Today, Escrow.com announced that they are reducing disbursement fees for domain name or other transactions conducted on their platform. The platform has reduced the cost of both domestic (U.S.) and International wire transfers with immediate effect.
Escrow.com had earlier this year decided to remove the $10 setup fee charge on the ACH disbursements on their platform. Domain name investors will be able to save more money on small-amount transactions now.
They have following disbursement options available now:
- ACH would be FREE
- Domestic (U.S.) Wire Transfer will cost $10
- International Wire Transfer will cost $20
What is Escrow?
An escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure escrow account which is only released when all of the terms of an agreement are met as overseen by the escrow company.
How does Escrow Work?
Escrow.com reduces the risk of fraud by acting as a trusted third-party that collects, holds and only disperses funds when both Buyers and Sellers are satisfied.
- Buyer and Seller agree to terms – Either the Buyer or Seller begins a transaction. After registering at Escrow.com, all parties agree to the terms of the transaction.
- Buyer pays Escrow.com – The Buyer submits a payment by approved payment method to our secure Escrow Account, Escrow.com verifies the payment, the Seller is notified that funds have been secured ‘In Escrow’.
- Seller ships merchandise to Buyer – Upon payment verification, the Seller is authorised to send the merchandise and submit tracking information. Escrow.com verifies that the Buyer receives the merchandise.
- Buyer accepts merchandise – The Buyer has a set number of days to inspect the merchandise and the option to accept or reject it. The Buyer accepts the merchandise.
- Escrow.com pays the Seller – Escrow.com releases funds to the Seller from the Escrow Account.