Why PayPal is better than Escrow
Slava GorbatenkoThis page is the property of Slava Gorbatenko/Gratifying Design: jeffersoens@gmail.com or jeffersoensusa@gmail.com
Hi dear customer!
I'm going to cover 3 main categories such as Security, Speed/Price of transaction and Responsibility. I'll explain why Escrow is not the best, not convenient and hard to use service for buying stores on Exchange platform and why I use PayPal.
1) Security
PayPal is a proven worldwide payment service. It started in 1998 to solve the problem of fast and cheap transactions between people all over the world.
If you are worried about security - you send money to the guy that you have never seen in your life and afraid you will be scammed - PayPal has a solution.
Once you send a payment to someone - if you didn't receive a product - you can open a dispute to get your money back. You can read more about this here.
A seller will need to provide evidences that he sent a product to the buyer - if he won't be able to do this in time and his arguments will be doubtful - you'll get your money back.
(But don't try to fool a seller and PayPal if you got a product but you decided to get money back - if you'll be exposed in this offense - you'll be banned in PayPal and it will send this information to your bank for the further proceedings. Be honest!)
2) Speed and price of transaction
How Escrow works - it takes at least one day to complete the deal. You register in Escrow > Provide all your information such as full name, phone number and your home address> Escrow checks your information > You send funds to Escrow > Escrow verifies your funds to be clear and after this it allows to proceed > I send a store to you > You need to confirm you got a store > The deal is finally finished.
Moreover - Escrow takes additional fees from you and me. You need to pay additional 10$ for making a deal and I need to pay 20$ to withdraw money from Escrow. (seems like a payment for security but it's not true - read "Responsibility"). PayPal doesn't charge any fees from buyer - only a little % from seller.
How PayPal works - if you are ready to buy the store - you just send a payment to my PayPal account (using a link I provide to send a payment even easier) - the transaction is instant! I transfer the store to you and everyone is happy. You can see how I transfer the store to you here.
3) Responsibility
The last category but not least important. ESCROW DOESN'T TAKE ANY ACTION IN TRANSFERRING THE STORE.
I don't understand why Shopify chose Escrow for transferring stores in Exchange. Look at the screenshot:
Actually, Escrow only takes money from you and me for NOTHING. I don't understand - why should we pay more and suffer in waiting of Escrow when we can use PayPal - it saves our money and time.