I realize that wire transfers can make buyers uncomfortable and so I am wondering, as a seller, what's the downside of using Escrow ?

 

When I sell a watch, to which I have a considerable sum committed, and go to the trouble of packing it carefully and shipping insured. I want to be sure I have the cash in hand before the watch leaves my hand.

 

The only downside I know of is hassle and cost

 

Early on, before you develop a strong reputation as a seller, it may be helpful to accept payment by escrow. Obviously it involves cost, delay, and the inconvenience of dealing with a third party. So the best scenario is the one where the buyer trusts you.

 

Cost, and you can verify funds ahead of time.. but the buyer can still claim it was not delivered or as described.

If you are doing wire transfer for the costs, not much need for escrow.com

 

In terms of cost, it looks like Escrow charges you $180 for a $12k transaction. It seems reasonable compared to the 4% PayPal fees.

 

If you provide a tracking number, how can the buyer claim it was not delivered?

 

The box is empty...

 

I suspect that escrow is vulnerable to many of the same chargeback scams as PP. Take your time, build your reputation as a seller with lower value watches, and eventually you will be trusted.

 

Got it

 

Cost is the only factor.

I insist on it when a purchase crests 8k* and up.

*...why that number, I haven't a clue but it makes me comfortable.

 

That's good advice and also why I decided to withdraw the watch in question and keep it. That's before an OF member told me he was interested and so I was looking at a secure option for both parties to make the deal possible.

 

Reports of delivery are not invariable truthful. Wrong address, tossed in the general direction of the right house but landed on the front lawn where someone else picked it up, driver marks every package as delivered whether it was or not...

 

my concern is the buyer claiming they did not receive or it was not as advertised.

wire transfer is secure and 1 way. The risk is on the buyer, seller is pretty well protected


I just sold a piece for over 13,000 and felt comfortable with wire transfer.

luckily I have a reputation to protect and was considered a trusted seller even if I had not sold before. Purchased more then a few though lol.

 

Wire transfer is ideal for the seller. No doubt.

Congratulations on selling the Ultraman by the way!

 

Foo2rama also connected with me from outside the forum (on linkedin). It definitely helped me in building trust, beyond his reputation on the forum.