FP - Using Bankwire Transfer - Good or not good

[biznics]

Hi guys,

Just wondering, while selling a site (for x,xxx and xx,xxxx) to a potential buyer, would it be a good option to use bankwire transfer/direct deposit?

As Paypal & Escrow; both have few limitations (or should I say, one favors the buyer and another favors the seller); so can I ask a direct bank transfer from the buyer?

Secondly, is this good from buyers' perspective? I mean; obviously no one would want to lose a client; but just to ensure smooth fund transfer; would it be a way to go?

Regards,

[G-Flips]

I would think it depends on how much you want to risk. Escrow is good for a buyer as you don't want to lose your money to a scammer. If you do a direct deposit you have little recourse if the deal goes bad. At least with escrow, you and the seller sign an agreement, the money is held by a 3rd party so the seller knows a buyer won't scam him by taking the site and not paying for it, and the buyer knows he won't lose his investment.

If I was going to enter into a deal with someone I didn't know and I didn't want to risk losing my investment I would definitely do an escrow deal especially is you are talking about $x,xxx or $xx,xxx. That's a lot of money to lose. If the seller doesn't want to that may tell you something about them.

[Bryan]

Simply put - for you (the seller) wire transfer is THE best way of getting paid.

The only question is whether the buyer trusts you enough to agree to it. What we typically do is use Escrow in case of new buyers, and suggest direct wires to repeat buyers as they've already done business with us and know that we're not out there to scam them out of their money.

All in all, if it seems that your buyer trusts you enough then definitely suggest a wire. Not only is it less risky but escrow services typically cost quite a bit, regardless of whether you use Escrow.com (cheap, but still not very cheap) or "real" escrow.

[biznics]

Very well said Bryan.

Addition: From sellers' point of view; in case I am not feeling comfortable with the buyer (somehow), so what should I do in that case? I mean, just for instance, a buyer bids the highest price for my site with no feedback or history (let's say on Flippa). So in that case, which option should I go for to end the deal; Escrow or direct transfer?

What if I ask for 50% amount as a direct transfer and remaining after delivering/forwarding the website; would that be trustworthy enough for both (buyer & seller)?