Is PayPal Safe for $X,XXX Domain Sale?

[MOGBase]

Hello,

I am a verified PayPal member with a Premier Account. I have a portfolio of LLLL.com domains for which I have received a mid-$X,XXX offer. Is it safe to use PayPal for this transaction? If so, what should I be looking to "ask for" in regards to verification and whatnot. I have made multiple transactions on PayPal for $XXX, but never have done any transactions in the $X,XXX range.

All help is greatly appreciated. Thank you.

 

[Gerry]

Use escrow.com. Split fees or eat the fees.

Should the buyer back out, or use a stolen credit card, etc., too bad.

If the money is taken out of your account due to a chargeback or some illegal activity, too bad.

Domains are considered intangible items and PayPal will not investigate nor give you any hope of recovering money.

 

[gingeman]

I was recently scammed for $900 by a user here using paypal. After paypal finding the case in my favour they refunded me all that could be retrieved, which was just $7. An expensive lesson. I am now pursuing a criminal case with the police over it but it has taken a lot of time and effort and I doubt I will see the funds. In short, I would not use paypal for transactions of this size unless it is a trusted member who you have dealt with before.

 

[MOGBase]

Use escrow.com. Split fees or eat the fees.

Should the buyer back out, or use a stolen credit card, etc., too bad.

If the money is taken out of your account due to a chargeback or some illegal activity, too bad.

Domains are considered intangible items and PayPal will not investigate nor give you any hope of recovering money.

Thanks for the replies, both. I am just wondering if what you stated, Doc Com, applies to Escrow.com? If I use Escrow.com and eat the fees, will I be safe from ever being 'charged back'? Once the funds are held by Escrow, the domains transferred, and the funds released to me, is there any way the buyer can file a chargeback and regain the $X,XXX?

If so, technically the only "safe" way to legitimately SELL domains would be to accept a check, money order, or cash.. correct?

 

[RyuKenLi]

Checks arent safe either as they can bounce. The safest way is wire transfer through Escrow.

 

[PapaStiz]

For deals of this size, paypal is NEVER an option unless you know the party you are dealing with. There are very few folks I would enter into a deal of this size with.

Escrow will always be the favored method for these type of deals.

 

[Melly]

I would definitely not use paypal. I used paypal for a deal of around 26k for something about 6 months ago. Which of course was a virtual item and once the buyer had what he needed he did a chargeback. Of course he won and that left my paypal -26k which they can shove.

 

[Devil Dog]

I would definitely not use paypal. I used paypal for a deal of around 26k for something about 6 months ago. Which of course was a virtual item and once the buyer had what he needed he did a chargeback. Of course he won and that left my paypal -26k which they can shove.

O U C H

 

[Downloads]

I presumeyou mean you had already withdrawn the 26k and left your PayPal account negative 26k? (Which you will never pay them)

 

[Melly]

I presumeyou mean you had already withdrawn the 26k and left your PayPal account negative 26k? (Which you will never pay them)

yea I had most of the money out. I lost about 4800 of it. But I'm not paying for their f u c k ups.

 

[hugegrowth]

Paypal needs to set something up for digital information transactions, the old "impossible to verify the exchange" is wearing thin. We are in a digital age here, they need to add some kind of service to address this that protects buyer and seller, or people will take these transactions elsewhere (like is already happening). For example, why not a Paypal Escrow service, or even a special domain exchange service. Escrow.com has a special set up for domain names.

 

[ksinclair]

Paypal has awful customer support. If there is any issue at all they are really good at freezing your account - so you lose access to any funds there. They do very little to help you get back funds. I had a problem with one transaction, and after i got the account unfrozen, they froze it again. And for several weeks were calling me about various new (and valid) transactions, to be 'safe'. But they never addressed the original issue.

We PayPal for its convenience. And for that convenience, you pay a price.

 

[thevirtual]

I have heard that Moneybookers doesn't have chargebacks. Never used them though.

 

[Gerry]

Thanks for the replies, both. I am just wondering if what you stated, Doc Com, applies to Escrow.com? If I use Escrow.com and eat the fees, will I be safe from ever being 'charged back'? Once the funds are held by Escrow, the domains transferred, and the funds released to me, is there any way the buyer can file a chargeback and regain the $X,XXX?

If so, technically the only "safe" way to legitimately SELL domains would be to accept a check, money order, or cash.. correct?

Check NO

money order NO

Easily faked, forged, or stolen.

Cash...even that is risky. Dealing with someone person to person? Like the man down the road who sold an old pickup truck for $3500.00 cash and less than 15 minutes later two guys showed up to look at the truck (never called or anything) but he told him he sold it and they pulled out guns and robbed him?

Pure set up from the get go.

Escrow.com...money is held in escrow until both parties are satisfied with the transaction.

I have used them for numerous international transactions and have never been disappointed. Fees are reasonable and usually a 50/50 split makes both parties happy.

 

[hugegrowth]

With escrow, what if you transfer the domain and the buyer doesn't confirm he received it?

 

[Melly]

I have heard that Moneybookers doesn't have chargebacks. Never used them though.

The problem with moneyboorkers, epassporte, click2cash and all the others like them is really how many users have these types of accounts? And even if they do they also can be a stolen account. Doing online is risky. I have been using direct bank wire. Buying or selling.


Paypal can kiss my booty.

 

[DomainMagnate]

Unless you know/trust the person you're trading with better use escrow.

 

[Stian]

As everyone else is saying: if it's a trusted member, you can use PayPal, if not - always use Escrow. But then again, even trusted members may suddenly turn on you and scam you in a "polite" way. I mean, people make up so much sh*t sometimes, like; "I have not received the funds yet." , or "The PayPal acc. you made payment to is not mine, I don't know what has happened. Sorry."

If you got a slightly bad feeling, use Escrow.

 

[Gerry]

With escrow, what if you transfer the domain and the buyer doesn't confirm he received it?

Escrow is very in tune with domain names and domain name transactions.

They know how to confirm these things

 

[Stian]

With escrow, what if you transfer the domain and the buyer doesn't confirm he received it?

Then Escrow will release your payment.