They a South African Government Licensed organisation. Nearly like a Bank.
There Job is to make sure the transaction between you and SellTrade is completed – safely and securely!
This way you are guaranteed the payment for your iPhone because we pay them your money due before our couriers collects the iPhone from you.
The money for your iPhone gets secured by them and they act as a third party between you and us(SellTrade)
This way they reduce the risk of fraud by acting as a trusted third-party that collects, holds and only disburses funds/money when both Buyers and Sellers are totally satisfied.
“Wikipedia” meaning of an escrow
Internet escrow has been around since the beginning of Internet auctions and ecommerce. It was one of the many developments that allowed for trust to be established in the online sphere.
The escrow works by placing money in the control of an independent and licensed third party in order to protect both buyer and seller in a transaction. When both parties verify the transaction has been completed per terms set, the money is released. If at any point there is a dispute between the parties in the transaction, the process moves along to dispute resolution. The outcome of the dispute resolution process will decide what happens to the money in escrow.