Do we have an escrow system placed in Sri Lanka .The answer is most probably no. Even government or private sector should pay more attention on these regards .Millions of internal online transactions are taken place in sri Lankan within a single day .There is no proper way of reporting such online frauds as well .Drop shipping is trending within Sri Lanka for past few years even the hosting (shipping, currier) companies may feeling very well exhausted.
Understanding the concept-Escrow is a contractual financial arrangement in which a third party holds and regulates valuable asset (usually cash) and only releases the funds to involved parties when all of the terms of a given contract are met. That third party “escrow provider”, helps make the transaction safer by protecting the assets of the buyer and seller.
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Online sales are somewhat risky. You’re dealing with somebody you don’t know anything about, and they might be many miles away (Legal actions make take but it’s an added cost). Escrow helps make transactions more secure by keeping the payment in a secure account.
Online Escrow Companies