Welcome to WebmasterWorld Guest from 50.17.5.36

Forum Moderators: buckworks & webwork

Message Too Old, No Replies

How to handle the domain transaction

We agreed on a price, now what?

     
6:16 pm on Sep 1, 2006 (gmt 0)

Junior Member

10+ Year Member

joined:Jan 28, 2004
posts:192
votes: 0


I've never bought a domain before for more than a few dollars so I haven't had to deal with this.

I just made an offer of $1500 on a domain and he accepted, and wants to know how I want to pay him. What's the best way to do this? Is credit card or paypal safe? Am I better off using some kind of escrow to be sure it really gets transferred? I could use Network Solutions certified offer service but it would cost me about $100.

Are there other options?

7:28 pm on Sept 1, 2006 (gmt 0)

Senior Member

WebmasterWorld Senior Member 10+ Year Member

joined:July 31, 2003
posts:668
votes: 0


I've never purchased a high priced domain either, but credit cards and PayPal both give you some protection. Credit card companies seem to err on the consumer side rather than the merchant side. PayPal may as well. Read the fine print of the agreements to be sure. PayPal ought to have that all stated on the web site, as far as claims process and so on.

Escrow would be the safest way, but credit cards and PayPal do give you some protection, though it may take longer to get your money back, as they'll have to go through a step-by-step process.

You could also call the 1-800 number on the back of your credit card to ask about your rights and for specific info on "what if."

7:34 pm on Sept 1, 2006 (gmt 0)

Preferred Member

10+ Year Member

joined:Sept 13, 2002
posts:518
votes: 0


I used an escrow service on a domain sale of $2k and found that the cost was worth the piece of mind it gave me.
7:40 pm on Sept 1, 2006 (gmt 0)

Moderator from GB 

WebmasterWorld Administrator mack is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month

joined:June 15, 2001
posts:7557
votes: 3


I used an escrow service on a domain sale of $2k and found that the cost was worth the piece of mind it gave me.

Defiantly, the escrow service will act as a fair middleman. It ensures the transaction is as safe as possible. Sometimes a sale can be nervous if you do not know the other party. An escrow makes the process safe and fairly simple. it is also a lot cheaper than hiring a lawyer to draft up a legal agreement between buyer and seller.

Mack.

7:42 pm on Sept 1, 2006 (gmt 0)

Senior Member

WebmasterWorld Senior Member 5+ Year Member

joined:June 5, 2006
posts:689
votes: 0


I agree, go for the $100.00 for the escrow service. If I were buying a domain name for that price, I'd look at the escrow service as insurance. It's a lot better to "lose" $100.00 than to lose $1500.00.

Plus sometimes peace of mind does not have a too high a cost. :-)

[edited by: WolfLover at 7:43 pm (utc) on Sep. 1, 2006]

7:44 pm on Sept 1, 2006 (gmt 0)

Senior Member

WebmasterWorld Senior Member topr8 is a WebmasterWorld Top Contributor of All Time 10+ Year Member

joined:Apr 19, 2002
posts:3171
votes: 8


well unless the man accepts credit cards then you can't use one! (except through a third party such as paypal)

if he does then using a credit card is cast iron as long as you have an invoice/receipt.

7:48 pm on Sept 1, 2006 (gmt 0)

Senior Member

WebmasterWorld Senior Member 10+ Year Member

joined:July 31, 2003
posts:668
votes: 0


So, the most secure solution is to pay the escrow service through PayPal using a credit card. :-)
10:24 pm on Sept 1, 2006 (gmt 0)

Junior Member

10+ Year Member

joined:Jan 28, 2004
posts:192
votes: 0


Okay, I'm going with the escrow.

Given your input, I decided that the alternative was probably to pay by credit card (he does accept credit cards) and have a signed agreement, but I'd rather pay $100 than worry about writing something up and getting it signed.

Thanks!

8:05 pm on Sept 2, 2006 (gmt 0)

Senior Member

WebmasterWorld Senior Member 10+ Year Member

joined:Apr 25, 2005
posts:677
votes: 0


Go for escrow.com service,they are cheap and reliable
12:32 pm on Sept 4, 2006 (gmt 0)

Junior Member

10+ Year Member

joined:Dec 22, 2004
posts:54
votes: 0


yeah use escrow.com instead of SEDOESCROW, monikerescrow etc.

Escrow.com charges you just 0.89% (or something similar to that amount) of the transaction cost as fees while sedoescrow charges you 10% of the transaction cost.

I have used escrow.com plenty of times and would be glad to recommend it to anyone.

1:51 am on Sept 8, 2006 (gmt 0)

Preferred Member

10+ Year Member

joined:June 13, 2005
posts:479
votes: 0


I think the amounts you quote for both Escrow and Sedo are both incorrect, Nick. Escrow's own fee calculators quotes $48.75 for Standard (wire transfers, money orders, checks) and $94.50 for Premium Service (PayPal and credit cards), on a $1500 transaction. Sedo only charge 3% if you bring them the escrow transaction, and they don't charge any additional for wire transfer disbursals.