With so many domain registrations happening daily, security and safety are a top priority for everyone. Whether you are looking to buy or sell domains, you need a service where you can trust.
Escrow is a third-party payment system that some domain registrar allow to make or receive payment. Escrow.com is a government licensed party which holds the buyers payment in an online account until the transaction is complete. This helps buyers to feel confident when making payment and confident that the domain is really paid after the domain is registered under their name. Escrow also help guarantee that Sellers will be paid after their product/service has been delivered.
In other words, Escrow helps to transitions a smooth payment and transfer of domain names. Both parties can now buy and sell domain names eliminating the risk of fraud.
Escrow works in 4 simple steps.
(1): Receive a contract between buyer and domain registrar
(2): Payment made by Buyer to Escrow account
(3): Registrar transfers domain to Buyer
(4): Escrow releases payment to Registrar
Registrars also use Escrow as a third-party payment system for many other services such as domain transfers. This helps ensure that both parties will be served correctly and payment is secure.