"Escrow is a Value Added Service available to all Global Wine & Spirits members having the necessary qualifications to conduct transactions in which Global Wine & Spirits acts as a holding agent for the Buyer's funds to ensure the Buyer receives the Goods that were ordered. The Buyer on an Escrow transaction will wire funds to Global Wine Spirits Escrow trust account. Upon confirmation of receipt funds, the Vendor will ship the Goods to the Buyer according to transaction terms. Once the transaction terms are met, Global Wine & Spirits releases the funds to the Vendor, less applicable fees.
The Escrow fee is 2% of the total cost of the parts of an Escrow transaction, or a minimum fee of $125 USD, for transactions below $25,000 USD.
When the value of the transactions is above $25,000, the following sliding scale applies
- 2% on the first $25,000 USD,
- 1.25% on the second $25,000 USD, and
- 0.75% on the balance.
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