Accepting payments for site sales
  • Hi,

    Had a few requests through PM to explain some of the options avaible when selling a site (same can be applied as the buyer).

    I use 3 forms, and 3 only. These are: Paypal, Escrow and Wire Transfer.

    Pros and cons:

    Paypal - everyone's worst nightmare, convenient for 99% of people online.

    Escrow - very safe for both parties, but can be slow

    Wire - no real security, but is quick

    Paypal: I tend to use Paypal for anything under $1000. This is down to you. I have got through a lot of Paypal accounts in my time as they are happy to limit your account for no reason. Always send a CD (recorded delivery) when you sell a site with files on and ensure buyer pays as "goods".

    Escrow: not the biggest user of Escrow, mainly as I tend to sell mid $XXXX sites , use contracts and like to work very quickly. Here's a Flippa article on Escrow: http://flippa.com/blog/news/escrow-integration/ which I recommend you have a read of.

    Wire: Wire is very quick and ideal for larger amounts. Please don't use this until you are confident you know what you are doing, have a legal entity and preferably some solid sales contracts. As a seller I will not transfer anything until I have recieved payment which I cover in the contract to keep buyers happy.

    There are of course other options open to you - but these are the ones I use. Some may argue against my points, but ultimately it is down for you to decide what works.

    Thomas
    Post edited by Unknown User at 2010-06-13 09:58:57
  • Hey Thomas,
    Recall this was one of the very first questions I asked you before buying your book,and it's very important for me because PayPal and Escrow are no-go areas for me as a Nigerian.I would appreciate it if anyone has any other alternatives.

    Adetola Julius
  • Hello, dignity, you're going to want to go with a china/india payment option. If you google around, I'm sure you'll find a couple.

    Trinity
  • Thanks Trinity,
    But hey,China/India payment option ?I would like to know more about that! May be I'd do a google as you suggested.
    Thanks,anyway.

    Adetola
  • Also consider bank wiring. I suggest a China payment processor because they're easy to set up, take multiple forms of payment (check/epassporte/western union), and most of them don't allow chargebacks of any kind.

    Trinity
  • Bank wiring looks the most appealing for me for now.If it would not discourage bidders,it would certainly be my best bet.
    Thanks a million,Trinity.
    -Dignity
  • Use a contract to seal the deal. Especially when most of your buyers will be Europeans & Americans. That'll lessen their worries and help you get that bank wire you need.

    Trinity
  • Any contract template here ?Sorry to be a bother...I am new to flipping and have to get this right as it's my main worry.
  • [quote="dignity"]
    Any contract template here ?Sorry to be a bother...I am new to flipping and have to get this right as it's my main worry.


    We don't at the moment but if there's enough demand we will get something suitable up for you all to use.
  • Would PayPal frown at this or is it even something feasible...I don't really know PayPal's rules.Here is my question...

    I have some guys in Nigeria here who are in partnership with a guy (a Nigerian too,I suppose) resident in the US.They help me make my paypal purchases when I am boxed in and have no other choice for buying a product/service I really need.I just pay them in our local currency with a service charge equivalent to about US$18 for transactions under $200.
    I was thinking I could use these guys' Paypal email to receive payments for the sites I flip.

    Just a thought,though.But it may have it's inherent dangers.
  • You would risk not getting your money?

    Trinity
  • I'm going to go back to the Sales Contract Template and throw my vote in for yes we could use one.

    Ken Leatherman
  • I've got some free contracts like Non Disclosure Agreements, Contract for Sale of Website etc at this post: http://experienced-people.net/forums/sh ... l=1#post19

    (hope it's ok to post a link)
  • [quote="Clinton"]
    I've got some free contracts like Non Disclosure Agreements, Contract for Sale of Website etc at this post: http://experienced-people.net/forums/sh ... l=1#post19

    (hope it's ok to post a link)


    That's great, Clinton. I already linked to your Contract for Sale of Website earlier in the week :D

    We want to have a good bank of resources for the members and the sites/people who publish it deserve credit :)

    Thomas
  • Thanks, Thomas. It used to be just a htm page but people requested that it be a downloadable doc so they could make modifications to it and personalise it for their own use so I recently added a doc download.

    Any other suggestions re the docs and contracts are most welcome.

    I'll take advantage of your good nature and post another link. This time it's to a thread collecting caveats and clauses that people may want to use to amend the template contract or create a contract of their own: http://experienced-people.net/forums/sh ... nd-Caveats
  • well... I really have no idea which payment method to use. BUT, according to me, using paypal below $1k transactions is good subject to "you transfer your funds into another paypal a/c" immediately after recieving the payment and this way you can avoid "paypal limitation OR chargeback". I've done it couple of times successfully. (your both a/cs must belong to different names and addresses).

    Now, above $1k transactions, I ONLY trust Escrowdns.com and Moniker. Why? The transaction is safe while using Escrowdns (used them once for $15k transaction) and I got my money in 24 hours (wire transfer) AFTER buyer submitted the payment.

    The reason for NOT LIKING escrow is very simple. There is a BIG loop hole in escrow and that's, Escrow secure money from buyer, instruct SELLER to transfer domain to buyer, Buyer get hold of your domain, then he changes the whois again "as it was earlier". When you make a complaint to escrow, buyer says that you never transfered domain to him and shows WHOIS proof to Escrow. This happens with a few people at DNF and they've been scammed this way by using Escrow. So, I DO NOT trust Escrow as well. But still, that's my opinion which may be differ from others
  • Lofty post,rajs1ngh !
    I have registered at Escrowdns.com and have mailed them on some few questions.I will post my finding if it would be of help to others.
  • Hi guys,
    Just scooped this from a casual search online,and it may be of interest to some :

    I found a rave review of EscrowDNS.com here:
    http://www.dotweekly.com/review-of-doma ... rowdns-com

    EscrowDNS.com gets A- rating from BBB (you should read this..):
    http://www.bbb.org/wisconsin/business-r ... -44253862/

    This guy said he recently got a domain scam alert from EscrowDNS.com :
    http://www.dotweekly.com/domain-name-sc ... ake-emails

    Comparison of escrow service for domain names seem to give 5% of market share (just an opinion survey):
    http://domainnamewire.com/tag/escrowcom/

    Let's see how this new baby grows !
  • I just read a review and comparison of http://www.safefunds.com/ with escrow.com

    It is a good read at http://www.flipwebsites.com/buying-webs ... w-service/
  • safefunds.com looks good. any experience?