Escrow: Safest Way to Accept and Send Online Payments

If you’re thinking about buying or selling a motorcycles out-of-state, but aren’t sure how to go about the payment process, think about using a third-party escrow service like Escrow.com. Escrow.com reduces the risk of fraud by collecting, holding and only dispersing funds when both the Buyer and the Seller are satisfied.

Seller Benefits:

  • Escrow.com tracks the shipped merchandise and verifies it was delivered.
  • The Seller isn’t paid until the Buyer accepts the merchandise, or the inspection period expires.

Buyer Benefits:

  • Escrow.com confirms when the Buyer receives merchandise.
  • The Seller is authorized to ship only after Escrow.com verifies good funds.

Escrow.com

Escrow service fees can range anywhere from 0.89% to 3.25% depending on the value of the purchased item(s). The fee can either be paid by the buyer or seller, or split between both parties. You can calculate the fee amount by using Escrow.com ‘s fee calculator.

  • As an example, if you were looking to buy a $12,000 motorcycle and wanted to use Escrow.com, your Escrow.com service fee would be $180.70. The fee can be paid by you, the seller, or split 50/50.

Third-party services like Escrow.com are a trusted way to feel more secure about buying and selling online, especially in case of big ticket items, such as motorcycles. They help you feel more assured that you’re not going to get ripped off or fall victim to a scam artist. If you’ve been looking to buy or sell your motorcycle, but were hesitant because of the payment options, then Escrow.com is the best way to go.

You can learn more about the services and security that Escrow.com provides on their website => https://escrow.com.

Fraud Awareness Tips: Protect Yourself When Selling Online

One of the unfortunate downsides to online selling is the risk of someone trying to scam you. Online scammers are relentless in their efforts to find online classifieds users’ phone numbers and e-mail addresses. They then use text and e-mail messages to lure unsuspecting sellers into various Internet scams.

Listed below are common practices these scammers use:

  • They will probably start communication with the seller via text message or email. They’ll also claim to have some type of job that doesn’t allow them much phone accessibility (offshore oil-drilling, military, etc.). => This should be an immediate red flag to the seller. Anyone who doesn’t want to speak to you in person or on the telephone is probably up to something shady.
  • They’ll tell you they prefer to give you the payment via PayPal and will then ask for your PayPal email address. They’ll then email you a fake PayPal confirmation email saying that their payment was transferred into your bank account. => Although PayPal is a secure payment method, you should always call PayPal to confirm any transactions before you proceed, especially if you are suspicious that the buyer may be a scammer. It’s also important to not tell the scammer that you called PayPal, because they could then send you another fake PayPal email confirming that phone call.
  • They won’t try to negotiate on price, will agree to pay more than the asking price, and won’t ask questions about the condition of the motorcycle for sale. This sounds too good to be true. => This should be another red flag to the seller. The whole idea of looking for things online is to get the best deal. Especially with motorcycles, the price is usually at little negotiable. Majority of buyers who are interested in buying your motorcycle will at least try to negotiate the asking price.
  • The scammer may also ask you to wire them, or their agent, money for shipping. => This is another red flag. You’re the one selling the motorcycle, therefore they should be giving you money, not the other way around. The buyer and seller are responsible for negotiating any shipping arrangements, but you should do your research on different shipping companies first. The company they claim they’ll be using could also be a fake company.

What we recommend our seller’s do to prevent fraud:

  • Do not respond to these scam text messages/emails. They’ll get the hint and move on.
  • If someone messages you, but you’re not sure if they’re a scammer or not, request that they speak to you on the telephone or in person. If they say they cannot for any reason, simply tell them that you’re sorry you cannot do business with them. You can also try to do a search for their name and phone number online to see if either comes up for any past fraudulent activity.
  • Do not give out your social security, bank account, PayPal account e-mail address, or other personal information to anyone. Someone who is interested in buying your motorcycle has no business knowing this information.
  • Don’t give out your VIN # to anyone until they’ve agreed to purchase your motorcycle and you’ve received their payment. => Sometimes scammers can steal real VIN #s to use on non-existent motorcycles they’re trying to list online for sale.
  • Always verify with the bank if someone gives you a certified check and wait until the payment transaction is 100% complete before giving the motorcycle and title over.
  • If an offer sounds too good to be true, it probably is. Go with your gut feeling about whether you think someone might be a scammer.
  • Consider using escrow account services to make sure that you are 100% safe when selling your motorcycle online. A really useful website to consult is Escrow.com.

We also recommend that you visit FBI’s Internet Fraud page to learn about other common Internet scams. You can also file report online scams by visiting FBI’s Internet Crime Complaint Center webpage.

We always invite you to contact us at 1-800-523-7274 if you are ever unsure about any text messages, phone calls, or online messages that you receive via ChopperExchange.