Armor Payments, a B2B payments provider, has launched the first Escrow as a Service (EaaS) payment solution to facilitate secure online B2B transactions.
EaaS will enable third-party applications including B2B marketplaces, crowd-funding services, and other B2B disbursements solutions to integrate and offer secure escrow payments between their payers and payees and eliminate the risks online business cost-effectively.
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As a licensed escrow provider through its wholly owned subsidiary Armor Escrow, Armor Payments will handle the regulatory burden, the money movement complexities, and the dispute management for partners allowing them to focus on serving their payers and payees.
Armor Payments CEO Scott Reynolds said: "B2B e-commerce is poised to explode, expanding to $6.7tn by 2020. However, B2B companies moving online are currently strangled by their reliance on consumer payment methods, like credit cards and PayPal, which carry high costs, chargeback risks, and transaction limits.
"For high value or unsecured online transactions, Armor Payments escrow is the best method for businesses to pay and get paid."
Source: PRWEB
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