Want to use Escrow.com? Prepare to be verified. – Domain name thread

It’s not risky at all. In fact, that’s actually the way it should be done. I don’t know why a lot of domainers think they need escrow services. You don’t.

Escrow should only be used if the buyer does not fully trust you and must pay if they wish. But you don’t actually need a commitment to complete a transaction.

Selling a domain is very simple…

1.

You are in business, aren’t you? …So act like it. Create an LLC. In most states you can do this online without the help of an attorney and the cost is around $150.

I suggest using a lawyer if you don’t know what you’re doing, but I usually do it myself. I have been in business for over 23 years and I know the market.

2.

Open a bank account for your business.

3.

When selling a domain, email the seller two things… a purchase agreement and an invoice. The invoice should be on your company’s letterhead and list your information, their information, purchase, purchase price, and bank transfer information.

4.

Ask the buyer to sign the contract and invoice, scan them, and email them back to you. Then the buyer logs into their online banking account and sends a transfer to your bank or physically goes to their bank and sends a transfer.

5.

You receive the transfer the next day. Transfer the domain. Deal done!

6.

If they absolutely must have escrow and you don’t want to use an escrow service like Escrow.com, just do this…

Ask your attorney to do the escrow for you. Put it in the purchase contract. The buyer sends a wire transfer to your attorney trust account. All lawyers have trust accounts (or at least reputable ones do).

Have the buyer pay your attorney’s fees for the escrow. When the transfer arrives, your attorney lets you know they have the funds. You are transferring the domain. Your attorney sends you the money, minus their share of escrow fees.

The best way to get your money from your lawyer is to have an account at the same bank as your lawyer, so when it comes time to get your money, all he has to do is go online to their trust account and transfer your money to your account, in one click!

I’ve personally done both scenarios and never had a problem with getting a deal done. If you have a legitimate business website, with an 800 number, address, buyers can talk to you, you use legal agreements with invoices…in other words…you are a real professional acting business…buyers serious won’t have a problem with either of the above scenarios.

Your lawyer already knows who you are and will not ask you for identification. And as long as you use a lawyer who has a professional website, a phone number for their firm, a physical address, they can be reached by phone, their reputation can be easily verified by a buyer – then real buyers won’t. not. have a trust problem sending money to your lawyer.

7.

I would also suggest opening a merchant account, which of course you will need to be vetted, but it’s only once and it won’t be required for your buyers.

Your merchant company can check credit card transactions as they are processed to ensure there is no fraud before transferring the domain.

I charge buyers the merchant’s fee for the transaction and add verbiage to the contract that leaves no wiggle room for a chargeback. I have never had a chargeback and only accept credit cards for 5 digit transactions.

Six-figure transactions and above must all be paid for by bank transfer. In my entire business, I only do 5-figure transactions and above and most of my payments are by wire transfer.