news Escrow.com: No more forms to fax or email

[News]

During the closing of a domain acquisition at Escrow.com today, I was informed of a pleasant update to how credit card payments are handled.

Until now, when making a credit card payment, one had to fax or email a filled out form, with the credit card scanned and another piece of identification – or the back of the same card – attached.

According to customer service, the faxing or emailing of that authorization form to Escrow.com has been phased out, and that particular step and page will soon be removed from the web site.

Full article: http://acro.net/blog/domains/escrow-com-forms-fax-email/

 

[Kate]

I bought a domain one month a month ago or something, the payment was approved before I would even upload the scan. The credit had already been used at escrow.com before.

 

[N-A]

I've always had difficulties with Escrow.com. I am an American citizen with an American bank and my transactions seemed to always be "flagged" where I would need to submit the authorization form. I remember one day, I submitted one twice for two different transactions. The only thing changing was the information on the form. The credit card and drivers license remained the same.

Quite possibly it was because I am doing the transaction from Japan? I don't know.

This is good news and I'm going to get on the phone with them to see if it applies in my scenario, if it's for trusted members who have built a reputation or open to everyone in any country or situation. Definitely good for GoDaddy purchases above $2000 now.

If this happens to be true, it will be a time saver for me. I am fast at typing, but my hand writing is not the best and surely doesn't compare speed wise as I tend to write in BLOCK LETTERS.

Some days ago I sold a domain and the funds appeared as if they were verified immediately. The entire transaction took approximately 1 1/2 days (that was because of our time difference of approving the item). It could have been implemented already, but wasn't known publicly for a while.

This is an eye-opener for many members as there is risk with using merchants such as PayPal (unfortunately, I can admit I figured that one out the hard way, more than once) and the good ole' conversation "handshake".

 

[RU]

Which is better Escrow or DN.com?

 

[Joseph Green]

Which is better Escrow or DN.com?

The most important value that an escrow company provides is security. Escrow.com has been around a long time and has earned my trust. DN.com can get there, but it takes time. They're on the right track from what I can tell.

 

[werty]

That change was implemented a while ago.. And yes, very good improvement. Many times it was a hassle for my buyers to fax or scan a form as an additional step...

 

[Name Trader]

My scanner just broke. So this is good news for me because I am right now buying a domain thru Escrow.com

 

[Brandon Abbey]

When choosing an escrow company treat it like choosing a bank. If they can't point to some kind of license and government oversight you could be taking a huge risk. The purpose of paying the escrow fee to mitigate risk. On another note, the deletion of the fax in form was a suggestion from our customers. Ideas on improving our offering are always appreciated. Thanks

 

[Name Trader]

Us domainers take a huge risk when any escrow company doesn't take hold of the money and the domain name like in any other escrow transaction, before disbursing the money and the domain name.

 

[Joseph Green]

Us domainers take a huge risk when any escrow company doesn't take hold of the money and the domain name like in any other escrow transaction, before disbursing the money and the domain name.

I agree that this type of escrow is preferred and would make me feel more comfortable. I wonder how often people run into problems without this type of protection?

Maybe Escrow.com could shed some light on this for us.

 

[Name Trader]

Lets face it. They won't tell you this information. It's the same as asking a company how much they lost on a particular scam, which everybody knows happened, and their reply is, what scam?

 

[forge]

Lets face it. They won't tell you this information. It's the same as asking a company how much they lost on a particular scam, which everybody knows happened, and their reply is, what scam?

To drag this company with such an outstanding, long standing positive track record to the level of mentioning company "scams", I think is beyond the pale.

 

[Name Trader]

I'm not doing that. I'm just stating that they won't tell us this information because it is not good for their business. I had no intention at all in implying Escrow.com were scammers.

 

[forge]

I'm not doing that. I'm just stating that they won't tell us this information because it is not good for their business. I had no intention at all in implying Escrow.com were scammers.

Thanks for your clarification. I'm just ornery on high-octane caffeine.

 

[Name Trader]

Count to 10 before you post I know the feeling

 

[forge]

Count to 10 before you post I know the feeling

Haha. Excellent advice. I should definitely make it 20 at least.

 

[Edgar Jacobs]

They can afford to do it because of their sales volume. Any chargebacks will be nullified by revenue.

 

[Brandon Abbey]

We actually have very few chargebacks, but when they come they do hurt. As an example we recently had someone buy a name using a credit card that violated a trademark. When the domain was taken from her two months later she filed a chargeback. We had already paid the seller $2,000 per the terms of the escrow. The credit card company took $2,000 directly from our account. To compound the loss they also took our fee and hit us with a chargeback fee. So, on a transaction that we were going to make a gross profit on of about $65 we lost $4,200. Now in this case we did nothing wrong and she worked the system against us. We have since changed processors and this will not happen again.

I put this in another post, but in case you didn't see it.

We are an independent licensed, bonded, insured and government regulated escrow company compliant with Escrow Law and the money transmission laws of the United States. We strongly suggest you look for the same legal compliance when choosing an escrow company.

 

[Name Trader]

We saw it But there is no reason to spam the forum with this info. Maybe you could put it in your signature though.

 

[Andee Hill]

EscrowHill.com offers a service where we take possession of the domain in escrow along with the funds. This is called our premium service.