Has Anyone used an Escrow Service?

[this*old*attic]

If so:

Which one? And, can it be used for the buyer to make several payments instead of one lump sum payment?

[second-chance-sa1es]

Me personally no, outside of vehicles Ive never even heard of it..... is that like a third party layaway program?

[reallynicestamps]

If your customer does not have enough ready cash to pay you in full, there is a simple remedy.

He should attach a credit card to his Paypal account, pay you in full immediately, and pay off the card at his leisure.

If he does not qualify for a credit card, he does not qualify for layaway either.

Having sold with layaway in olden days of retail in the 20th century, the deal was that the buyer made payments and when all the payments were received, he got the product.

As a corollary to that, there was interest on the layaway plan. For example, if you purchased a $1000 dining suite, you would make 12 $100 payments, and not until you had paid all 12, did you get the furniture.

Widespread use of credit cards effectively wiped out layaway for qualifying customers.

If he does not qualify for a credit card, he is not qualified for layaway either, since both are based on trust that the customer will be able to pay.

And finally, if you take a partial payment through Paypal, he can only dispute and win to the value of that payment.

If you sell the $1000 gizmo, and take a $100 partial payment each month for 12 months, your customer can only claim that first $100 payment back if there is a problem.

So layaway is not good for him either.

TL/DR-- the customer should add a credit card to his Paypal account.

[reallynicestamps]

I know you said escrow, and I am talking about layaway, but frankly, I can think of no reason why either you or the buyer would want to have the money held by a third party.

Unless you are selling an vehicle through something like AutoTrader or Craigslist and a 'Marine' "stationed" on a "ship" in "Afghanistan" wants to "buy" it with some very complicated financing.

EBay does not support any transactions on other sites.

This is a scam.

He's not a marine. Or a widow. Or in Afghanistan.

He's in an internet cafe in Lagos, making a latte last as long as possible, and surfing the interwebs for suckers.

[this*old*attic]

LOL, not a marine and not a vehicle. But, yes to setting up a lawaway situation.

Interesting point regarding a credit card, though. I’ll throw that out to the potential buyer.

In the meantime, Paypal has an arrangement with Escrow.com.

Escrow.com works with general merchandise in addition to vehicles.

It’s a bit pricey, and I haven’t had a chance to research whether they can be set up to take and hold a series of several payments.

[reallynicestamps]

All costs should be covered by the buyer.

You are doing him a favour.

OT--

I love your vintage clothes -- unfortunately at my age, it would just look like I hadn't bought anything new since 1968.

Although I do still have a vest in rotation from my 1968 trousseau.

[pburn]

I thought "escrow" was when your buyer (for example) pays the total amount to a third party, and the third party releases the funds to you when you've fulfilled certain obligations (or the buyer approves the goods or whatever "contractual" obligations have been set up in advance for the release of funds). Like having money in escrow for certain costs when you buy a house, and the money is released to appropriate parties at closing.

So your buyer's going to give escrow.com $XXXX? And when will escrow.com release the funds to you? Upon what conditions?

I don't think it's the kind of service where a buyer can pay them $XX per day/week/month and then get the merchandise.

[pburn]

I'd also add that the buyer would have no protection under eBay's Money Back Guarantee.

What's covered

Most transactions on eBay.com are covered by the eBay Money Back Guarantee.

Covered

Purchases are covered by the eBay Money Back Guarantee when all of the following are true:

• An item isn't received or it isn't as described in the listing
• A buyer reports that they didn't receive an item or requests a return within the eBay Money Back Guarantee timelines
• The buyer made the purchase on eBay.com via checkout or an eBay invoice with one of the following payment methods:
  • PayPal
  • PayPal Credit
  • Credit card or debit card
  • eBay gift cards, eBay bucks and eBay vouchers
• The item was paid for in a single payment

[a_c_green]

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@this*old*attic wrote:

LOL, not a marine and not a vehicle. But, yes to setting up a lawaway situation.

Interesting point regarding a credit card, though. I’ll throw that out to the potential buyer.

---

Outside of the $945 vintage dress I see in your listings, I don't see any other items that should remotely need an escrow service for payment. Certainly you could suggest the credit card idea to the buyer, but beyond that, don't get yourself caught up in some elaborate payment complexity on the buyer's behalf.

If they pay, you ship. Otherwise, do not take down the listing based solely on a promise to pay... somehow... later... Keep it simple.

[this*old*attic]

Yes, buyer would pay.

And,

😂😂😂😂😂😂😂😂😂😂😂

Would love to see the vest!

[this*old*attic]

Yes, that’s the item.

I’d keep it as an EBay sale. Buyer is protected by both PayPal and Escrow.com.

I’ve just been too busy to call the escrow company and see if they can take multiple payments.

but always willing to explore options - 

 I’m not in that big of a rush, the last 3 of these that were up sold just fine.

LOL, you should have seen me tearing my house apart and calling my adult children on the phone when I came across the first sold listing about 6 months ago! I had given mine up as lost until I found it about 3 weeks ago.

[moo*cow*corner]

On ebay, the item must be paid for in a single payment, be shipped within your stated handling time, and definitely be delivered, all within 30 days. I don't see how these terms could be met using any kind of multiple-payment scheme, and still be able to keep the sale on ebay. Even using an escrow company.

There have been discussions of multiple-payment sales here before. Generally using the term 'layaway'. Ebay emphatically says not allowed. The buyer has the options of their own credit cards or Paypal Credit, if it is available to them.

[pburn]

Is it a dress or a skirt? The title says both. I'm asking because I may want to buy it if I lose 75 pounds or so.

[this*old*attic]

Lol, I don’t work for EBay.

Keeping it as an EBay sale and paying FVF is the just honest thing to do, even if the transaction doesn’t fit the norm.

What are they gonna do when it isn’t shipped - send the police? It just goes in my percentages as a late or no-scan shipment... but I’m not TRS or fee discount eligible, anyway.

[this*old*attic]

“Dress” as in fancy as opposed to casual. Like a dress coat. Old fashioned term and admittedly controversial in the context of KWs but a common usage in the category.