Escrow.com Is Now Asking For Photos of Personal Docs

[Cdomains]

Escrow/com Is Now Asking For Photos of Personal Documents.

I just logged in to Escrow/com and they are now asking for extensive verification including Photos or scans of ID's and other personal and business documents to be stored on their servers.

I have used them for years for all my transactions.

With all the hacks of servers happening around the world and security breaches exposing us to identity theft I have refused to give photos of my ID's and other documents to companies who request it.

I will not do business with Flippa for this reason.

I recently had my account frozen at a registrar that asked me for this and I refused.

Will you give photos of your personal ID's, bank records, etc to Escrow/com or will you use another service?

Personally, I think I am going to take my business somewhere else.

I am really disappointed about this after all these years.

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Related:

• New Escrow.com Account Verification Process

 

[Jurgen Wolf]

There are no ideal escrows...
As no ideal registrars...

 

[bmugford]

unless domain sales weren't a major part of their business, they're going to suffer significantly financially

I am sure it is effecting their bottom line in a major way. I know many big domainers who are simply not using them at the moment because of this burden. Many of these domainers have done well into six or seven figures or even more in total transactions.

Brad

 

[kdot19]

What are the alternatives to transacting with Escrow. actually, I haven't used any before. what about undeveloped?...how reliable and efficient are they?

 

[Cdomains]

What are the alternatives to transacting with Escrow. actually, I haven't used any before. what about undeveloped?...how reliable and efficient are they?

Many of us are using Sedo escrow, Epik escrow and Payoneer escrow.

 

[4better]

I almost lost one buyer. Escrow made it hard for the buyer and twice declined their submitted documents. Was informed that Escrow wanted them to translate the documents to English and then have them notarized by a lawyer. Buyer wanted to back out afterwards. Offered Sedo service and everything went on smoothly.

 

[Cdomains]

I almost lost one buyer. Escrow made it hard for the buyer and twice declined their submitted documents. Was informed that Escrow wanted them to translate the documents to English and then have them notarized by a lawyer. Buyer wanted to back out afterwards. Offered Sedo service and everything went on smoothly.

Another account of the problems for domainers using Escrow/com.

I predict the imminent demise of Escrow/com's domain business.

Goodbye Escrow/com - hello Sedo, Epik and Payoneer escrow.

 

[pokainc]

The poll on top of this thread says
Will You Give Escrow.com Photos of Your ID's And Other Docs?

I think probably a lot of us, including myself (reluctantly though), would've sent ESCROW the necessary documents, but it's the part that they ask those types of documents from BUYERS that just kills it. Imagine you buy something for $500 - 700 dollars and they vet your whole life before you end up paying them. Icing on the cake would be if the buyer is responsible for Escrow fees.

 

[Jurgen Wolf]

I didn't sent anything and don't plan.
They are not the only one escrow in the world and definitely not the best.

 

[JB Lions]

Doing some odds and ends and figured to try this out.

Tier one is really basic/easy "allows payment amounts to a maximum of $3,000". Immediate approval basically.

Tier 2 for any amount where you need to upload personal docs, was approved in about an hour.

Don't like it but eh

 

[SimonBrewster]

I work at a Fortune 200 company and manage our domain portfolio (over 8000 domains currently). I usually purchase 20-30 domains a year from resellers with each costing between 4 & 5 figures. If I need to negotiate directly with the owner for the purchase then I would always run the transaction through Escrow.com. I could use my finance person's corporate purchasing card, get a nice PDF invoice from Escrow for backup and be done with the transaction in a few days. With these new rules I'm dropping Escrow and moving to Sedo for the following:
1. My finance person isn't going to give me a copy of their personal ID to send off to some 3rd party company.
2. I'm not sending copies of my personal ID to Escrow. My last employer was hacked, my SSN was leaked, and I ended up suing them (successfully I might add).
3. We're a multi-billion $$$ division of a multi-multi-billion $$$ company with global offices. I wouldn't even know where to begin to acquire our certificate of incorporation.

I logged into Escrow.com today to start the purchase of a 4 figure domain from a private reseller and ran into this nonsense. Too bad - I liked the convenience & ease of their service. Hopefully, Sedo will now enjoy our business.

 

[forge]

I am FORCED to transact through Escrow.com since Godaddy Auctions has a limit for their own "Transaction Assured" platform and the transaction forwards directly to Escrow.com for completion. Except "completion" may never happen because Escrow.com is absolutely unwavering as far as understanding or accommodating an individual's unique situation as to what documentation they may or may not have available to them and/or what specific (AND SENSITIVE) personal information is contained in those documents.

It appears to have become a NO WIN - NO WIN situation with this company and unfortunately also many companies in existence in today's world that seems to have forgotten what customer/client relations are all about, and where understanding and COMMON SENSE has gone straight out the window.

 

[Dave]

For anyone in the UK/Europe http://transpact.com/ is very good. I have used them several times before without problems. Very cheap fees too. They do Escrow for many other things, domains being one of them. Again must reside in UK/Europe though.

 

[Addison]

For anyone in the UK/Europe http://transpact.com/ is very good.

They're also very good for anyone in the US, aren't they?

@FairTrial

 

[FairTrial]

Thanks for the comments.
Just to confirm and correct, you do NOT need to be in the UK/Europe to use Transpact.com.

Instead, your bank account must currently be in one of the following countries:
Any EU country or Australia, Brazil, Canada, Hong Kong, India, Japan, Mexico, Norway, Singapore, South Korea, Switzerland or the United States.

So if you have a bank account in Canada for example - great - we will deal with you.
But if your bank account is in the Cayman Islands, we will not, even if you are from the UK.

If you transact with us, you transaction takes place solely in the UK. The strong statutory protection we are forced by law to offer all our customers is not geographically bound, so you are protected by UK and EU law even if you are situated outside the EU.

We do not care about ID verification - it makes absolutely no difference to us, and we do not need it as at the end of the day as we hold your payment, which is all that really matters.
But our Government makes us verify your ID - just like all Governments force all payment companies nowadays to prevent terrorist financing and money laundering - and if we do not verify your ID then we will be shut down and sent to jail (literally).
So as a one-time event, as a new customer you will have to prove your identity (sometimes first time, often only on the fifth transaction or later) - sorry - or we cannot deal with you.
EU law will fine us up to 4% of our global turnover if we disclose (even if hacked) any of your confidential data or information to any party - so we have much higher confidentiality protection in the EU !

[Disclosure - I work for Transpact.com - but it is a great company]

 

[beansbaxter]

I loved Escrow.com before, but I cannot use them anymore because of their new rules and guidelines.

I understand Epik is an alternate solution, but their escrow service appears to only be for domains. What about a transaction involving a domain/website along with a defined inspection period to review traffic, etc. Is there a good solution?

 

[FairTrial]

Beansbaxter,

I know that I am totally biased, but why not Transpact.com ?

Transpact.com's process allows you to specify whatever constraints and conditions is fitting for your transaction - so it is very well suited to this type of transaction, if set appropriately.
As well as the great service, you and the transaction's other party will between you save themselves a whole bundle of escrow fees as well.

 

[jideofor]

Thanks for the comments.
Just to confirm and correct, you do NOT need to be in the UK/Europe to use Transpact.com.

Instead, your bank account must currently be in one of the following countries:
Any EU country or Australia, Brazil, Canada, Hong Kong, India, Japan, Mexico, Norway, Singapore, South Korea, Switzerland or the United States.

So if you have a bank account in Canada for example - great - we will deal with you.
But if your bank account is in the Cayman Islands, we will not, even if you are from the UK.

If you transact with us, you transaction takes place solely in the UK. The strong statutory protection we are forced by law to offer all our customers is not geographically bound, so you are protected by UK and EU law even if you are situated outside the EU.

We do not care about ID verification - it makes absolutely no difference to us, and we do not need it as at the end of the day as we hold your payment, which is all that really matters.
But our Government makes us verify your ID - just like all Governments force all payment companies nowadays to prevent terrorist financing and money laundering - and if we do not verify your ID then we will be shut down and sent to jail (literally).
So as a one-time event, as a new customer you will have to prove your identity (sometimes first time, often only on the fifth transaction or later) - sorry - or we cannot deal with you.
EU law will fine us up to 4% of our global turnover if we disclose (even if hacked) any of your confidential data or information to any party - so we have much higher confidentiality protection in the EU !

[Disclosure - I work for Transpact.com - but it is a great company]

Clearly, this is not for people like me lol. pass

 

[beansbaxter]

I know that I am totally biased, but why not Transpact.com ?

I took a look at your website, and I simply do not feel comfortable using it.

I know this won't sound fair, but your website doesn't look good - it looks unprofessional and doesn't inspire any confidence in making me want to ask another party to conduct a transaction using your website. I know that's not a fair statement because I have not used your services.

 

[FairTrial]

I took a look at your website, and I simply do not feel comfortable using it.

Fair enough.
Beansbaxter, you are entitled to your opinion, and I am sorry you find the design off-putting.

As the second largest escrow service globally, many people do appreciate the design of the website and its service, and have used it to protect themselves for many millions of Pounds, Euros and Dollars.

 

[Brandmore]

If you are thinking about a new design and clear branding for your website I can support you @FairTrial

 

[Dave]

Transpact.com offer a brilliant service for buyers and sellers both living in Europe. Have used them a few times. Highly recommended.

 

[Brandon Abbey]

I’d be pleased to discuss Payoneer Escrow with you. You can find me at [email protected].