Escrow.com - Company of the Year
Company: Escrow.com, San Francisco, CA, USA
Company Description: Escrow.com is the world’s most secure payment method from a counterparty risk perspective. It prides itself in its users’ confidence, therefore emphasizing the development of its services to tailor-fit the needs of its user base. The company continues to elevate efficiency and security, and 2017 is a testament to all its efforts, with major accomplishments.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Financial Services - Small
Nomination Title: Escrow.com
Tell the story about what this nominated organization has achieved since 1 January 2017 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
Escrow.com is the leading provider of secure online payment and transaction management for consumers and businesses on the Internet, with over $3.5 billion in transactions protected so far. Escrow.com reduces the risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to buyer and seller instructions.
Escrow.com prides itself in its users’ confidence, therefore emphasizing the development of its services to tailor-fit the needs of its user base. The company continues to elevate efficiency and security, and 2017 is a testament to all its efforts, with major accomplishments.
In 2017 in order to continuously support its fast-growing user base, Escrow.com hired the world’s best talent, the company grew from just 12 employees to now over 50 in five offices around the world: San Francisco, Vancouver, Buenos Aires, Manila and Sydney. With an average response time of less than 20 seconds, its multilingual customer support runs seven days a week from 5am to 11pm PST, making transactions quick and efficient. In addition, Escrow.com now has a team of dedicated account managers that have been assigned to key accounts to ensure the highest level of service is provided.
The engineering team has been taking the Escrow technology stack to the next level in Amazon AWS. In 2017 they completely rebuilt the trust accounting system, which allowed the launch of the Escrow.com API (www.escrow.com/api ) in late October. Now websites, marketplaces, classifieds sites, shopping carts, and mobile apps can have the same protection of Escrow.com built directly in. Other material benefit of the API is that there’s no minimum fee.
Escrow also released a plugin for WooCommerce for WordPress. The WooCommerce plugin (www.escrow.com/plugins/woocommerce ) turns any WordPress-powered website into an online store where uploading products and installation of payment gateways are made possible. The WooCommerce has 39 million downloads and powers 28% of all online stores according to www.woocommerce.com .
Escrow.com is largest online escrow company, and the only one that is fully licensed, bonded and audited. Through 2017, the company has expanded its regulatory footprint to be approved in 30 states with applications pending in almost all remaining US states and territories. The Compliance & Anti-money Laundering team across the wider Freelancer group number over 70 staff to ensure the highest level of surety for customers. Over 60% of Escrow.com KYC identity verifications are now processed within 10 minutes, making the process quick and easy to accomplish for users.
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2017 (up to 150 words).
-Escrow.com is the leading provider of secure online payment and transaction management for businesses on the Internet, with over $3.5 billion in transactions protected.
-Launch of Escrow Platform API: Payments for websites, marketplace, classified site, shopping cart or mobile app with no chargebacks.
-Launch of API based plugin- released a plugin for Woocommerce, the most popular e-commerce platform for WordPress, with 39 million downloads which powers 28% of all online stores.
-Improved payments and account backend, rebuilt trust accounting from a legacy technical stack to state of the art payment architecture.
-Introduction of automation in payments processing: payments are now automatically through internal systems rather than manual processing.
-Introduced a more rigorous Anti-money Laundering and KYC process and reduced the friction of verifying personal and company identities, with over 70%processed in less than 15 minutes and 90% in less than one hour.
Of the following measures of success, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2017? Overall Innovation