Help! I need to collect from a sale...

gramathy2 · 09-05-2007, 06:25 AM

Hey all,

I recently closed on my first real sale and it is for $500...the buyer wants to just use pay-pal. What can I do to safeguard myself?
Do I need to wait a few days after he deposits the money to transfer the name to the buyer??

Thanks for any help,

***mwzd*** · 09-05-2007, 07:31 AM

Bottom line is Paypal can withdraw the funds at any time, specially if the person uses a credit card to pay.

Safest option would be escrow.com - but at $500, if it is a verified account, you could wait for 72 hrs before you transfer.

Hope it works out for you, congrats on your sale.

jungle · 09-05-2007, 10:09 AM

I would go with Escrow.com. The "scamming" chances are 0.0000.
Since the company verifies with the Buyer and/or the WHOIS information that the domain is transferred.
So the seller isn't paid until domain name is transferred to the Buyer.
Goodluck....

labrocca · 09-05-2007, 11:34 AM

First of all check out the buyer. Does he have a good history as a buyer/seller? I normally do paypal transactions up to $5000 with a members with good history of large transactions. I normally judge by that. If a person is new..I am only willing to take a small chance of $100-$200 at most...and normally I find a way to protect myself like not changing whois for 60 days to make sure payment is legit. I have even turned sales down in that range simply because buyer was unknown. I refuse to put myself at risk.

Goodluck.

SimpleDomaining · 09-05-2007, 11:52 AM

For that much money NO WAY i would use paypal. go for esrow. But, if you have to use paypal, than wait until you will withdraw money from paypal into your bank account, and only then give domain. I would even delete my bank account info from paypal after getting money on bank account.

gramathy2 · 09-06-2007, 11:51 AM

Hey guys,

first, thanks for the replies. Much appreciated. One more question though, ....
How do I go about checking out the buyer? can you do that through paypal...to see if he has a good history as a buyer/seller??

Thanks again

Michael · 09-06-2007, 02:43 PM

Originally Posted by gugush

For that much money NO WAY i would use paypal. go for esrow. But, if you have to use paypal, than wait until you will withdraw money from paypal into your bank account, and only then give domain. I would even delete my bank account info from paypal after getting money on bank account.

Withdrawing the money and deleting your bank account won't do anything to protect yourself against a chargeback. The best thing to do is use escrow.

Licantropo · 09-07-2007, 06:41 PM

Moniker have a new escrow

Sometimes i do this: Sold the domain, give a paypal account Of THAT domain .. and use the money as quick as possible in redituable things.

PowerUp · 09-08-2007, 06:36 AM

For safety, I would suggest you use Escrow.com. There's a link on the website that tells you how escrow protects the buyer and seller. Try to talk the buyer into sharing the escrow fee 50%-50%, because both of you enjoy this benefit. If buyer doesn't want to pay, then you can absorb the fee. I think for your amount, it's somewhere between $25 to $35.

tryin · 09-08-2007, 08:22 PM

I use paypal and have the buyer put in the notes what domain his is buying and information on what account it is getting transfered too. This way I have proof transaction.

09-05-2007, 06:25 AM	THREAD STARTER #1 (permalink)
gramathy2 New Member Join Date: May 2007 Posts: 16	Help! I need to collect from a sale... Hey all, I recently closed on my first real sale and it is for $500...the buyer wants to just use pay-pal. What can I do to safeguard myself? Do I need to wait a few days after he deposits the money to transfer the name to the buyer?? Thanks for any help,

09-05-2007, 07:31 AM	#2 (permalink)
*mwzd* Extension Agnostic Join Date: Jan 2007 Location: Mumbai, India Posts: 7,933 Follow @mwzd	Bottom line is Paypal can withdraw the funds at any time, specially if the person uses a credit card to pay. Safest option would be escrow.com - but at $500, if it is a verified account, you could wait for 72 hrs before you transfer. Hope it works out for you, congrats on your sale. __________________ Domain Names for Sale \| High Value Domain Brokerage \| Domain Consulting \| Domain Blog Professional WebSite Development \| Bulk Pro MiniSite Development

09-05-2007, 11:34 AM	#4 (permalink)
labrocca NamePros Expert Join Date: Aug 2004 Location: Las Vegas Posts: 6,277 Follow @supportforums	First of all check out the buyer. Does he have a good history as a buyer/seller? I normally do paypal transactions up to $5000 with a members with good history of large transactions. I normally judge by that. If a person is new..I am only willing to take a small chance of $100-$200 at most...and normally I find a way to protect myself like not changing whois for 60 days to make sure payment is legit. I have even turned sales down in that range simply because buyer was unknown. I refuse to put myself at risk. Goodluck. __________________ :$: Support Forum <-- My latest endeavor.:loveyou: Debate Forums Free Online Sudoku My vBum Blog

09-05-2007, 11:52 AM	#5 (permalink)
SimpleDomaining Senior Member Join Date: Jun 2005 Location: Phoenix AZ Posts: 1,639 Follow @simpledomaining	For that much money NO WAY i would use paypal. go for esrow. But, if you have to use paypal, than wait until you will withdraw money from paypal into your bank account, and only then give domain. I would even delete my bank account info from paypal after getting money on bank account. __________________ naturalskincareproducts.com

09-08-2007, 08:22 PM	#10 (permalink)
tryin NamePros Member Join Date: Feb 2007 Posts: 92	I use paypal and have the buyer put in the notes what domain his is buying and information on what account it is getting transfered too. This way I have proof transaction. __________________ freegreetings.mobi

09-05-2007, 10:09 AM	#3 (permalink)
jungle New Member Join Date: Sep 2007 Location: Texas Posts: 9	I would go with Escrow.com. The "scamming" chances are 0.0000. Since the company verifies with the Buyer and/or the WHOIS information that the domain is transferred. So the seller isn't paid until domain name is transferred to the Buyer. Goodluck....

09-06-2007, 11:51 AM	THREAD STARTER #6 (permalink)
gramathy2 New Member Join Date: May 2007 Posts: 16	Hey guys, first, thanks for the replies. Much appreciated. One more question though, .... How do I go about checking out the buyer? can you do that through paypal...to see if he has a good history as a buyer/seller?? Thanks again

09-07-2007, 06:41 PM	#8 (permalink)
Licantropo Account Closed Join Date: Apr 2007 Location: Mexico Posts: 228	Moniker have a new escrow Sometimes i do this: Sold the domain, give a paypal account Of THAT domain .. and use the money as quick as possible in redituable things.

09-08-2007, 06:36 AM	#9 (permalink)
PowerUp Senior Member Join Date: May 2006 Posts: 1,268	For safety, I would suggest you use Escrow.com. There's a link on the website that tells you how escrow protects the buyer and seller. Try to talk the buyer into sharing the escrow fee 50%-50%, because both of you enjoy this benefit. If buyer doesn't want to pay, then you can absorb the fee. I think for your amount, it's somewhere between $25 to $35.

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