Does SynapsePay let me hold funds in escrow?
Yes, we allow you to hold funds in escrow on our platform -- free of charge.
Is SynapsePay a certified escrow service provider?
We allow companies to use their SynapsePay account as an 'escrow' account during transactions. However, we are not a certified escrow service provider. This means that certain industries may not be able to use our services as an escrow agent due to industry regulations.
Where are the funds held?
All funds associated to customers within SynapsePay are held in pooled accounts at our partner bank(s). SynapsePay utilizes its specialized ledger to track fund distribution within the pooled accounts.