When and how to use an accredited escrow company to protect a large investment in a translation project
One of the major problems that companies have when hiring someone to translate their website or any other type of document translations – which may include sales brochures, newsletter content, white papers, tutorials, and other collateral material – is sifting through all of the fraud that has made its way online. There are frauds in every single online industry and it can be extremely difficult to tell the difference between who is offering a genuine service and who is just trying to steal money. This is no different for companies providing English to Spanish website translations. The buyer cannot know ahead of time if the company will just use an online translation service, such as Google Translate. A great way to solve this problem is to use an accredited escrow company to protect such a large investment. An accredited escrow service will typically conduct business as follows:
First, the buyer and the seller must agree to terms. The escrow service does not care what these terms are. The translator could be doing a page at a time and using the escrow service for each one or translating the entire site at once. The terms are immaterial; the escrow service is simply the protection. Many projects are completed one step at a time, called “phases.” Once the terms have been agreed upon the escrow service will receive a description of the service to be provided, price, phases and time over which the service will be completed, and who will pay the escrow fee.
Once that is complete the escrow service will do its first fraud-prevention duties. Immediately the buyer must pay the escrow service for the first phase of the project, or for the entire project if it is only one phase. Once the service receives the payment, it will notify the seller, who will begin to work on the project. At completion of the given phase of the project the escrow service will pay the seller, as prompted by the buyer. Once the buyer receives the completely translated work, he or she will have a period of time, as specified in the terms of the project, to approve the work. If he or she is dissatisfied and the escrow service can confirm that parts of the terms were not met, the seller will not receive payment for that phase or milestone of the project. The seller will keep everything he or she received for phases already completed.
Using such a service for website translations for offers benefits for both the buyers and sellers. The buyers are protected from a faulty translation by being given a period of time to verify the service and will not have to pay otherwise. Sellers are protected because the escrow service will verify that the buyer can pay and accept payment from the buyer before the seller is prompted to begin work. And an escrow service will only be able to achieve accreditation if they are completely trustworthy. Translating a website or any other collateral material this way involves no risk for any party involved.
As agreed by parties, Hispanic Market Advisors can use Escrow.com to act as a secure third party to protect the Buyer and Seller. Funds are only released from the escrow account as milestones are reached. Contact Hispanic Market Advisors.