Sometimes you find the perfect buyer for your domain (or they find you) and they agree with you on what it’s worth, but they just can’t afford to buy it all at once. Heck domain names sell for the same amount as houses do all the time so it’s not too surprising that payment plans have become a common way to bridge the gap and help make a deal happen.
Of course, just trusting someone to pay you and remembering to pay on-time probably isn’t a great bet. As the domain owner you don’t want to become a billing department and as a buyer you want to know that all those payments you’re making will actually go towards the purchase of a domain name.
Enter domain name escrow.
Escrow services allow domain buyers and sellers to conduct safe and secure transactions. I unfortunately learned this the hard way when I first started buying and selling domain names. I sold a domain to someone, they paid me with Pay Pal, I transferred the domain, then they canceled the payment. I called Pay Pal and they said, “sorry – there’s nothing we can do.”
After that experience I’ve stuck to escrow services, live and learn. There’s a number of different escrow services out there but the two that seem to be the most popular for domain names, and that offer payment plan options are Escrow.com and Epik.
From what I can see, one of the key things that Epik stresses is the importance of holding the domain name. I think Escrow.com can do the same but I’m not sure…while I’ve sold domains on payment plans I’m far from an expert in this area, but it’s something I want to explore more. At NamesCon this year I talked to a number of people about it and it felt like everyone had their own go-to but there was no clear winner.
So I thought, why not write a blog post and hear what people have to say. On that note, I’ll hand the mic to you. What service do you think is the best when it comes to selling a domain name on a payment plan?
I want to hear from you, comment and let your voice be heard!
Note: neither Escrow.com or Epik are sponsors of mine, I have no skin in this game so say what you want about either or both.