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This weeks interview is with Matt Medlock of PaySAFE Escrow. He’s admittedly not a car guy (yet), but his extensive background in the banking industry led to see the need of safely doing person-to-person financial transactions (such as buying a car from a private seller) that might involve a lot of money changing hands. Long story short, he knew that an escrow account would be the ideal way to protect both the buyer and seller for just such a situation, but he wasn’t aware of a service out there that someone could use on the fly, just for a single transaction. Thus….his new company PaySAFE Escrow was born!
Matt’s idea was for a trusted entity to hold the money for both the seller and the buyer until the transaction is complete. This way the buyer would be reassured he wasn’t completely giving his money away without seeing his purchase, and the seller w0uld know the money would be there for him when he shipped the item. Even better, it avoids the need to give out personal banking information to accept wire transfers, or to sweat bullets while waiting for a strangers personal check to clear.
The idea of escrow has been around forever (you likely have one with your home mortgage), but historically setting one up is a very paper intensive and labor intensive process. With the advent of computers, internet, and banking technology Matt saw it is now possible to use the idea of escrow for mid to large scale personal transactions. In the muscle car world this could apply to car purchases, large parts purchases, or even paying for services like restorations and body work.
Matt walked me through the process of using PaySAFE and explained the checks and balances used to ensure that honest people remain honest. I posed a couple different scenarios and he explained how PaySAFE escrow would handle those different transactions. He also explained why a crook would never use an escrow service to rip someone off. Matt further explained that there are processes in place for even the unthinkable situations like acts of God, death, or just inability to contact a buyer or seller. PaySAFE forces both sides to stay honest and insure against the unforeseeable.
This interview will most likely change your way of thinking about your next large transaction. The small fee PaySAFE escrow charges for it’s services could easily save you many sleepless nights on your next purchase. Matt did mention that PaySAFE is not JUST for muscle cars, but can be used for contractor services, boats, RV’s, even Cows and Horses. Any large transaction between two parties could benefit from an escrow service.
Thanks for the interview Matt!
This interview sponsored by our pals at National Parts Depot – your premier source for muscle car restoration parts!