How does escrow work?

Discussion in 'Payment Processing' started by pakh, Jan 7, 2008.

  1. #1
    How does escrow work?

    I want to sell something for $xxxx and i dont want to be scammed. So is escrow the best choice?

    Say i am selling a website, do i have to transfer the domain, website everything first? and then i get paid?

    I want to be paid in Paypal is that possible?

    Please explain the process,

    Thanks
     
    pakh, Jan 7, 2008 IP
  2. Richie_Ni

    Richie_Ni Illustrious Member

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    #2
    How does it work?

    1. Buyer and Seller Agree to Terms
    Both parties agree to terms of the transaction, which includes a description of the merchandise, sale price, number of days for the Buyer's inspection, and any shipping information.

    2. Buyer Pays Escrow.com
    The Buyer submits an available payment option. Escrow.com verifies the payment. Processing time varies by payment method.

    3. Seller Ships Merchandise
    Upon payment verification, the Seller is authorized to ship merchandise and submit tracking information. Escrow.com verifies that the Buyer receives the shipment.

    4. Buyer Accepts the Merchandise
    The Buyer has a set number of days for an inspection and the option to accept or reject the merchandise. For more information, FAQs - Return Questions.

    5. Escrow.com Pays the Seller
    Escrow.com pays the Seller by the method selected by the Seller. The transaction is complete.

    What are the benefits?

    Escrow.com, an accredited escrow company, acts as a secure third party to protect the Buyer and Seller.

    How Buyers are protected:

    * Escrow.com tracks the shipped merchandise and verifies it was delivered.
    * The Seller isn't paid until the Buyer accepts the merchandise, or the inspection period expires.

    How Sellers are protected:

    * Escrow.com confirms when the Buyer receives merchandise.
    * The Seller is authorized to ship only after Escrow.com verifies good funds.


    https://www.escrow.com/solutions/escrow/process.asp
     
    Richie_Ni, Jan 7, 2008 IP
  3. pakh

    pakh Peon

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    #3
    Can this be done all in 1 day? Like i transfer the site and escrow pays me?
     
    pakh, Jan 7, 2008 IP
  4. 28081981

    28081981 Well-Known Member

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    #4
    i know someone who recently sold a site and received payment in paypal, he told me that u got so make all docs - invoices etc plus u got to make that person sign a legal contract that he wont do a chargeback of his payment.. so better consult someone who know the cyber laws well, he would be able to guide u further.


    an alternative could be ask him to pay in E-gold or moneybookers, as those payments can not b reversed ...
     
    28081981, Jan 7, 2008 IP
  5. ikondomains

    ikondomains Peon

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    #5
    I like escrow. I just used it...protects the buyer and seller.
     
    ikondomains, Jan 7, 2008 IP
  6. hhyosong22

    hhyosong22 Peon

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    #6
    The procedure is not very fast but using a reputable company like escrow.com you're sure you get what you paid for without any hassle.
     
    hhyosong22, Jan 8, 2008 IP
  7. pakh

    pakh Peon

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    #7
    The person send the money to ESCROW through Paypal, and then ESCROW sends me?

    So he cant charge back me? As ESCROW sent me the money and not the buyer himself?

    Please explain this to me.
     
    pakh, Jan 9, 2008 IP
  8. hhyosong22

    hhyosong22 Peon

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    #8
    Buyer sends the payment to escrow. Funds are being deposited into their safe account. Upon goods receipt and acceptance by the buyer escrow sends the payment to the seller by the method he desires. That's about it.
     
    hhyosong22, Jan 9, 2008 IP
  9. pakh

    pakh Peon

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    #9
    What is the charge escrow take for this? Or is this free?
     
    pakh, Jan 9, 2008 IP
  10. hhyosong22

    hhyosong22 Peon

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