Escrow is a service that allows a neutral third-party to hold money, assets, or documents for two parties in a transaction until all conditions of the agreement are met. The service is typically common in real estate, where an escrow agent holds the buyer's deposit and funds, releasing them to the seller only when the sale is complete.
In a typical domain purchase situation:
Domains can be valuable highly items, and in any market where high value items exist, the risk for fraud or theft is real and should never be ignored. By using Escrow Services you guarantee security and payment. Because Escrow requires the buyer to buyer deposit the full purchase price of your domain into a secure third-party escrow account before you initiate the domain transfer, you're immediately protected against non-payment or potential fraud.
Absolutely. The use of Escrow Services protects you for example against chargebacks. Unlike standard credit card payments, once the funds are confirmed in the Escrow account, the risk of credit card fraud, bad checks, or payment chargebacks after you've transferred the domain is essentially eliminated. This is because the Escrow Service first verifies and secures the funds from the buyer before you commence transfer. Because the funds are removed from the buyer's account, they cannot "reverse" payment after transfer is complete as Escrow remains responsible for the fulfilment process rather than you alone as a seller against a buyer's bank or credit card company.
Yes, you need to create a FREE account at Escrow.com to buy or sell a domain at domainAlot.com because both buyers and sellers must agree to the terms of the platform that cover the transaction. domainAlot.com does not request, save, or store any financial information (including credit card or other details) from you. Instead, we partner with the world's largest and most trusted payment service for valuable items, Escrow.com, to securely manage the process of holding any funds connected to the buying or selling of a domain, and for verification of the transaction.
Absolutely, in fact, we're certain that you already know and use many of them. Domains such as uber.com, snapchat.com, twitter.com, instagram.com, freelancer.com, gmail.com, slack.com, wechat.com, chrome.com and wordpress.com were all purchased through the use of Escrow services.
The Escrow company acts as a trusted, neutral third party. They handle the money and ensure both sides fulfill their contractual obligations before releasing the domain. In reality, disputes are extremely rare because Escrow Services provide a clear, step-by-step process for the transaction, making a potentially complicated transfer of an intangible asset smoother and more professional, and by having a neutral party oversee the exchange and adhere to agreed-upon terms, the risk of disputes or expensive legal action is significantly reduced.
Apart from the main advantages already mentioned, Escrow solves the greatest challenge when buying and/ or selling a domain, which is the "who goes first?" dilemma. Because premium, and ultra-premium domains especially, are extremely valuable digital assets, there is always the problem of who commences the buyer/ seller process. Using traditional payment options, the buyer may feel that they are transferring a large sum of money without the guarantee of ownership being transferred to them. For the seller, transferring a domain before payment is received allows for the risk that the buyer will simply steal the domain without payment. The use of Escrow Services removes these risks and doubts from both parties ensuring peace of mind.
When you choose to buy a domain, you are essentially opting to purchase a virtual asset. The greatest risk when using traditional payment options with respect to buying a valuable domain is paying for a domain and never receiving ownership.
The use of Escrow Services provide crucial protection when buying a domain by eliminating the greatest risk for any buyer: paying for a domain and never receiving ownership.
When you opt to purchase a domain that is listed on domainAlot.com, you are transferred directly to Escrow.com. If you already have an Escrow account you can simply sign in and complete your payment. If you don't have an Escrow account then Escrow will ask you to provide various details, including banking and identity verification in order to complete your purchase.
The short answer is that it isn't, at least not in relation to your payment and other sensitive information. In order to maintain security, domainAlot.com does not and will never ask for your Escrow account details. What we do provide is the option to streamline the process for both buyer and seller.
When you create your domainAlot.com account, you will find the "Escrow" menu option beneath the My Profile section of your Account Dashboard. The Escrow option allows you to enter two (2) details relating to your Escrow Services account.
Your Escrow ID (Escrow Member ID) and email address are used automatically whenever you buy or sell a domain at domainAlot.com. In the same way that you would need to update your credit card details whenever your current credit card expires, in the event that you change or create another Escrow account and therefore have been issued a new Escrow Member ID, you must update the details of your domainAlot Account to ensure that all payments are made/ withdrawn from your preferred account.
Escrow ensures the domain you purchase on domainAlot.com is legally and physically transferred to your control before releasing your payment to the current domain owner.
Well, actually you can, but that payment must be made through Escrow Services rather than directly through a third-party payment platform such as Stripe or PayPal. The reason for this is again to guarantee security for both buyer and seller as well as provide peace of mind.
Escrow.com allows payments to be made with any major credit card (including Visa, MasterCard, and AMEX) for purchases under $5,000.00 USD. Please note, additional fees are incurred when using third-party payment systems such as credit card processing.
Yes. Escrow allows PayPal as a payment option for purchases under $5,000.00 USD. Please note, additional fees are incurred when using third-party payment systems such as PayPal for payment processing.
Domains that are listed and valued above $5,000.00 USD can only be purchased through direct payment from your banking institution (Wire Transfer) that you choose to connect to your Escrow Account.
Domains that are listed and valued above $5,000.00 USD can only be purchased through direct payment from your banking institution (Wire Transfer) that you choose to connect to your Escrow Account.
No, not at all. As a broker, domainAlot manages the sale and acquisition of all domains listed on our site. By simply pressing the "Buy it now with Escrow" button, you will be transferred to the Escrow.com payment page to secure your domain.
As a part of our Escrow Services, domainAlot offers buyers a three (3) day inspection period by default. The buyer is given this time to cancel the agreement and reverse the transaction without charge if they feel that the purchase no longer aligns with their needs.
The inspection period is the right we provide you as the domain buyer, or consumer, to be able to change your mind and cancel your purchase should wish and/ or need to do so without charge. This layer of protection provides domain buyers on domainAlot with added peace of mind. Naturally, should you wish to proceed with the domain transfer immediately, you are free to negate the inspection period and providing the domain owner agrees, the process of initiating transfer of the domain and ownership begins without delay.
No, not at all. In fact, you might be surprised to learn that the opposite is actually true. Sadly, in any market segment where valuable items exist, the risk of fraud remains. The use of Escrow Services provides a multi-edged means of protection. For example, in order to accept Escrow payment, the domain owner must verify their identity. For genuine domain owners, this provides peace of mind knowing that the domain buyer must also confirm their identity. In other words, an individual genuinely interested in purchasing a domain is more often than not serious about doing so, not simply wasting the domain owner's time. In addition, the domain owner is incentivised to complete the transfer steps (like providing the Authorisation/ EPP Codes and unlocking the domain) because they know the funds are ready and waiting.
Absolutely, in fact, we highly recommend to do so. From motor vehicle purchases to jewellery and other prized items such as watches. From electronics to luxury goods. Escrow Services protect you in ways that credit card and traditional payment options simply cannot.
To learn about Escrow Services and how paying through Escrow can provide you with better protection for all your online pruchases, visit: Escrow.com.