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Escrow...Should you use it?

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Old 06-14-2003   #1 (permalink)
Derek-CEO
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Escrow...Should you use it?

I have, and it works.
How does it work?
  • Buyer and Seller Agree to Terms
    Both parties agree to terms of the transaction, which includes a description of the motor vehicle, sale price, number of days for the Buyer's inspection, and any shipping information.
  • Buyer Pays Escrow.com
    The Buyer submits a payment, selecting check, money order, or wire transfer. Escrow.com verifies the payment. Processing time varies by payment method.
  • Seller Ships Merchandise
    Upon payment verification, the Seller is authorized to ship merchandise and submit tracking information. Escrow.com verifies that the Buyer receives the shipment.
  • Buyer Accepts the Merchandise
    The Buyer has a set number of days for an inspection and the option to accept or reject the merchandise.
  • Escrow.com Pays the Seller
    Escrow.com pays the Seller by check or wire transfer. The transaction is complete.

What are the benefits?
Escrow.com, an accredited escrow company, acts as a secure third party to protect the Buyer and Seller.
  • How Buyers are protected:
  • Escrow.com tracks the shipped merchandise and verifies it was delivered.
  • The Seller isn't paid until the Buyer accepts the merchandise, or the inspection period expires.

    How Sellers are protected:
  • The Seller is authorized to ship the merchandise only after Escrow.com verifies good funds.
  • Escrow.com confirms when the Buyer receives the merchandise.
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Old 06-15-2003   #2 (permalink)
ak
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I highly recommend using escrow.com.

This guarantees that you will get your product.
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Old 06-15-2003   #3 (permalink)
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How much does it cost though?
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Old 06-15-2003   #4 (permalink)
LJ
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i will be using this from now on, after getting screwed
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Old 06-15-2003   #5 (permalink)
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Quote:
Originally posted by FlyRiceRacer02
How much does it cost though?
Lazy...

Fee Calculator
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Old 06-15-2003   #6 (permalink)
wonderz
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quick summary on how much it costs:
using credit card: everything under $300, they charge $18
using check/money order: everything under $500, they charge $15
using wire transfer: everything under $500, they charge $30

these are the minium fee you have the pay for each type of payment. in another words, no matter if you pay $1 or up to the amount indicated above, you have to pay that much to escrow. everything above they charge differently.
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Old 06-19-2003   #7 (permalink)
Dagooseisloose
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I used it being a seller and it screwed me. I sold somebody something explained exactly what it was and when he got it he rejected it. I lost a 500 sale and 2 weeks in the mail. I will never use it as a seller again. As a buyer it seems ok so you wont get screwed but it screwed me up good.
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Old 06-19-2003   #8 (permalink)
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It's freagin' expensive for any type of transaction!!! Use PayPal with Buyer Protection. It's like $1 extra.

Quote:
Originally posted by wonderz
quick summary on how much it costs:
using credit card: everything under $300, they charge $18
using check/money order: everything under $500, they charge $15
using wire transfer: everything under $500, they charge $30

these are the minium fee you have the pay for each type of payment. in another words, no matter if you pay $1 or up to the amount indicated above, you have to pay that much to escrow. everything above they charge differently.
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Old 06-21-2003   #9 (permalink)
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damn, extremely pricey
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Old 07-18-2003   #10 (permalink)
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Just use paypal, its the same thing. They are very good about handeling disputes. Ive dealt with them for several disputes where I was right and they got my money back within a few weeks. Besides, PayPal is free as a buyer in all aspects. As a seller you pay at most a few bucks for low range products $300-$500. Also, it's instant, doesn't take extra time.
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Old 07-23-2003   #11 (permalink)
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I prefer paypal all the way
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Old 10-09-2003   #12 (permalink)
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ah.

to add some note to this... paypal's buyer protection have limited coverage.. ie: tangible goods, and other conditions such as seller status and location...

as for escrow... be selective about what escorw service you'll use, if any.

there's quite an amount of fraud/scam escrow sites out there.. appearantly 90% of online escrow service are scams.
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Old 11-12-2003   #13 (permalink)
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yes Paypals buyer protection works awesome!!
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Old 12-21-2003   #14 (permalink)
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Quote:
Originally posted by Dagooseisloose
I used it being a seller and it screwed me. I sold somebody something explained exactly what it was and when he got it he rejected it. I lost a 500 sale and 2 weeks in the mail. I will never use it as a seller again. As a buyer it seems ok so you wont get screwed but it screwed me up good.

Agreed. I've always felt Escrow is more protection for the buyer, not the seller. I'd never use it. I like being in control when I am the seller.
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Old 12-24-2003   #15 (permalink)
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Yeah I got screwed over on $730 for fraud and ebay is only covering $250 or something like that. They careless if you loses your money over a fraud case. I only wished I used this service, but make sure it's the recomended one. I heard of stories about fake ones taking money as well.
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