I’ve said it many times before but it never hurts to say it again – if you sell a domain name for more than a few hundred dollars, you should be using an escrow service that specializes in domain names. An escrow service isn’t just valuable because of the escrow service itself, and while this is of course the primary reason why you use an escrow service, but one often overlooked service is the dispute resolution process.
While most escrow processes go smoothly, when they don’t is when you really get to see if the escrow service that you choose can get to the bottom of what happened and make sure that no side ends up getting scammed. One of the escrow services that specializes in domain names and has a rock-solid process for handling disputes is Payoneer.
Payoneer divides the dispute resolution process into two phases:
Negotiation Phase – the buyer and the seller communicate via the Payoneer Escrow website and attempt to directly negotiate a mutually acceptable settlement
Arbitration Phase – the case is escalated to our authorized independent arbitration provider, NetNeutrals, to evaluate the case and issue a binding decision
What I really like about this process is that Payoneer actually brings in a third party arbitration provider called NetNeutrals to evaluate the case. There are very few escrow services out there that go through this level of diligence and I think it says a lot about the quality of service that Payoneer offers across-the-board.
So next time you’re buying or selling a domain name, remember – don’t use Pay Pal or a bank wire because if things go wrong you will kick yourself for not using an escrow service. At the same time, if you use an escrow service without a rock solid, well documented process for handling disputes you could end up on the other side of a bad deal. To learn more about Payoneer’s dispute resolution process you can take a look at their FAQ here.