Which is the default way to sell a domain name? I have a great domain name (for example: windows.com) and i received a proposal for a interested buyer. So, I tell him that i prefer paypal payment. So what are the next security procedures to do business??
Yes, you asked good question. You must take security measures to avoid charge backs and all those problems from Paypal.Use Escrow buyer will send payment to escrow and you will get notice then you can send domain to buyer and he will release the payment from Escrow and you will get it.It is good for both buyers and sellers.
DO NOT ACCEPT PAYPAL DIRECTLY ! Please look at the thread with a sticky at the top of the BST section. That is the easiest way to get scammed. PayPal does not offer any protection for sellers of non-tangible goods. They also do not absorb credit card charge-backs. This makes it easy for a fraudulent buyer to bilk you out of whatever money they initially pay you. If you wish to get paid and stay paid, use an escrow service. If the sale is at least mid $XXX, go through escrow.com, which seems to be the service of choice for many domain sellers. The fees are higher but securing your funds makes it worthwhile. Additionally, if the buyer wishes to use PayPal, they can fund their Escrow.com payment using PayPal. Escrow services are also offered by others such as Moneybookers. Moneybookers even offers a standard payment service similar to PayPal, but with charge-back protection. They claim that they will absorb any chargebacks, with some exceptions. They also reserve the right to change their policy. .
I always use escrow for buying and selling... have bought domains for upto $45k via escrow... if the buyer trusts you, you can always receive a payment directly into your account, wire transfer and then transfer over the domain...
So depending on where the name is registered and what payment method you accept, you could push the domain name to the buyer after confirming receipt of funds. If you are not using an escrow service, you might consider pulling out the funds before transfer. The best scenario is a domain push within the same registrar. This is because the registrar will impose a transfer lock, which prevents the name from leaving that registrar for a specific period of time. In the event you wind up getting defrauded, the transfer restriction will make domain recovery a little easier. Some buyers will want the name transferred immediately to their registrar of choice. If this was your agreement, you will need to provide the buyer with the authentication/authorization code. .
I've always had a question about Escrow. If you send them the domain after payment, then the buyer rejects your domain for whatever reason or he/se just fails to release the payment, do you still get scammed?
The escrow company works as the middle man. The money isn't released until the domain is transferred to the new owner.
Yeah, but how does the escrow company know the domain has been transferred? I mean does the seller have to confirm with them or something? Because if they don't confirm, seller doesn't get money and is out of a potential big domain. Someone explain to me in more detail how this works.