Domain name Plans

[MadAboutDomains]

Hello,

I have just begun negotiation on a domain anme and I have plans to start an auction website. I am setting up the site so that sells somethign similar to domain names... but they arent actually domains, so I will relate to them as "names".

The users will be able to sign up and list their "names" and accept Offers for trade or money for their "names".

They will then be able to change their offer and come to an agreement, then they will go to a sale. I am currently planning on using PayPal for all of the Transactions. But I am a beginner to money online.

I want to be able to protect myself and the buyers and sellers, But How?

I dont want to have any cases where I am to blame! I just dont know how to go about making an auction site, if they were to send money and not recieve the Product it would be my fault!

It is possible to take the products off both parties, but im not sure about handling other peoples money and acting like a broker.

All help is appericiated!

- Luke

 

[IAmAllanShore]

Being a middle man is a huge responsibility.
If you're serious, get a huge bankroll, because you'll end up eating quite a few transactions, I'm sure.
The best advice might be to impose a 60 day wait on any transaction once the money has been sent. That would protect you.
Trouble is, if you act in Escrow, the seller will get their money from you or the buyer, and if the buyer bolts (And used PayPal), you'll be left holding the check.
-Allan

 

[IdahoFarmer]

You need to draft your Terms of Service (TOS). You also need to determine the services that you are providing, and perhaps more importantly the services that you are NOT providing.

Buyers and sellers should need to agree to your TOS when creating an account and said TOS should define your responsibilities and absolve you from responsiblity for issues outside those responsibilities.