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How is SafePact’s SurePay Payment Processing account different than an escrow account?
Escrow accounts are usually used in the context of mortgages where the mortgage company establishes an escrow account to pay property tax and insurance during the term of the mortgage. The escrow is a separate account from the mortgage account where funds are deposited, typically on a monthly basis with the homeowner’s mortgage payment. Since a mortgage lender is not willing to take the risk that a homeowner will not pay the property tax and insurance, they require a designated escrow agent who has the duty to pay these expenses. This service is usually required under the mortgage terms. SafePact’s SurePay Payment Processing is dedicated specifically for use with home improvement projects to mitigate performance and payment risk in completing home improvement projects.
How is SafePact’s SurePay Payment Processing account similar to an escrow account?
A SafePact’s SurePay Payment Processing account is a FDIC insured designated account, thus in terms of safety and security it is very similar to a typical escrow account. The major difference is in its designated purpose.