According to a press release out this morning, Escrow.com announcedthat Frank Schilling’s DomainNameSales.com has successfully integrated the Escrow.com platform into its automated completion system, to ensure all parties are protected when buying or selling a domain name on DomainNameSales.com.
“Frank Schilling’s name marketing companies have been strong supporters of Escrow.com since 2001 – using Escrow.com’s secure transfer platform thousands of times to purchase and sell domain names. Escrow.com acts in a similar capacity as an escrow agent would during real estate transactions. As the price of generic, meaningful names have risen, it has become more critical that continuity of payment and title are managed. By integrating the Escrow.com API into the DomainNameSales.com purchase platform, buyers can negotiate the purchase of a domain name with its owner and facilitate the seamless and secure transfer of the registration, using a single application. Independent, third party brokers can participate with confidence knowing their service fees can be memorialized.”
“Escrow.com plays a significant role during a domain name transaction by securing the funds until the buyer has received complete control of the name. Once a sales price for a domain is agreed upon, DomainNameSales.com directs the buyer to Escrow.com where they receive payment instructions. After the funds are received, Escrow.com notifies DomainNameSales.com to release the domain and the transfer process begins. After the transfer of the title to a domain name has completed, Escrow.com releases payment proceeds to the name’s seller and broker.”
“The domain name industry has been one of Escrow.com’s largest business sectors for many years,” said Brandon Abbey, President and Managing Director of Escrow.com. “And the investments being made for web properties continue to increase. With the addition of new gTLD’s there will be a lot more Internet property changing hands. Look for us to continue enhancing our systems in support of this community.”
“Mr. Schilling couldn’t agree more. “Domain Names have always been valuable intangible assets. Buyers and sellers are often forced to move haphazardly through the transfer process and there are holes in continuity of title and payment. By integrating a neutral third party stakeholder like Escrow.com into DomainNameSales.com we have a clear path to secure payment, formalize commissions for independent brokers and transfer title to the benefit all parties.”
“Escrow.com is the preeminent medium for adding security to these transactions, “We are all about adding trust and safety to Internet transactions. We’ve been doing this for years in a variety of industries with partners that are the leaders in Internet commerce. Mr. Schilling and DomainNameSales.com are taking this industry to another level and we are very pleased to have been chosen as their partner,” said Abbey.”
“Escrow.com is the only fully accredited and licensed Internet Company serving a wide variety of transactional verticals globally.”