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If We Were To Offer an Escrow Service...

Discussion in 'General Chat' started by Dan, Aug 17, 2014.

  1. Dan

    Dan Admin Staff Member

    Local Time:
    10:17 AM
    • How much would you be willing to pay for such a service? A fixed dollar amount? A percentage of the amount?
    • What options would you like to see to transfer funds, i.e. Paypal?
    • Would you be willing to wait a few more days before the transaction is complete (because this service would possible add days before receiving your funds)?

    If we implement this service, it will be a totally manual process in the beginning. Meaning when a deal is struck, you (the seller) would PM me the details (thread id, price, what did you sell, who did you sell to, etc.), I would then create a private message with both parties. From there, an invoice will be created for the buyer to pay me. Once I receive the funds from the buyer I notify the seller that it is ok to start the transfer process. Once the buyer secures/receives the license in their account, they will let me know via the private message and I will then transfer the funds to the seller minus the fees of course.

    Am I missing something? Also, please note that this is all in theory right now. I am still weighing the pros and cons. Me main con right now is what is to stop a buyer from charging me back? Need to do more research on that.
    This topic has discussed numerous time in private from members. It is time to bring it and have a discussion about it. Ready, set, respond ;)
     
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  2. Dan

    Dan Admin Staff Member

    Local Time:
    10:17 AM
    Really? Everyone who wanted this and no comments? :p
     
  3. smacklan

    smacklan xenStyles

    Local Time:
    11:17 AM
    I don't know what the average $ amount of the transactions are here, but I suspect they aren't large enough to justify the liability you would take on if you implement a plan as you described above. Paypal offers enough protection to buyers/sellers for these small amounts. If things started to get into the thousands of dollars here, then a service such as escrow.com would be appropriate in my opinion. Hope this helps.
     
  4. Liam W

    Liam W Member

    Local Time:
    4:17 PM
    I would love this... Although, it would be better if it was automated.
     
  5. Dan

    Dan Admin Staff Member

    Local Time:
    10:17 AM
    how do you see that working?
     
  6. Liam W

    Liam W Member

    Local Time:
    4:17 PM
    Seller goes to escrow page and creates a new sell. Includes amount, PayPal address, who they're selling to etc...
    Buyer send PayPal funds to the forum escrow email, and the escrow system detects this. Adds the funds to the system.
    Seller sends licenses.
    Buyer clicks button to release payment.
    Payment sent to seller via an API.

    :)

    (Obviously, those API's may not exist yet...)
     
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  7. goflish

    goflish New Member

    Local Time:
    10:17 AM
    Fees should alway's go to the seller.

    You would need to make an automated system to make this viable.

    1. Seller posts their WTS ad
    2. Buyer clicks on the buy button
    3. An order is created and this initiates the process
    4. Buyer pay's the paypal fee
    5. Admin verifies the fee comes from a verified paypal account
    6. Admin keeps 5% of all sales (price not set in stone, could be 5-10%)
    7. Admin approves the transaction
    8. Seller receives notification that admin has payment and starts the transfer process
    9. Once the buyer receives the license, he/she logs back in and clicks on some button that say's they got it
    10. Admin get's notified and pay's the seller minus any fees
    11. After 3 day's, if the buyer did not click the button that he/she got the license the funds are released to the seller automatically
    12. Both parties should be required to leave feedback before they can start another transaction with aother buyer/seller

    For the Admin to protect themselves against chargebacks, 30% of all your income earned should be saved to cover any chargebacks. I'm sure there will be a small percentage that do chargeback, but keep proof of everything and you can fight it with paypal. Overall, I think it could be profitable and encourage more people to use the system than currently do.
     
  8. goflish

    goflish New Member

    Local Time:
    10:17 AM
    If you are able to code this yourself, just be patient and release the feature when it's done.
    If you have to pay someone to code it, get your quote and post the details on here and let us help you fund raise it.

    This 5 minutes to edit thing is dumb, not sure why you have that limitation.
     
  9. Dan

    Dan Admin Staff Member

    Local Time:
    10:17 AM
    It isn't dumb. What is dumb is when people sell their licenses and edit their post to remove everything but "SOLD". Kind of kills content. Wouldn't you agree? But back on topic, good suggestions so far.
     
  10. goflish

    goflish New Member

    Local Time:
    10:17 AM
    fair enough :p
     
  11. Eric

    Eric Member

    Local Time:
    8:17 AM
    I think it would be great.. MIGHT help cut back on spammers.. or have a prepaid solution sort of like on flippa.com or any auction site... it costs x% of the cost you want to sell to be able to post. So if you want so sell a license for $100, it will cost you $5. That goes to the site. This will help keep scammers away promote real, serious sellers.
     
  12. Livepublicity

    Livepublicity Active Member

    Local Time:
    11:17 AM
  13. mckinley

    mckinley Member

    Local Time:
    11:17 AM
    Would love to see this happen.
     
  14. Dan

    Dan Admin Staff Member

    Local Time:
    10:17 AM
    Currently looking into other payment gateways. If/When we implement this, it won't be with PayPal.
     
  15. JackPH

    JackPH Active Member

    Local Time:
    11:17 PM
    I know you are thinking about direct bank deposit or bank wire transfer right? The fees are pretty high, it's not applicable for this kind of product/service.

    Maybe you should consider working with BitCoin ?
     
  16. Eric

    Eric Member

    Local Time:
    8:17 AM
    BitCoin is a pain to start with if you don't already have coins. I suggest Stripe. You can keep funds in your account and then push those funds (or even funds - fee) to another bank account for free.
     
  17. JackPH

    JackPH Active Member

    Local Time:
    11:17 PM
    It's so easy to purchase coins nowadays with variety of payment methods :) Anyway, Stripe is a good option too.
     
  18. Liam W

    Liam W Member

    Local Time:
    4:17 PM
    What fees? International transfers are expensive, but national transfers between personal accounts incur no fee.
     
  19. Liam W

    Liam W Member

    Local Time:
    4:17 PM
    Stripe has a very good API, so an automated system would work really well with Stripe.
     
  20. JackPH

    JackPH Active Member

    Local Time:
    11:17 PM
    You are right, but buyers & sellers are not in the same country most of the time.
     

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