An introduction to eBay Escrow Services
Submitted by admin on Wed, 2006-05-03 20:52.Ebay Business
What is an escrow service? Escrow service is designed with the purpose of protecting the buyers and sellers from being duped or cheated. This is necessary if big ticket items are either being bought or sold. The funds for the sale go to the escrow service, and then the seller ships the item to the buyer. Once the item has been received, the funds are released from the escrow service to the seller.
In some instances, both the item and the funds go through the escrow service, and the service makes sure that the buyer gets the item, and the seller gets the money. There is a small fee for the service, and it is usually a fixed percentage of the sale price. It is up to the buyer and seller to decide who will pay the fees. Often, the fees are split between the buyer and seller.
If you want to use an escrow service, there is only one service that eBay recommends, and they back that service up. This service is Escrow.com. Over the years, there have been many ‘look-alike’ escrow services, using variations of the escrow.com domain name, but they have not turned out to be particularly trustworthy companies. Make sure you use the services of escrow.com for the greatest protection. You always want to be well protected when big money is involved in a transaction.