Recently I sold off one of my websites for a substantial amount of money, at least for me. Now, I’m not a stranger to selling websites, since that’s originally what I started off doing over a year back. However, those sites were not established and generally sold in the neighborhood of $300-$400, something easy enough to receive through PayPal and not require contracts. This site was different, it was in the upper $x,xxx range and I was not willing to give PayPal any of it, AND I was worried about protecting my ownership until the funds were verified.
The process was simple and the transaction painless, mainly in part to the great communication the buyer had and because I’m such a charming bastard. Anyways, we agreed to a set of terms, negotiated final price, and both decided to protect our interests we should make sure it was legally binding. eBay was our first choice for such a transaction, since the auctions were considered binding and everything would be in writing…nothing hidden.(I hate he said, she saids) The auction was setup as a Buy It Now and the buyer was notified immediately after posting, so no one else would jump in and ruin a perfectly good transaction. 😉
Then, we both setup Escrow.com accounts, which was quite possibly the most painless thing I’ve ever done. Initial setup required only the basics and I opted to wait on revealing my financial details until I was sure the transaction would go through. Escrow was used for the domain ownership and as such Escrow.com had a simple sales template that I filled out using the predetermined details we discussed earlier. Within 15 mins the details were mailed to the buyer, where he was required to accept or decline.
After accepting the rest of the process was almost completely automated. The buyer was required to choose a payment option and in this case Wire Transfer was the only option for the dollar amount. Afterward Escrow.com kept in contact with me, notifying me when payment was selected, payments received, and payments verified.
After verification of monies, I was required to transfer the domain. After doing so I notified Escrow.com and then they checked to see if things had changed with the whois. Essentially it took about 48 hours for the process of money transfer to verifying domain transfer took place. After that it was as simple as me choosing a payment method.
Getting My Money
It’s as easy as entering your banks routing number, account number, and making sure you have your Bank’s address on file. But here is a TIP, ACH transfer and Wire transfer are not the same thing. Banks have a different Wire transfer routing number than the routing number found on the bottom of your checks, which is the correct routing number if you plan on doing an ACH transfer. I goofed, but caught it in time before batch processing had taken place.
Escrow.com Customer Service
Simply fantastic customer service! Not once did I feel like I was being left on hold too long, going through irritating automated messages, or getting the runaround. All I received was polite customer service attention and assurance that my problem was going to be fixed.
This was NOT a paid posting, only my honest to goodness opinion of a quality service. Because it was so painless, I may end up using it on smaller transactions now as well, just to play it safe.