Escrow.com: $1 Billion+ in Transactions
I just saw a press release from Escrow.com announcing that it recently “surpassed 1 billion dollars in secured transactions.” Wow… that is an impressive number, which I think can be attributed to its top quality customer service and the level of trust in its brand. When it comes to larger transactions with buyers or sellers I don’t know, I almost exclusively use Escrow.com to complete these transactions.
According to the press release, 2011 was a banner year for the company. Due to the volume of business, Escrow.com increased its staffing numbers by 40%, and the company moved to a larger facility to accomodate the additional staff. When you call, you almost always get to speak with a customer service representative within seconds, and the company is very responsive to emails.
Escrow.com does a lot more than domain name transactions, but it would be interesting to learn what percentage of that $1 billion+ was comprised of domain sales.
Press Release below:
Escrow.com, a privately held company, has pioneered the process of online escrow services. The Company, founded in 1999 by Fidelity National Financial, has established itself as the leading provider of secure business and consumer transaction management on the Internet.
In 2009, loss to Internet fraud was $560 million. Escrow.com reduces the potential risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to Buyer and Seller instructions. Escrow services are provided by a licensed and regulated escrow company.
2011 was a big year for Escrow.com as they completed a move to a new building and increased staff by 40%. This year, Escrow.com also surpassed 1 billion dollars in secured transactions. And close to 50% of all transactions include an international buyer or seller. One of the main reasons for this success is that Escrow.com is the recommended transaction settlement service for many of the top names in eCommerce, including GoDaddy,Cars.com, Flippa.com, AutoTrader, Resale Weekly and eBay Motors.
Brandon Abbey, President and General Manager of Escrow.com: “Escrow.com experienced significant growth in 2011 and I believe we will continue at a growth rate well above market indicators. Our growth is a tribute to the service we provide and the dedication of our employees who deliver the best customer service on the Internet. That being said, I would really like you to hear what a few ofour customers and marketplaces have to say about us.”
Below are comments and testimonials from key partners.
Yong Lee, Vice President of Business Development for Go Daddy says: “At Go Daddy, we work hard to create a worry-free experience for our nearly 10 million customers around the world, especially when it come to brokering valuable domain names, utilizing Escrow.com is another easy way for our customers to secure their aftermarket domain name transactions.”
Daniel Moffat, Marketing Director of Moffat Publishing, Ltd, parent of ResaleWeekly.com, recently stated: “We have recently added Escrow.com as a partner to protect our community from fraud. Buying and selling used heavy equipment internationally needs a trusted service to guarantee successful completion of the transactions.”
Keith Whann, Former General Counsel for the National Independent Auto Dealers Association (NIADA) and current CEO of the Columbus Fair Auto Auction says: “Escrow.com has developed the safest and most secure environment to eliminate fraud when buying and selling vehicles over the internet. They are a key partner to anyone who values trust and safety in their marketplace.”
Frank Schilling, owner of one of the largest privately held domain portfolios states: “I find it ironic that Escrow.com has only facilitated one billion dollars in transactions, because the constantly improving Escrow.com model has inspired countless followers in the domain name products business – who have surely facilitated a similar amount, but with significantly worse execution. Escrow.com’s tenacity and constant refinement of their processes – and their timely and un-interruptible continuity of payments during difficult economic times, has shown that the cream always rises. I can think of no better escrow house to handle the countless millions of dollars in transactions my collective businesses clear annually than Escrow.com.”
In early 2012 Escrow.com will be releasing functionality for brokers to be able to initiate transactions between their buyers and sellers.