Having a domain name or a website is more than a necessity but a requirement for every organization. The modern internet age has seen about 90 % of business dealings done online and a domain is like your plot of land on the internet where your audience can reach you. Generally, a domain represents your internet protocol, a hosting server, or a website.
The purchase and selling of domains and website is a very sensitive transaction because it represents the entirety of an organization on the internet. Thus, there is a need to choose a legal and befitting transaction channel.
The use of escrow service for buying and selling websites domains has proven effective with less risk and uncertainty. It involves using a ‘third party’ who has no relations with the buyer or the seller to evaluate the domain names and ensure it meets the obligation of both the buyer and the seller.
The escrow service provider has no favorite between the buyer and seller and does not care who comes top in the transaction. They mainly ensure that both parties (the buyer and the seller) fulfill the responsibility of the bargain.
WHAT IT ENTAILS:
The first thing is that the buyer and the seller come to terms on the sale price, the features and qualities of the domain name they want to transact.
The buyer then pays the agreed sales price to the escrow service provider. The payment is verified and confirmed to be the amount agreed in the contracts after which the seller is asked to send the domain name to the buyer.
The seller then sends the domain name to the buyer and informs the escrow service provider that the domain the name has been transferred to the buyer. The buyer confirms the receipt of the domain name and reverts to the escrow service provider.
The buyer can then decide to accept the domain name or reject it based on the agreement in the contract. If the domain name covers all the agreed terms stated in the contract, the buyer accepts the domain name and informs the escrow service provider.
Following the acceptance of the domain name, the escrow service provider now pays the seller directly from their account. And this ends the transaction.
BENEFITS OF USING ESCROW SERVICE FOR DOMAIN NAME TRANSACTION
Most internet transactions have suffered from fraudulent activities and insincerity of sellers. With escrow services, you are assured of a secured transaction.
The escrow service provider ensures that every part of the agreement is kept. In situations where there is a breach in contract, you are assured that your money is safe and can be retrieved. One major component of business transactions is dealing with people who are trusts worthy and trading with organizations that have a good reputation.
As an individual, you might not be able to identify such people but with escrow services, you can easily get to trade with them. Furthermore, the cost of using escrow services is affordable which makes it available to use for all.