Escrow at namepros ???

[-ET-]

Hi guys,
I was thinking what if we could start escrow service here at namepros.if would not only benfit the member's from all over the world who are here but also would increase more domain trading here and i think there would be also active participation also.i hope ron think's about it.
Any suggestions and info are welcomed.

Thank's,
Eldo.

 

[RJ]

This is an idea that we've looked at a couple of times before. It would be a nice offering to the community no doubt, but I'm concerned with liability. Mainly what would happen if a scammer were to pay with a stolen credit card or hacked paypal account?

 

[Mark]

Yeah , We've discussed it for the Design Contest section several times as well ... But as -RJ- stated the liability of loss is very high. I suppose a system could be set up using nothing but Certified Checks .... But the time frame would be a substantial amount - and there would be overhead involved.

 

[dhscott]

Wouldn't it be possible to setup a minimum time-frame for a process, i.e. say atleast a week before money is transfered from the escrow account to the seller? This way the credit company could have some time in freezing the account if indeed the card is stolen, or the paypal account was hacked into.

I guess namepros would take a fee too, I think it'd be worth it personally, up to a limit ofcourse, just incase! (Meaning only transactions up to a certain amount)

 

[RJ]

There is a 60 day chargeback window with both PayPal and credit cards. That's the main problem.

For now, I don't see how we can do it better than a company like Escrow.com, who already charges a pretty reasonable fee.

 

[dhscott]

There is a 60 day chargeback window with both PayPal and credit cards. That's the main problem.

For now, I don't see how we can do it better than a company like Escrow.com, who already charges a pretty reasonable fee.

You have a point. It'd probably be better for NamePros to just affiliate with Escrow.com or something

 

[-ET-]

Hmm...yeah liablity is high with paypal and credit card company giving a 60 day chargeback window.so now i think it'll be better to deal with some orther site like escrow.com

 

[PolurNET]

Escrow.com deals with virtual/intangible items? If so, just wondering how do they protect themselves?

 

[rkahn144]

Why not require people to pay in $NPs if NamePros is going to do the escrow -- wouldn't that be the easiest and most efficient way for NamePros staff?

 

[dhscott]

Why not require people to pay in $NPs if NamePros is going to do the escrow -- wouldn't that be the easiest and most efficient way for NamePros staff?

Yes but how is NP$ funded?

-PayPal

 

[RJ]

Escrow.com deals with virtual/intangible items? If so, just wondering how do they protect themselves?

I would like to know that as well.

A big part of what they do is screening the buyer, and they'll reject immediately anyone who has mismatch of data or seems fraudulent. But I have to assume they do get stuck holding the bag on some transactions and make up for it in quantity of successful transactions.

But the

 

[Badger]

at 1plus we use a watered down version, i.e. we hold the domain and let buyer and seller then choose their payment vehicle.. Once both confirm that payment sent / received we then push the domain..

I too thought about the liabilities - but our TOS (that both buyer and seller must agree to first) negate any liability we might, albeit unlikely, have experienced..

This could work for NP's me thinks..

 

[Corky]

Well, why not do Credit Card payments with proof of ID. Send in a fax with a picture of the buyers ID.

 

[Damion]

And to what can you compare it to then? This can be easily fabricated.
That's not going to work.

 

[Dan]

at 1plus we use a watered down version, i.e. we hold the domain and let buyer and seller then choose their payment vehicle.. Once both confirm that payment sent / received we then push the domain..

I too thought about the liabilities - but our TOS (that both buyer and seller must agree to first) negate any liability we might, albeit unlikely, have experienced..

This could work for NP's me thinks..

That seems like the perfect way to get around any issues. If they both agree to it, and they have to for the transaction to go through, it would make it there responsibility. Of course, you'd need all members to agree to a new TOS..

 

[-ET-]

if ron is the only person who is handling the site he will have a tough time maintaining escrow here.but he can surely sort it out if he has staff only dedicated to escrow transactions only.as user badger said namepros also could have T.O.S which both buyer and seller should accept before the escrow transaction so that namepros is on the safeside.you can also charge a small fee through np$ for escrow transactions and that fee can be shared with the dedicated staff who are monitering escrow transactions.you can also verify both buyer and seller with somemore add fee.now that should make namepros a safe heaven for escrow transaction.

C'mon Np member's lets pleed -Rj- to implement it.

 

[RJ]

We could feasibly do the method that Badger talks about where we hold the domain until a successful, direct payment is made. This is the reverse of what escrow.com where they hold payment until a direct transfer of the domain is done.

 

[-ET-]

yeah even i think the buyer should be given the top priority.holding the payment till the transfer is successfull will make it more secure.that the reason i think escrow is doing tht??

 

[B33R]

We could feasibly do the method that Badger talks about where we hold the domain until a successful, direct payment is made. This is the reverse of what escrow.com where they hold payment until a direct transfer of the domain is done.

Doesn't this negate the fraud protection part of Escrow's service? (see quote below). What happens if the buyer does a chargeback?

Basically this only protects buyers buying from new sellers?

• It doesn't protect sellers at all because chargebacks/fraudulent transactions can still occur.
• It's essentially pointless using it during transactions with established sellers as we already know their reputation, transaction history and trustworthiness.
• Worst of all, large transactions are only safe for the buyer, and not the seller, as a chargeback/fraudulent purchase can still occur.
• Any seller involved in a large transaction will have to use Escrow.com to be safe or they'll still have the same chances as usual of a fraudulent buyer.

Doesn't that cut out a large portion of transactions/reasons that Escrow is supposed to protect?

Escrow.com takes several steps to protect both the Buyer and Seller against fraud: 1) all payments by the Buyer are verified as "good funds" before the Seller is instructed to ship, 2) all shipments are tracked to ensure the Seller shipped and the Buyer received the merchandise, and 3) if the merchandise is fraudulent, it gives the Buyer the chance to return the merchandise before payment is released to the Seller.

 

[-ET-]

Doesn't this negate the fraud protection part of Escrow's service? (see quote below). What happens if the buyer does a chargeback?

Basically this only protects buyers buying from new sellers?

• It doesn't protect sellers at all because chargebacks/fraudulent transactions can still occur.
• It's essentially pointless using it during transactions with established sellers as we already know their reputation, transaction history and trustworthiness.
• Worst of all, large transactions are only safe for the buyer, and not the seller, as a chargeback/fraudulent purchase can still occur.
• Any seller involved in a large transaction will have to use Escrow.com to be safe or they'll still have the same chances as usual of a fraudulent buyer.

Doesn't that cut out a large portion of transactions/reasons that Escrow is supposed to protect?

The thing is escrow.com not only deals with domain names but also orther things.what we want here is only domain escrow.for that we can have some dedicated staff to look into the domain status,whois etc.

This can be done if we can mention it in the T.O.S as there will be no chargebacks once the domain ownership is changed.
Orelse,we can also state that if a buyer wants a chargeback.it can be within 2 days after the domain is recieved.but has to pay all the fees incured by the seller.
i think a T.O.S like this will have a win-win situation.???wat say???