VoIP Escrow
VoIP escrow is a new concept
in handling the buying and selling of minutes within
the VoIP industry. By using a VoIP escrow system, both
buyer and seller are protected. The buyer can be sure
that they receive the exact minutes they purchase while
the seller is assured prompt payment for those minutes.
The first VoIP escrow service
on the market is from Nettel Holdings Inc. Nettel has
developed a fully automated VoIP escrow system that
can complete transactions in under 30 minutes. Buying
and selling of minutes is through their website, VoipEscrow.net.
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Upon
reviewing their website, we found many broken
links and circular links in their template (links
that simply point back to the homepage), so little
information, at this moment, can be gleaned from
visiting the site. Hopefully, this will change
soon.
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According to Nettel's press release,
"The traditional escrow process, or Letter of Credit,
could take 7-14 days to start a transaction, with additional
costs and headaches if the buyer doesn't use all the
minutes they purchased. With VoipEscrow.net, the buyer
can deposit funds into their account via credit card,
PayPal, direct deposit from a checking account, or wire
transfer."
Nettel's VoIP escrow system has
done well in beta testing. According to Johnathan Lee,
president of Canitsp Inc., a Vancouver, B.C.-based company,
"We have been using the beta version of VoipEscrow.net
over the past month and are very impressed at the convenience
of the system, not just the cost savings. In the past,
we have ignored pursuing many smaller profitable transactions
because the existing escrow or LC process is too time
consuming and costly. VoipEscrow.net is the only company
now on the market that will allow us and our customers
to initiate and complete the entire transaction without
having to go through a manual process involving customer
service."
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Nettel has created a very important
niche for themselves in the VoIP marketplace. According
to Michael Nguyen, CEO of Nettel Holdings, "We
created VoipEscrow.net due to our frustration from the
buying and selling of telecommunication minutes over
the past year. With the help of a team of 14 programmers
and technical engineers, we have been working on the
development and implementation of the VoipEscrow.net
system for more than 6 months to complement our AVOP
system. It has been a goal of ours to meet the demands
of our customers, and now we are very proud to offer
this helpful system to those involved in the telecom
business. We have already received many comments of
appreciation that something they wanted most is now
real, and available for their benefit."
I'm also adding another company
that I've come across called
Escrow Resources Inc. They are tied in with Bank
of America and have been in the VoIP escrow business
since 2004. According to ERI, "participants can
actually see the deposits and payments in their accounts
via the web, but without revealing the primary carrier,
the retail company or the reseller agent. All payments
are made with Certified Funds, worldwide."
Time will tell whether this VoIP
escrow system will take off. But, as with any new idea
that makes good sense and fills a need, we're betting
that more VoIP escrow companies will jump into the mix
sooner rather than later.
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