These days, whether you have a brick-and-mortar business location or are fully online, you need to have a domain. This online address is the key to having the right people find your business, just like having a good location in the real world.
Every domain name must be unique; ideally, it will also include the name of your business. It serves as a critical piece of advertisement, which is why it is a valuable tool. If someone were to steal your domain or your domain name, it could cost you dearly.
Domain escrow services can ensure that no one takes your domain or your domain name. With so many scams, using a lawyer specializing in these services is a wise investment that will go a long way in keeping you and your business protected.
What Are Domain Escrow Services?
Because your domain and domain name are so valuable, you need to protect them. When you’re first starting a business, you may get excited about buying a domain name for a good price. Since domain sales involve large purchase prices, you will have greater peace of mind using domain escrow services.
It works the same way as putting money in an escrow account to purchase a home. It keeps things safe for both parties involved.
Just as lawyers also oversee escrow accounts for home purchases, they can offer domain escrow services. This extra measure of protection is urged for anyone with a business to protect their domain.
Why Should You Use Domain Escrow Services?
Let’s say that you have thought of the perfect domain name for your business. Now you are ready to buy it. The biggest concern is that with such a large investment, how can you be sure you will receive that domain name before the seller takes your funds?
The problem is that you can’t be sure without using domain escrow services. Legitimate sellers will be happy to work with you on this and put the domain name in escrow. As the buyer, you will then put the funds into escrow. When both sides have done their part, they are both released. You get your domain name and the seller gets their money, and everyone avoids fraud.
How Do Domain Escrow Services Work?
As an example, you may find a domain name that is available that works for your business. You decide you want to buy it, and the seller tells you it will cost $2,500. That’s a large sum of money to send to someone without knowing if you can trust them.
On the other hand, the seller is likely thinking the same thing about you. How do they know if they can transfer the domain to you and get what they are owed for it?
With domain escrow services, a third party holds the money and the domain until the transfer is successfully completed. It starts with both the buyer and seller setting up an escrow transaction.
As the buyer, you will send the money via a credit card, wire, or another method into escrow with the domain escrow service. Once the service confirms the money is there, it then tells the seller to transfer the domain name.
When you have the domain name, you will confirm it. The domain escrow service will then give the money to the seller. This transaction is fair for both parties involved.
Protect Yourself from Scams with Domain Escrow Services
While there are many genuine sellers out there that are honest, there are several scammers looking to take advantage of new businesses and entrepreneurs. Domain scams are quite common because they involve buying online and require larger sums of money.
There’s no way to determine whether or not the person you’re dealing with even owns the domain or can deliver it. You need to protect yourself from fraud and identity theft by taking this extra step in the domain purchasing process.
With third-party domain escrow services, you can breathe a sigh of relief. If the seller does not give you the domain, they cannot run off with your money. It’s a wise investment into what will help you secure your domain name.
