Significance of using an Escrow service
Escrow is a financial instrument held by a third party on behalf of two other parties who are completing a transaction. It's like a trust account held by a third party while all the seller and buyer's obligations are fulfilled.
Escrow is necessary for any domain name purchase because it protects the parties involved in the transaction. The time it takes to go from the beginning to the end of the escrow process varies. We process transactions using DAN.COM domain escrow to ensure a safe buying experience.
How domain escrow process works
The Buyer and the Seller come to terms on the transaction parameters, in this case the parameters are domain name in question and the final price decided, both parties agree that example.com will be sold by the Seller and bought by the Buyer for $$$, once agreed, Seller imports the buyer details and transaction parameters on DAN.COM to initiate escrow.
After import, the Buyer receives a confirmation email from DAN.COM, this email contains a link which takes the Buyer to DAN.COM checkout page to process the transaction further. Buyer cross-checks the transaction parameters and proceeds towards making the payment via secure payment gateway, on payment completion* the funds are in DAN.COM escrow account, they hold onto the funds till Buyer received the domain name in question.
DAN.COM notifies the Seller that the payment for the domain has been received, Seller then initiates transfer of the domain name to DAN.COM holding account, subsequently the domain is transferred to the Buyer. DAN.COM guides the Buyer with this transfer process.
After Buyer receives the domain name, as a final step, the funds held in DAN.COM escrow account are transferred to the Seller and the transaction is closed as successful.
*After payment, If the Seller fails to transfer the domain name to DAN.COM holding account, the Buyer funds which are held in DAN.COM escrow account are refunded to the Buyer.
Why DAN.COM domain escrow service
- DAN.COM focuses on increasing sales for domain owners by offering premier features to sell domains
- An intuitive designs helps buyers purchase with easy along with intelligent payment options based on location
- Has built tech to speed up domain transfers, which has helped us reduce our delivery time to 12-36 hours on average
- Has extensive FAQ available on their website and has a passionate support team equipped to handle technical queries
- Has achieved a 4.5 out of 5 Trustpilot.com rating and is used to buy and sell domains globally