Safe use of Paypal for domain transactions

Posted on April 20th, 2008 by admin in Domain News | No Comments »

A while back I posted a list explaining how you can protect your domain transactions. A lot of people have raised concerns over Paypal payments what with the increasing number of chargebacks and the lack of support afforded to sellers from Paypal and their registrars.

An article on DotWeekly has brought to attention an interesting thing you can do to avoid getting scammed while still using Paypal for a domain name transaction.

How? Use the Paypal Mass Payment option.

To be able to use Mass Payment option with Paypal you have to have a Premier or Business account. I believe upgrading from a normal to a Premier / Business account with Paypal is free.

DotWeekly goes on to say:

The reason that I think a Paypal Mass Pay is just as safe as a wire transfer of using Escrow, is because a person can not do a charge back on a mass pay, because it’s considered Cash. There is a small fee of $1 or less to use a Mass Pay, but another Reward is the person who is getting the payment, get’s the Full Amount and no fees are applied. So if you send somebody $500, they get $500.

So, it’s definitely an option to consider when thinking of payment options for your medium range domaining transactions.