If you buy or sell big ticket items on eBay, you need
to know about the available escrow services. An
escrow service is designed to protect buyers and
sellers from being ripped off. The funds for the sale
go to the escrow service, and then the seller ships
the item to the buyer. Once the item has been
received, the funds are released from the escrow
service to the seller.
In some instances, both the item and the funds go
through the escrow service, and the service makes
sure that the buyer gets the item, and the seller
gets the money. There is a small fee for the service,
and it is usually a fixed percentage of the sale price.
It is up to the buyer and seller to decide who will
pay the fees. Often, the fees are split between the
buyer and seller.
If you want to use an escrow service, there is only
one service that eBay recommends, and they back
that service up. This service is Escrow.com. Over
the years, there have been many ‘look-alike’
escrow services, using variations of the escrow.com
domain name, but they have shown to be less than
reputable companies. Make sure you use the
services of escrow.com for the greatest protection.