Escrow companies work as a go-between for the buyer and seller. Once you’ve agreed to sell your domain, you have the buyer send the money to the escrow company. The escrow company notifies you that payment has been received, and you transfer the domain the buyer. Once the buyer confirms that the domain has been transferred, he notifies the escrow company and the funds are released to you.
Of course it is important to select a reputable escrow company. If a buyer comes to you and insists on using a specific escrow company, especially one that you have never heard of, it might be in your best interest to pass on the offer. The good news is that some established domain auctions and classified sites offer an escrow service, making things easier and safer for all involved.
The only time it might be prudent to do a domain transaction without using an escrow service is when you’re doing business with someone you know. Otherwise, it’s better to be safe than sorry.
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Posted under Make Money With Domain
This post was written by admin on April 10, 2010
