Receiving payments via Escrow.com

[htmlindex]

I have just come to an agreement for a sale of a name to an enduser & have stated in the terms that payment will be via Escrow.com with Buyer to pay the fees. I have never used them before as I haven't been a big seller of names.

For them to pay the full fees so I don't get stung for the fees if they don't complete the purchase, I have to get them to initiate the transfer, is that correct? Or can I just initiate the transfer & when you get to " New Domain Name Transaction: Step 1 of 3", where it says "Who Will Pay the Escrow Fee" just select "Seller" & that should take care of it?

Also, for "Length of Inspection Period" do you usually leave it to 3 days or it doesn't really matter?

 

[wussadotcom]

another option you can use besides escrow is escrowdns.com
I haven't used it yet but it sound promising compared to escrow.com

 

[htmlindex]

another option you can use besides escrow is escrowdns.com
I haven't used it yet but it sound promising compared to escrow.com

I'll probably just stick to Escrow.com since I've already told the buyer that & they are well known

 

[Aggro]

I have just come to an agreement for a sale of a name to an enduser & have stated in the terms that payment will be via Escrow.com with Buyer to pay the fees. I have never used them before as I haven't been a big seller of names.

For them to pay the full fees so I don't get stung for the fees if they don't complete the purchase, I have to get them to initiate the transfer, is that correct? Or can I just initiate the transfer & when you get to " New Domain Name Transaction: Step 1 of 3", where it says "Who Will Pay the Escrow Fee" just select "Seller" & that should take care of it?

Also, for "Length of Inspection Period" do you usually leave it to 3 days or it doesn't really matter?

- For the domain t/f , buyer would initiate. Or you could create a new a/c with the domain in it (eg Godaddy) and just give them the a/c username/PW.

- "Buyer pays fees"

- Set the inspection period as short as possible. Buyer's remorse or cold feet have killed more deals than not. :santa:

In future, I would suggest escrowDNS,com - true escrow - but that's another time and place...

 

[Soofi]

escrowDNS,com anytime

 

[Name Trader]

I've done it plenty of times. You should be the one to initiate the transfer. Change the inspection to 1 day.

 

[HuntingMoon]

moniker escrow is worthy of spamming here too. as a controlling registrar, they offer a nice security situation.

 

[Jawed]

I purchased a domain recently. The seller initiated the transfer. Keep inspection for 3 days; good business relationships with your buyers.

 

[Name Trader]

What is there to inspect once the domain is in their hands? 1 day is quite enough to know if they want the domain.

 

[Jawed]

What is there to inspect once the domain is in their hands? 1 day is quite enough to know if they want the domain.

You may call it cooling-off period. :D

 

[HuntingMoon]

You may call it cooling-off period. :D

i would call it a letting escrow.com sit on my money for no reason period

 

[cache]

you have more control if you initiate the transaction

 

[htmlindex]

Thanks for the comments. Just an update, Escrow.com has received the payment now & I need to transfer the domain. It is regged @ MyDomain

This is the message when I log into Escrow.com:

• Escrow.com has secured the Buyer's payment.
• The domain name transfer process varies with each registrar. Please communicate with your Buyer and the registrar directly to complete this process. Escrow.com does not transfer the domain
• After the transfer process has been started, please click the continue button to move the transaction forward and provide your Buyer the opportunity to mark the domain as “received” on the Escrow.com site.

Please transfer domain only to this address.......etc.

I'm not sure if the buyer already has a MyDomain.com account. I could either:

(a) ask him to create one
(b) create one myself with the details he gave to Escrow.com then, push the name to that account then give him the username & password to log in.

I believe that Escrow.com will double check if the Whois info of the domain matches what the buyer has given them before transferring the name so I presume it would be safer creating a brand new account just incase his Whois info is different?

 

[HuntingMoon]

work with the buyer to have a fast push at MyDomain

 

[NameRegistration]

Unless the buyer has some problems creating his own account at MyDomain I would go for (a). If you create the account, there are ways to ask the registrar to reset the password once the transfer is completed and that could make the buyer suspicious.

 

[Jawed]

Ask the buyer to create an account. This is safe and good for all parties concerned.