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Escrow.com Review - Avoid Getting Scammed
By Max | July 17, 2007
Escrow.com appears to be the service to use when transacting a website. Looking at many of the auctions on Sitepoint, you can just tell some of them are scammers. You will definitely want some protection as a buyer since you will have little recourse if you use another method to purchase.
In case you don’t already know, an escrow service is just a trusted third party which holds funds provided by the buyer to give the seller confidence that he will be paid during the transaction. If you have ever bought a house, then you have used an escrow service. You wouldn’t want to just hand a seller several thousand dollars without being absolutely certain that the goods being sold will be yours.
Escrow.com works in a similar fashion. The seller sends you a transaction email, and then as the buyer, you will fund the escrow account with a bank transfer. Escrow.com then holds the funds and tells the seller to begin the transaction. Once the seller has transferred the goods to the buyer (in this case a website), the funds will be released and the transaction completed.
This is the best way I know for buyers and sellers to avoid being scammed during a transaction. The fees are high, but not any worse than paypal. If you are sending thousands of dollars to strangers over the internet, you will want to take every precaution against getting scammed.
Topics: Article |
July 17th, 2007 at 5:19 pm
do both parties have to agree that the transaction has been completed?? I think it would have to, because whats stopping the seller from lying to escrow.
July 17th, 2007 at 5:36 pm
The buyer alerts escrow.com once he has received the goods, then his funds are released to the seller.