Escrow.com (1-click)

[Name Trader]

Is anyone here familiar with Escrow.com (1-click) where the customer clicks on a buy now button, and is taken to the Escrow.com website and all the details of the purchase are created automatically and the customer either logs in or creates an account, and continues with the Escrow.com transaction. I need this for a website.

 

[Name Trader]

Read my post again and you will see that is what I said - ie in/out transaction fees. Everything else will obviously stay the same.

The Bank Transaction Fees don't go to Escrow.com, so there is no profit or loss to them for that. The in/out Escrow Fees are still earned by Escow.com. So It's not clear to me where Escrow are not earning their due fees?

 

[Name Trader]

The Bank Transaction Fees don't go to Escrow.com, so there is no profit or loss to them for that. The in/out Escrow Fees are still earned by Escow.com. So It's not clear to me where Escrow are not earning their due fees?

We are clearly talking about account offset here?

 

[hollywood]

That doesn't make much sense. They aren't a bank with 25 transactions a month but they are with 2 transactions a month?

Nope not like that. Stub, look at it this way. escrow.com is in the business of removing 2 major risk from transactions. That is the essence of what they do. If they don't remove that risk for both sides, their escrow business will fail when users get burned.

Inviting money launderers by offering free "bank" accounts to everyone adds risk.

Anyway, I will defer to Brandon from escrow.com for the final answer - I don't work for them so I shouldnt steal his thunder.

 

[Paully]

It's a pointless argument but with the exception of the payout by check, every other escrow disbursement cost has an element of profit in it.

 

[Name Trader]

It's a pointless argument but with the exception of the payout by check, every other escrow disbursement cost has an element of profit in it.

Please give me a hypothetical example? I truely don't see it.

 

[Name Trader]

Nope not like that. Stub, look at it this way. escrow.com is in the business of removing 2 major risk from transactions. That is the essence of what they do. If they don't remove that risk for both sides, their escrow business will fail when users get burned.

Inviting money launderers by offering free "bank" accounts to everyone adds risk.

Anyway, I will defer to Brandon from escrow.com for the final answer - I don't work for them so I shouldnt steal his thunder.

OK.I wait for Brandon to explain. But if these are considered as "bank accounts", I don't see any difference between 2 or 25 transactions/month.

 

[Brandon Abbey]

Imagine a marketplace that is closing 100 transactions per month and taking a 15% fee. Rather than send 100 separate checks we disburse 1 check with a ledger showing all the transactions. There is additional due diligence and paperwork required plus additional expense in setting these up these accounts.

 

[Name Trader]

So this is purely an admin thing. Nothing to do with the accounts being considered as bank accounts? This could severely reduce the bank charges you add of $25/in and $40/out on top of our own bank charges.

 

[Brandon Abbey]

We are currently looking into ways to improve and expedite the release of funds. I will keep you posted as we progress.

 

[Name Trader]

@Brandon Abbey - Whilst early release of funds is always welcome, I personally think you already do a pretty good job on that one. It's the Bank Remittance Charges of $25/in and $40/out (for you) which really kills those sub-$1k transactions. This could automatically be sidestepped with an account you describe. Heck. It might even put some pressure on a buyer to spend some of the money in their account

Also, the last time I checked, you were still bundling the Bank Charges in with your Escrow Fees, when calculating the shared Escrow Fees. Is there an ETA to fix this. Each party should be paying their own Bank Charges added by you to the transaction.

 

[Mauli Fry]

Thank you for all the feedback on bank fees. Moving forward in the next few weeks, we will be releasing a change to designate the buyer’s intermediary fee to only the buyer, not included in the escrow fee, and communicate the fee more clearly. When international payments from our buyers are received by us, the intermediary bank fee is almost always charged and this is why we must charge the $25. The charge may be as high as $40, but when this is the case we do cover the difference. We appreciate all the feedback and are listening so we look forward to announcing the update soon.

 

[Name Trader]

Thanks Mauli. That was sorely needed. IMHO.

Sorry I've got to close this thread to get under my quota. Must be because this is a marketplace type thread.

 

[Name Trader]

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