Escrow Payment Integration launched on Flippa

[LukeMoulton]

We've finally launched Escrow integration on Flippa.

Look forward to feedback if anyone here has the opportunity to use the service.

[Clinton]

Thanks, Luke, I know a huge amount of work went into this and it's something Flippa has wanted for a long time. Well done on that, I've posted in your Flippa thread.

Some related escrow threads on this forum
How to get a $15,000 site for free
Escrow scams and how to avoid them

[benitez17]

Good for you. I know Clinton isn't a fan, but escrow.com is the standard escrow service used to transfer websites, so this should be good for your business.

[LukeMoulton]

Thanks guys. It's a step in the right direction. I know it has it's limitations but it's better than Paypal and cheaper than lawyers. We will continue to look into other ways of making the transfer process more secure.

[Clinton]

It looks like Flippa is in talks with transpact.com to provide escrow services to buyers and sellers in their marketplace.

Transpact.com is a company approved in the UK to handle funds remittances. Unlike the US, there is no system for regulation of escrow in the UK. In fact, there is not even an approval system for escrow companies as escrow work in the UK is generally done by lawyers.

There is no requirement for escrow companies to hold a security deposit with the regulator, know anything about the escrow business or have any of the numerous protections provided to escrow users in the US.

Transpact therefore can do escrow at a ridiculously cheap price of £2.99 whatever the size of your transaction.

As a headline price, it looks very good and must be a temptation for Flippa - they can claim "UK approved". As a protection, it appears to be way below what even escrow.com offers. I'm happy to be corrected on this, transpact.com have been a member here for a while.

However, for Flippa's typical turnkey/starter sites, this may be the ideal solution - it's not a lot of money at stake in each transaction, and it would be interesting to see how all the bickering and disputes at the bottom end of the market are dealt with by Transpact.

[benitez17]

Clinton, is this information coming from Transpact.com or other sources? I'd be very hesitant to use them as an escrow service for anything, and I couldn't see Flippa annoying escrow.com and cutting off an affiliate revenue source to potentially save their customers a couple bucks.

[Clinton]

Flippa is simply an "ordinary" member of escrow.com's affiliate program. Escrow.com probably won't notice if Flippa promote somebody else. Do you reckon Flippa signed an exclusivity clause with them?

To answer your question, the info comes from Transpact.

[petertdavis]

Hey Clinton, maybe you've bashed Escrow.com so much that Flippa is willing to try on any newcomer.

[benitez17]

Flippa is simply an "ordinary" member of escrow.com's affiliate program. Escrow.com probably won't notice if Flippa promote somebody else. Do you reckon Flippa signed an exclusivity clause with them?

To answer your question, the info comes from Transpact.

No, I just don't see Flippa giving up a source of revenue to recommend a service that is cheaper for their members. I didn't mean to imply that they had some sort of special deal with escrow.com, though I see that my previous post was pretty poorly worded and would be read that way by anyone who can't read my mind.

I'll believe that transpact.com is putting a deal in place with Flippa or anyone else when I see it.