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ARTICLES

Next Big Thing?
VoIP Makes Cents

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Resources

 

VoIP Service Providers Resource

VoIP Service Providers Resource brings you the latest and greatest information about this new emerging technology.

VoIP Escrow

VoIP escrow is a new concept in handling the buying and selling of minutes within the VoIP industry. By using a VoIP escrow system, both buyer and seller are protected. The buyer can be sure that they receive the exact minutes they purchase while the seller is assured prompt payment for those minutes.

The first VoIP escrow service on the market is from Nettel Holdings Inc. Nettel has developed a fully automated VoIP escrow system that can complete transactions in under 30 minutes.

Free VoIP Phone Systems Quotes from BuyerZone.com

Upon reviewing their website, we found many broken links and circular links in their template (links that simply point back to the homepage), so little information, at this moment, can be gleaned from visiting the site. Hopefully, this will change soon.

 

According to Nettel's press release, "The traditional escrow process, or Letter of Credit, could take 7-14 days to start a transaction, with additional costs and headaches if the buyer doesn't use all the minutes they purchased. With VoipEscrow.net, the buyer can deposit funds into their account via credit card, PayPal, direct deposit from a checking account, or wire transfer."

Nettel's VoIP escrow system has done well in beta testing. According to Johnathan Lee, president of Canitsp Inc., a Vancouver, B.C.-based company, "We have been using the beta version of VoipEscrow.net over the past month and are very impressed at the convenience of the system, not just the cost savings. In the past, we have ignored pursuing many smaller profitable transactions because the existing escrow or LC process is too time consuming and costly. VoipEscrow.net is the only company now on the market that will allow us and our customers to initiate and complete the entire transaction without having to go through a manual process involving customer service."



Nettel has created a very important niche for themselves in the VoIP marketplace. According to Michael Nguyen, CEO of Nettel Holdings, "We created VoipEscrow.net due to our frustration from the buying and selling of telecommunication minutes over the past year. With the help of a team of 14 programmers and technical engineers, we have been working on the development and implementation of the VoipEscrow.net system for more than 6 months to complement our AVOP system. It has been a goal of ours to meet the demands of our customers, and now we are very proud to offer this helpful system to those involved in the telecom business. We have already received many comments of appreciation that something they wanted most is now real, and available for their benefit."

I'm also adding another company that I've come across called Escrow Resources Inc. They are tied in with Bank of America and have been in the VoIP escrow business since 2004. According to ERI, "participants can actually see the deposits and payments in their accounts via the web, but without revealing the primary carrier, the retail company or the reseller agent. All payments are made with Certified Funds, worldwide."

Time will tell whether this VoIP escrow system will take off. But, as with any new idea that makes good sense and fills a need, we're betting that more VoIP escrow companies will jump into the mix sooner rather than later.

 

 

 

 
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