Receiving payments via Escrow.com

I have just come to an agreement for a sale of a name to an enduser & have stated in the terms that payment will be via Escrow.com with Buyer to pay the fees. I have never used them before as I haven't been a big seller of names.

For them to pay the full fees so I don't get stung for the fees if they don't complete the purchase, I have to get them to initiate the transfer, is that correct? Or can I just initiate the transfer & when you get to " New Domain Name Transaction: Step 1 of 3", where it says "Who Will Pay the Escrow Fee" just select "Seller" & that should take care of it?

Also, for "Length of Inspection Period" do you usually leave it to 3 days or it doesn't really matter?

 

You can set who pays fees yourself. When you go to set up a transaction, it will ask if:

- buyer pays fees
- seller pays fees
- 50/50 split

Inspection period is pretty much useless with them but set it to 3 if you want, it doesn't really matter - Escrow is lazy and ignores that stuff.

 

Thanks for that. So it doesn't matter who initiates the transaction, you just have to select who pays the fees, that's it.

 

Anyone can initiate the transaction. You can do it yourself and set it however you want. Once complete, the other party will receive an email and they can view the terms of the transaction. After reviewing, if they agree with the terms, they will accept them and the transaction proceeds.

 

I heard that escrow are very expensive , why dont you try opening an account on get a freelancer and then using their escrow system- you are able to withdraw to moneybookers-payoneer or paypal.

 

keyboard manic...in most cases, when dealing with an end user, the buyer will be the one to pay the fees. The seller will have to be upfront about that term when negotiations begin though so there is no disparity from notifying them after the two parties agree to a price.

Escrow.com fees are not as bad as you may think. Use this tool to calculate the fees that Escrow.com charges based on the sales price.

 

I am a big fan of escrow.com. Outstanding service and easy to use. Buyers can also use paypal to pay. I prefer splitting the fees if its over $300 and up domain sale. Good luck.

 

Just an update, Escrow.com has received the payment now & I need to transfer the domain. It is regged @ MyDomain

This is the message when I log into Escrow.com:

I'm not sure if the buyer already has a MyDomain.com account. I could either:

(a) ask him to create one
(b) create one myself with the details he gave to Escrow.com then, push the name to that account then give him the username & password to log in.

I believe that Escrow.com will double check if the Whois info of the domain matches what the buyer has given them before transferring the name so I presume it would be safer creating a brand new account just incase his Whois info is different?

 

So would you recommended using Escrow?
This is something I have never used before but as I am starting up a new sticker making company it is something I have thought about

 

Much depends on the buyer. If the buyer is an entity or a non-domainer, I suggest always using escrow.com because it makes the buyer more comfortable with the transaction. That being said, I usually give the buyer two options.

1. Pay directly using paypal - Quick Change of Ownership
2. Pay using escrow.com - Buyer pays fees - May take 7 - 10 days to complete the transaction.