Escrow.com sent out its latest, personalized email to all verified members.
A year ago, the oldest, continuously operated domain escrow implemented user identity verification across the board.
The process ensures that both domain buyers and domain sellers mutually exchange funds and domains with greater security and trust.
The notification email from Escrow.com follows:
It’s been close to a year since we rolled out the Know Your Customer (KYC) requirement for all Buyers, Sellers, and Brokers.
The verification requirement has made our Escrow transacting platform more secure, and overall, more transactions have successfully completed. We are always happy to hear about further suggestions on how to make the process more user-friendly.
We have also been able to successfully re-introduce Euros in the last few months, and we have received lots of positive feedback on this. Here are some tips that might help with the KYC transaction process.
- It’s always important that the email Buyers, Brokers, and Sellers are using is an email they check on a regular basis, as most status updates and notifications are sent via email through Escrow.com.
- Before a Buyer funds a transaction, they should complete their profile to the required verification level. Funding from a personal bank account: Tier 2 identity verification. From a company account: Tier 3 Company verification, for any amount above $3,000 (including Escrow fees).
- The Seller should complete their profile to the correct tier verification level before the Buyer submits funds as well.
- If the funds are coming from a third party (e.g. relative, outside company), the Buyer will need to declare how they are related to the third party, and the third party will also need to setup an Escrow.com account and complete the required tier verification.
Once we complete these steps before funds arrive, the transaction should be able to close faster and more smoothly. Additional support and assistance is available for all transactions, including the following special services:
- Domain Concierge Service (for domains without content)
- Domain Name Holding Service (Payment plans for a domain)
Note: Escrow.com is a premium sponsor of DomainGang.com. We share news, information and updates on domain industry companies. This is not a paid promotion.
