Escrow service at NamePros - Why not?

[twomoon]

Hi,
I don't know maybe there was in past that kind of idea, but why not to create here at Namepros an escrow service? (if there was the same thread – please delete mine).

At first it will be used by NP users, later it could be used by non-domainers.

For example I don't use Escrow.com because as non US resident I can't pay by PayPal also I don't want to receive free checks, because for example in my country receiving money by check takes some time. I think such problems are not only in my country.
Domaining is an international business, there are many non US domainers. Also it's a fast business, so I don't want to wait for 3 month to take money by check.

So as escrow I'm using Sedo escrow and paying 10%. Not good

Escrow here at NP would be great!

I think such service here would be very interesting for many domainers. In my opinion many of us will choose Namepros than Escrow.com if that service will be created.

Also it could be additional method to earn funds for forum.

Just like an idea

Nick

 

[DotWeekly]

1.) It costs A Lot of money to become an escrow service.

2.) Laws.. It's not easy to become a Real escrow service.

3.) NamePros is a Domain Forum, not a Domain Escrow Company

Escrow.com, Moniker Escrow and Sedo work well and are hard to compete with.

 

[twomoon]

Thanks for reply

Ok it could be escrow service only for members. I don't think it is against the law to make internal escrow service for forum members, just to make domains transactions faster and cheaper.
Namepros has $NP bank, I think in the same style could be made an escrow service. IMO

 

[ripley]

Unfortunately there are a lot of state laws in the U.S. that could apply. NP would have to hire a lawyer (or maybe a few lawyers) to make sure that they don't fall afoul of them. (Sometimes, the states want their own cut of the funds, depending on where people are located.) Probably more trouble than what it might be worth to NP.

It's not a simple matter, making sure you are complying with all the laws -- that's what shuttered EscrowDNS.com temporarily.

ripley.

 

[twomoon]

I'm always forgetting about the law
Ok, understood. At some forums (not domaining) there are some trusted members that are working like escrow service. I wanted to develop that idea.
Thanks, guys for your comments

 

[Ross]

I'm always forgetting about the law
Ok, understood. At some forums (not domaining) there are some trusted members that are working like escrow service. I wanted to develop that idea.
Thanks, guys for your comments

There is no problem with that but if you bring legalities in to it the members could easily be scammed or prosecuted depending on the matter. Stuff that would not look to appetizing on NPs plate.

 

[twomoon]

Thank you Ross.
It's not so easy as I'm thinking

 

[Jake]

I remember hearing somewhere that an escrow company must have a full time escrow agent on board, to be legit.

This might be the lawyers others mentioned, or I might have pulled this straight out of the air :P

But I am pretty sure I've read that before.