Join Date: Dec 2000
Location: Long Island, NY
Online Escrow - ...my (way too detailed) experience...
Rich brought this up in my BFP thread, so I'll just start anew here...
I've used online escrow a bunch of times. *For anything that's more than $200 where condition can be very subjective I think it's worth it. *I started with iescrow.com, which is now called tradenable.com.
It's super super easy. *All you have to do is give them very basic info about yourself and your transaction. *You definitely have to work out the details between buyer and seller beforehand...buying price, shipping cost and evaluation period in which you have to 'accept or decline' the merchandise.
Once I put the transaction info in, they send him an e-mail saying 'kenny says these are the terms of the sale, do you agree?'. *He can change them (if something got messed up) or accept them.
once he accepts them, they ask me (the buyer) for money - they can take credit cards, which comes in a close-second as to why I use it...or you can send them a check or money order, but that takes extra time, obviously.
Once I give them my CC info, they send him another e-mail that says 'okay - kenny paid - send him the stuff'. *When he ships it, he goes back to the site and enters the Tracking number - the company sends me an e-mail saying that he shipped, here's the tracking # and let us know when you get it. *Once you get it, you check it out for however long you feel is necessary, within the terms of the deal. *If you like it, you release the funds to the seller. *
It's very very simple and safe and it works nicely for everyone involved. *He'll probably get his check 7-10 days from now. *
The escrow for this particular purchase, $700+30 shipping was an extra $29.xx. *i'm not sure if it's 3% or 5% - too tired to figure it out, but that's money well spent if the item you received is not as promised.
can i go to bed now?