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Old 22-04-2014, 23:02   #1
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New Escrow Website

Hi all, I have no affiliation with this website, however this company whom are fairly new appear to offer a really good service particularly for those buying boats / yachts etc.


Its' called PROMISEPAY.COM

- Buyer pays PromisePay
- Seller delivers to buyer
- PromisePay pays seller


I haven't used many escrow companies before however this one appears to be extremely easy to use and I'll be trying it next time I'm looking for escrow.


.... alternatively, does anyone know of a better website for such transactions requiring escrow?
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Old 23-04-2014, 09:12   #2
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Re: New Escrow Website

Quote:
Originally Posted by ausaviator View Post
Hi all, I have no affiliation with this website, however this company whom are fairly new appear to offer a really good service particularly for those buying boats / yachts etc.


Its' called PROMISEPAY.COM

- Buyer pays PromisePay
- Seller delivers to buyer
- PromisePay pays seller


I haven't used many escrow companies before however this one appears to be extremely easy to use and I'll be trying it next time I'm looking for escrow.


.... alternatively, does anyone know of a better website for such transactions requiring escrow?
I would certainly have to know much more about them than the website provides. It's easy for anyone to say they're an escrow company and take the money and then a million things, mostly bad, can happen. I'd handle escrow through an established title company or bank I used or someone a documentation company had used for years and could provide information on. I want to know as much as possible about the escrow company I am using and I don't know enough about Promise Pay to advise the use of them.
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Old 23-04-2014, 09:29   #3
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Re: New Escrow Website

It's a service that's long overdue. If it becomes popular, is well run and reasonably priced it will put Ebay out of business. The only thing keeping people from selling more on Craig's list and other sites is the escrow problem. Want to make a billion dollars? if you know how to do this, get 'er done. Not kidding.
Ebay bought Paypal to keep from having an issue.
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Old 23-04-2014, 09:49   #4
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Re: New Escrow Website

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.
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