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Escrow Services?

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miroz
Posts: 10333 - Karma: 3,945

Can someone please explain to me what exactly an "escrow service" is?  How is it different and/or better than Paypal?  How much will they charge?

If not Paypal, I'm planning on finding and using Ebay's escrow service, just because bagillions of deals go through Ebay so they must be legit.  I just want some background as to what they are and how they work.

Thanks!

-Mil

Nov 11 2008 9:17PM
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SkierX
Posts: 16253 - Karma: 538
"An escrow service is a licensed and regulated company that collects, holds, and sends a buyer's money to a seller according to instructions agreed on by both the buyer and seller. Typically, once the buyer receives and approves the item from the seller within an agreed time frame, the escrow service then sends the payment to the seller."
http://pages.ebay.com/help/pay/escrow.html

Basically, how the service of escrow.com works, is this way.

You are the buyer. You buy an item online. You send the money to the escrow service. The seller sends the item to you. Once you recieve the money, the escrow service sends the seller the money.

You need to be cautious though and use only verified legitimate escrow services as there are scam escrows out there.

Cost seems to be $25 for anything less than $500. Rates can be calculated on Escrow.com
Nov 11 2008 9:42PM
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Fish_Sandwich.
Posts: 9108 - Karma: 16
You are the buyer. You buy an item online. You send the money to the escrow service. The seller sends the item to you. Once you recieve the Item, the escrow service sends the seller the money.

I think that's what he meant to say.
Nov 11 2008 9:44PM
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SkierX
Posts: 16253 - Karma: 538
Haha, yup. I got lost in my own words and thoughts there.
Nov 11 2008 9:46PM
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zerospinskier
Posts: 4867 - Karma: 350

eBay uses Paypal

Nov 11 2008 9:53PM
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SkierX
Posts: 16253 - Karma: 538
As well as offering the option of using www.escrow.com

http://pages.ebay.com/help/pay/escrow.html
Nov 11 2008 9:58PM
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zerospinskier
Posts: 4867 - Karma: 350
O I actually never knew that. Haha and I've been selling/buying on Paypal for years. I've never had a problem (even when I've gotten scammed) with Paypal
Nov 11 2008 10:01PM
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Fish_Sandwich.
Posts: 9108 - Karma: 16
No worries.
Nov 11 2008 10:09PM
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miroz
Posts: 10333 - Karma: 3,945
Bump?
Nov 14 2008 11:52PM
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miroz
Posts: 10333 - Karma: 3,945

Shit, forgot to say some things -

First, thanks for the help guys, I appreciate it.  Second, does anyone have any personal experience using one, primarily escrow.com?  How did it go?

Thanks again.

Nov 14 2008 11:56PM
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