Carmine wrote:
OK PJ- so the money would be held in escrow until the merchandise is received and the receiving party instructs escrow company to release payment to the other party, right?... but help me understand-- if the goal is to protect yourself from loss to the other party, wouldn't that only work if the value of the money is equal to the value of the merchandise? (Example: trader in France puts $100 in escrow... I ship bass... trader accepts bass and releases $100... and then says "bye bye"....) the only thing I'm guaranteed of getting back for my bass is the $100- I still have to trust that the other party will do the same on their end, right? Am I missing something?
I did this two years ago, so my memory is a bit foggy about how it worked. Besides, I did a straight up purchase transaction, which is simpler than what you're trying to do. They had two different levels of membership and I opted for the higher level (I think because it was the only level they offered that accepted a purchase via credit card?).
Anyway, when you sign up with Escrow.com, they are taking personal info from both parties to help assure a safe transaction without fraud. This includes a name, address, phone number, and credit card info. What you claim you're paying for the item and what you declare as it's value in shipping are two different things. I know a lot of people deliberately take a risk and declare a low value on goods they purchase overseas because they don't want to get hit up with hefty import fees. So, just because you "paid" $100 doesn't mean it's worth $100. I'm assuming you can claim any value you want when you ship it and would be protected through the shipping company (for the declared value) in addition to escrow.com (who would only cover $100 as you mentioned). You have the right to reject the package if the guy ships you a bunch of rocks, and if you claimed a shipping value of $1000 on your bass when you shipped it I'd expect you to recoup that from the shipping company.
If you don't want to go through this, the other option I'm thinking is you just pay each other a higher holding value ($1000?). That will drive your escrow fee up, however, but not substantially
(just checked their online calculator).