Why Escrow?

Why Escrow for Buyers?

Putting your money up in advance gives you the opportunity to inspect your purchase, making sure the product meets contract specifications.

Your money is protected under Montana State Escrow Laws.

Guarantee’s seller performance.

Why Escrow for Sellers?

Payments are guaranteed for products upon a satisfactory delivery.

Buyers must provide payment up front, eliminating seller’s risk of fraudulent purchases.

Your money is protected under Montana State Escrow Laws.

 

Using a licensed and regulated escrow service when selling livestock online can help to provide a secure and trustworthy transaction process for both the buyer and seller. Here are some of the benefits of using an escrow service:

  1. Reduced risk of fraud: An escrow service can help to reduce the risk of fraud by acting as a neutral third party to hold the funds until the terms of the agreement are met. This helps to ensure that both parties fulfill their obligations before the funds are released.

  2. Secure payment processing: Escrow services use secure payment processing methods to ensure that funds are transferred safely and securely between the buyer and seller.

  3. Improved trust between parties: Using an escrow service can help to improve trust between the buyer and seller by providing a third party that both parties can rely on to facilitate the transaction.

  4. Clear terms and conditions: An escrow service can help to ensure that the terms and conditions of the agreement are clearly defined and understood by both parties. This can help to prevent disputes and misunderstandings.

  5. Dispute resolution: If a dispute arises during the transaction process, the escrow service can act as a neutral third party to help resolve the dispute and ensure that both parties are satisfied with the outcome.

In the United States, the Federal Bureau of Investigation (FBI) has reported losses of over $1 billion annually due to theft and related crimes, which includes theft of livestock and hay or grain. It is difficult to determine how much of these losses are specifically related to fraud and misrepresentation, but it is clear that they can contribute significantly to the overall losses.

Easterday Farms

After filing for bankruptcy, Easterday Farms owes top creditors over $236 million

High Plains Livestock

High Plains Livestock stole over $700,000 from cattlemen by altering scale tickets

Kane Beef

Complaints show Kane Beef owing $35 million to unpaid livestock sellers.

Brookefield Cattle Company

Stole $180,000 from a FFA chapter along with over $6 million from producers across the country

Eastern Livestock Company

After the dust settled, Eastern Livestock owed cattlemen over $130 million

R&W Farms

Failed to pay sellers over $1.4 million across 21 different transactions

Plainville Livestock Commission

Plainville Livestock swindled over $14 million from producers with a check kiting scheme

Wagener Dairy Cattle

Owed sellers over $224,000 and failed to pay when due