An Malaysian company, MOL Access Portal Berhad (MOL) has worked together with eBay to launch the MOL SafePay, an escrow services for online purchases.
This would be beneficial for local buyers and sellers when they conducting their transaction with www.ebay.com.my. Funds can be transmitted securely by using this service.
Among the features for MOL SafePay are:
1. Trusted 3rd party
2. Suitable for all items
3. Neutral and independent
4. Safe and secure
5. Accessible anywhere
6. Simple and fast
Escrow services assist buyers and sellers in the exchange of items and moeny. Due to the fact that buyers and sellers do not see or know each other, a trusted third party frequently is needed to facilitate the proper exchange of money and goods.
MOL SafePay charge a minimum of RM2 or 2% of the total amount purchased (inclusive of the shipping cost), whichever is higher. This mean if your purchase is RM1,000 and shipping cost is RM50, the service fee will be 2% of RM1,050 = RM21. On the other hand, if your puchase is RM50 and shipping cost is RM5, 2% of RM55 will be RM1.10, you will have to pay the minimum service fee which is RM2.
Generally the limit of the transaction size is RM10,000.