Escrow...Should you use it?
Escrow...Should you use it?
I have, and it works.
How does it work?
What are the benefits?
Escrow.com, an accredited escrow company, acts as a secure third party to protect the Buyer and Seller.
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.
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Joined: May 2002
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From: Los Angeles (Downey), California, US
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Joined: May 2002
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From: San Francisco/Berkeley, California, US
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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.
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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Joined: Jul 2001
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From: Commack, New York, US
Rep Power: 0 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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Joined: Mar 2002
Posts: 324
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From: Cincinnati, Ohio, US
Rep Power: 0 It's freagin' expensive for any type of transaction!!! Use PayPal with Buyer Protection. It's like $1 extra.
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.
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.
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.
Escaped Convict
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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.
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.
Joined: May 2003
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From: Long Island, New York
Rep Power: 0 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.
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.
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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Joined: Jan 2004
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From: Woodridge
Rep Power: 0 Escrow is a great site to use if you are buying something really expensive. One, escrow confirmes payment from the buyer, ie, they make sure the person isnt using a stolen credit card or something. Plus they dont release any money to the seller until the buyer is happy with what he/she recieved. However, escrow does become expensive, especially if you want to pay with credit card b/c you have to sign up for their premier service. The best escrow site in my opinion is www.escrow.com.
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Joined: Jan 2004
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From: Woodridge
Rep Power: 0 Paypal sucks if you get swindeled. Their customer service is horrible. A friend of mine forgot his password, and he sent them every sort of document they asked for short of his fingerprints. They told him, after proving that the account was his, that they would put a hold on the account until march(4 months) and that they could even send the money back to the people that paid him. Plus they wouldnt let him talk to a supervisor and would cut him off. They suck.
However it is good for quick payments and is great as long as you dont get screwed.
However it is good for quick payments and is great as long as you dont get screwed.
paypal is not the best for doing business online, they just make it easier. if u go 30 days past the transaction date, forget it.
If u want security, u must use escrow, plain and simple.
If u want security, u must use escrow, plain and simple.
paypal is just a payment method, yes it has some buyer protection IF you buy the extra protection, otherwise ur SOL, especialy after 30days.
DOn't count on Paypal for 100% satisfactory transaction.
DOn't count on Paypal for 100% satisfactory transaction.
paypal is just a method of payment. I could write a book on how many scams go through paypal. What do you think happens when you pay with paypal that secures you? The 30 day refund policy? I have news for you all. - If the person does not have money in their paypal acct you will get NOTHING for a refund.
Scammers use this all the time. Eventually with enough charges against a person, they will shut the paypal acct down, but paypal does nothing. They won't pull the money out of their credit card or anything. Unless they have a cash ballance in their paypal acct when you ask for a refund, you get NOTHING.
I've dealt with their customer service countless times for people on scamboards.com. You will get nowhere.
Listen to Derek. If you want to make sure the product will arrive, and be ok, nothing is better than using an escrow service (escrow.com preferably).
Paypal will do nothing for you. If you deal with a scammer, good luck. You'll be wishing you had listed to him.
Scammers use this all the time. Eventually with enough charges against a person, they will shut the paypal acct down, but paypal does nothing. They won't pull the money out of their credit card or anything. Unless they have a cash ballance in their paypal acct when you ask for a refund, you get NOTHING.
I've dealt with their customer service countless times for people on scamboards.com. You will get nowhere.
Listen to Derek. If you want to make sure the product will arrive, and be ok, nothing is better than using an escrow service (escrow.com preferably).
Paypal will do nothing for you. If you deal with a scammer, good luck. You'll be wishing you had listed to him.
