Selling Domains the right way!

[redhippo]

i have asked this question sometime ago but did not get a satisfactory answer.
i have just received a new offer for one of my names for $1,000.00(fingers crossed).

i want to know the MOST secure way of receiving payment. i have heard that paypal payments can be reversed! after name has been transferred...is that true? how secure is paypal?

my other choice would be some sort of escrow facility. question is who initiate the procedure i.e. start the account. And normally who is responsible for the fees? buyer or seller??

ok, guys, i need some answer fast. Hope to clear all by the time week-end is over!

 

[Sharpy]

Escrow.com alows either party to initiate. Escrow.com allows either party to pay fees or has a 50/50 split option. Escrow.com recieves money from buyer. Escrow.com then instructs you to transfer domain. They get confirmation that the domain has been transfered via buyer aknowledgement and whois data. Money is sent to you. Easy, simple, secure. All you need to initiate is buyers name and email.

 

[netPH]

Don't use Paypal for $x,xxx transactions... no more explanation to this.

Most secure to both buyer/seller parties is escrow process as Sharpy has already stated.

If you want the cheapest way to accept funds then wire transfer is also an option. An L.C. (letter of credit) from your buyers bank works also desame as escrow and it's cheaper.

Fund transfer charges are normally paid split 50/05 buyer/seller... but if the offer came from your buyer then I think your buyer would be willing to pay all fund transfer fees so let him/her do so.

I wish you all the best redhippo

 

[redhippo]

with escrow there is no possibilty of buyer backing out and reverse charge their CC?

so do i start an account with escrow or tell buyer to start one?

 

[jaydub]

I like money wire also.
No reversal and takes 24-48 hours.
No secutity for buyer though as they must still trust you to push/transfer name onreceipt of funds.
I have amazingly NEVER had anyone ask the question "What guarantee do I have that you will give me the name".

Hope this helps.

Jim

 

[.edu]

As they seller, escrow.com is my choice. As a buyer its a little different. As for payment disbursement, you can opt to take the wire or ACH but I recieved checks in 4-5 days & it takes up to 3 days for ACH. With escrow there is no way for a buyer to reverse funds on you because the funds are held in a holding account & go through secure verification procedures before they are disbursed to you. You can visit https://www.escrow.com/support/faq/index.asp?sid=9 for more information.

 

[Badger]

ESCROW. not the cheapest but 100% safe for both parties...

Oh, did someone just say that :lol:

 

[Caveman]

I've done an $x,xxx transaction through paypal, although I wouldn't recommend it. You seem to sweat it out for weeks afterwards wondering about a reversal. Not worth the added stress. I would echo what everyone has said before... Escrow.com. It is a great service.

 

[johnny6]

yeah, caveman is right... it's stressful as hell waiting for a possible reversal. Escrow all the way.

 

[lind]

Maybe a stupid question, but if I transfer funds to my bank account immediately after recieving PayPal payment, how would the reversal be possible even theoretically? Or would it still be possible?

yeah, caveman is right... it's stressful as hell waiting for a possible reversal. Escrow all the way.

 

[identity_00]

I have never used Escrow and there is always a risk with paypal.
I know you can pay by CC at escrow - I guess I dont understand how its risk free. If the customer pays by cc they can always get a refund saying it was not authorized or someother excuse after escrow transfers the domain.

... I need to start my own escrow just for websites and domains.

 

[Badger]

Escrow is mainly for websites and domains.

How it works is the buyer pays escrow and they then confirm to you that payment has been received AND CLEARED. You then transfer the domain to the ownership of the buyer, he confirms he has it and you then get the money. A chain of events that cannot be sabotaged by either party

the problem with paypal is the overlap. i.e. at some point someone has to trust the other party and let go before receiving what they are due. If the buyer pays you up front before receiving the domain they could lose their cash and if you transfer before they send the money to paypal then you could lose your domain.

Hope that clarifies things

ian

 

[Badger]

As i thought guys, i took the liberty of mailing escrow to ask about the situation for sellers when and/or if the buyer instigates a chargeback before the funds are released and here is their reply

Dear Sir,

Then escrow.com fights the chargeback with the creditor but are paid right away because we are obligated to pay you from our account. This is the protection that we offer sellers.

Escrow.com
Charles Chandler
Customer Service Rep.
www.escrow.com <http://www.escrow.com>
US: 1 888 511 8600 x5858
International: 949 790 5890

Top firm

 

[VisualArtistFrankBonilla]

Wouldn't letting someone like Sedo.com handle the sale for you be best? I have sold 3 recently, nothing starts until Sedo receives payment from the buyer. Sedo is now holding your money, not the buyer. Of course they charge 10% of the sale (if parked there). But, you could just ask $1100 for your domain.

I'm no expert, but I think I would rather let Sedo.com, and their escrow handle (you can choose either online or actual paper contract) handle the transaction. It's too scary otherwise.

Thanks

 

[Caveman]

Sedo is now holding your money...

And that's the scary part!

 

[VisualArtistFrankBonilla]

Face it

Well, let's be honest, here. No matter who, or , how you sell your domain, isn't someone going to be "holding your money" at some point? I don't think anybody here is going to drive and meet the buyer, and get cash straight from his hands. Kinda like direct deposit, there are still people who want to go to the bank ,and cash that check...why?

 

[Badger]

it doesnt matter if you drive to the guys house, pat his dog on head and have a cup of tea with him. If you dont use Escrow or Sedo for that matter (although they charge a good deal more because to them they found you the sale) the trade will never be seamless. Ok lets say you go with the guy and pay his cheque into your account, you got the money, he aint got your domain.

Come on guys - do yourselves a huge favour, orget using people like paypal when trading in domains.

I sold a domain recently for £2500 ($4k?) and escrow charged me and the buyer (for you can split the pot) £35 each for the transaction. Through Sedo (for the domain was also advertised there) it would have cost £250 ($400).

Dont think theres really that much choice. Unless of course you have no idea whos buying and then your stuck.

:blink:

 

[suthra]

i never deal with people who says that they will only pay with paypal.

 

[drunken fist]

With escrow does the other party (buyer/seller) need to know your real name and contact details?

ESCROW. not the cheapest but 100% safe for both parties...

Oh, did someone just say that :lol:

 

[VisualArtistFrankBonilla]

Escrow.com

Thanks Colllieri, if I sell a domain that I don't have listed at Sedo.com, I will definately use Escrow.com!! :tri: