Escrow.com adds trust to the transaction. At escrow.com, it provides you with a contract form. When both parties agreed on the contract, the buyer can make the payment to escrow.com. After the seller transfer the asset (in this case is the domain name) to the buyer, the escrow.com releases the money to the seller. The transaction sequence is a follows:
- either buyer or seller initiates the contract from escrow.com.
- both party agree the contract.
- buyer transfer money to escrow.com (there are various payment options such as bank transfer, credit card payment etc).
- escrow.com notifies the seller that escrow.com received the money.
- seller transfers the domain.
- buyer notifies escrow.com that the buyer received the domain name.
- escrow.com releases the money to the seller.
Escrow.com reduces the potential risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to Buyer and Seller instructions. Escrow services are provided by a licensed and regulated escrow company.
- When to use Escrow.com:Escrow is well-suited for domain names and other high-ticket items.
Protection for both Buyer and Seller
- Buyersreceive and inspect the merchandise before the Seller is paid.
Sellers receive their money if the Buyer accepts the merchandise.