Escrow.com Announces “Domain Concierge Service”
In a news release early today, Escrow.com announced that it will begin offering an enhanced “Domain Concierge Service” to make domain name deals more secure for both parties. The company will take possession of both the funds as well as the domain name. This additional level of service is not a requirement for all transactions, and there is an added cost to use this new service.
Here’s what Escrow.com wrote about its Domain Concierge Service:
Many buyers and sellers prefer the security of an independent third party completing the transfer of the domain on their behalf. Our staff will manage the receipt of both the funds and the domain into Escrow.com’s secure accounts, check the domain against the purchase agreement and complete the transfer to the buyer for security at every stage in the transaction.
Using the Domain Concierge Service is quite a bit more expensive than the standard service. For instance, on a $10,000 deal, the standard service fee is $175.50 while the Domain Concierge Service is $351. On a $1,000 transaction, the standard service fee is $32.50 and the Domain Concierge Service is $100. You can use the Escrow.com fee calculator to see what the cost is based on the transaction amount.
Although the new service is quite a bit more expensive, it is not really cost prohibitive to use. If a buyer or a seller insisted upon using the Domain Concierge Service to transact, I do not believe the fee would be enough to lose a deal. I would likely try to get the counterparty to pay for the difference, if it became a requirement of the deal.
Domain name buyers and sellers can be apprehensive when doing a domain name deal. Some have never bought or sold a domain name in the aftermarket before, and they have concerns about the transactions. This service, which has been available at other venues (such as domain brokerage services like Sedo and Afternic) gives an added level of comfort when a deal is consummated without the assistance of a domain broker.
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