
To get started, email “[email protected]” or call Escrow.com, so we can provide you the best and most accurate fee during these difficult and trying times. All prices are worked out on an individual basis, so it’s important to contact support to obtain this specialist pricing.
Do you have any additional questions or concerns regarding PPE? Feel free to contact our experienced customer support department through phone support, email at [email protected], or chat support when they are online.