How Escrow Payment Works

[Eurod]

Hello, I got an offer for a domain but the buyer want to make the deal via Escrow and I don't used Escrow till now. So how does Escrow work and which one of the forms of the payment should I choose from my CP on Escrow:

I also told him that I prefer PayPal instead but doesn't want to hear about. From what I read Escrow doesn't accept PayPal unless both the buyer and the seller lives in US and since I don't live in US and the buyer is from Russia which from of payment should I choose?

Thank you.

 

[000]

Escrow is far safer than PayPal.

As far as which disbursement method to choose, that is only for receiving the funds from Escrow, so you can just select whichever one is cheapest for you to receive. Some banks may charge a fee for receiving a wire transfer for example (on top of any fee that Escrow might charge).

The buyer will have multiple payment options for paying Escrow, but you don't have to get involved in that. Once the transaction has been started, you can just sit back and wait for Escrow's instructions on transferring the domain to the buyer. Be sure to wait for Escrow's OK, then push or transfer the domain only to the email address used by the buyer in the Escrow transaction.

Once the buyer receives the domain, Escrow will send you the money via the method you selected.

Good luck!

 

[RTM]

Escrow is far safer than PayPal.

+1 for that statement. While I have done several sales directly with buyers for transactions up to low $xxxx it was always with well established buyers on the forum or other venue. In any situation where there is a risk (notably dealing with jurisdictions like Russia where going after a claim could be tough .... I would use escrow as 000 described... pick your cheapest way to collect money and let Escrow deal with getting the buyer to pay.