Ever since we launched ScholarshipApp, we had two goals: to make it easy for business owners to launch and manage their scholarships, on the one hand, and to make it effortless for students to apply to scholarships. With each passing month, we added more features that contributed to this goal.
Today, we have the pleasure of presenting our latest feature: escrow. Using escrow, you can deposit the money for a scholarship in the ScholarshipApp escrow fund and it will stay there until the scholarship is awarded.
Escrow makes you feel secure
You don’t have to send your hard-earned cash directly to us or to some third-party account. When you deposit it into our escrow, your money is safe and will stay untouched until the moment you choose a scholarship winner or the app selects one for you randomly.
Students will trust your scholarship
You probably already know that we are linked to our sister company, ScholarshipOwl. On ScholarshipOwl, scholarships that have award funds in an escrow have a special mark next to them. The reason is simple – the students know that if they win, they will get the award because it’s in the escrow. They will feel more confident about applying and as a result, your scholarship will have more applicants and a much bigger reach.
You don’t really have to do any extra work. The moment you sign up and create a new scholarship, just tick off an additional box and you’ll be able to send funds to your escrow immediately.
Set and forget
The moment you make the payment into the escrow, you’re done. You don’t have to worry about paying out the student award once you choose a winner. In fact, lots of business owners simply forget about making this payment. Instead, make it at the very beginning, when you create your scholarship, and never think about it again.
Secure payment processors
Forget about using shady payment gateways. ScholarshipApp uses only secure payment processors to keep your money and the scholarship award safe until we find a student that deserves your scholarship.
Does this sound great to you? Think about it – you no longer have to worry about creating or managing the scholarship and now, you don’t even have to worry about paying out the award to the student that deserves it the most. If you want to get started today, sign up for free!