Domain Names 101 - The Benefits of Using an Escrow Service
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There are many benefits to utilizing the assistance of an online escrow site such as escrow.com, both for the buyer and seller. Aside from the peace of mind, security and convenience that such a service provides, buyers are also guaranteed that their premium domain name is transferred over to them before the seller receives their money. Buyers are also able to confirm domain ownership with the registrar before the seller is paid.
Perhaps the most appealing aspect of using an escrow service is the ability to send credit card, PayPal, money order or wire transfer information to a financial institution, rather than a stranger that you've dealt with briefly online.
Sellers also reap many benefits from utilizing an escrow service. Similar to how a buyer may be uncomfortable handing over their hard-earned money for a premium domain name that may never get transferred over to them, sellers can fear a similar fate when transferring a premium domain name over to a buyer without having received the money.
Escrow.com assures the seller that payment has been verified, so they can feel at ease handing over their lucrative premium domain name. Sellers are also guaranteed payment once transfer specifications have been met. Sellers are also guaranteed protection against credit card fraud, insufficient funds and credit card chargebacks. Also, escrow fees are often lower than merchant credit card processing fees.
Dealing with large sums of money can always lead to precarious situations, though the chances of encountering fraud seem to increase twofold when money is exchanging hands between strangers online. Purchasing a premium domain name can prove to be a lucrative investment for anyone comfortable with handling the ups and downs that may occur when trying to acquire a domain name with a hefty revenue. Utilizing services such as Sitepoint and Escrow.com will surely make these transactions go more smoothly, but more importantly, they will make them safe.
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