We're talking specifically about a boat or yacht purchase
. Title companies have been providing escrow services for decades. Many provide title insurance
, closing, settlement and escrow services. They're licensed, bonded, insured.
Now, when you talk about something for smaller purchases such as Craigs List items that is the market PromisePay is targeting. They aren't by any means the first to try this. Escrow.com has been doing this for years and is recommended by ebay. They are the only one for non-titled items I would recommend. Newer services often collect money
but don't follow clear guidelines on when to release it. Then worst than that, there are tons of fraudulent attempts out there on escrow.
I know nothing about PromisePay so my recommendation until one does have considerably more information than one does now is to not use them. They are less than a year old. They have nothing on their website discussing their own bonding or licensing or anything that would make me feel protected.
I'd stick to proven.