I have a game on my website that I want to sell for around $xхx,xхx. In the past, I have sold something similar, but it was with a company I knew and trusted, so there was no risk of being scammed. However, this time, I am dealing with a random company that doesn't have much of an online presence, and we have only been communicating through email for a few weeks. This makes me concerned about the possibility of being scammed or taken advantage of. I would like to hear from experts on how best to protect myself in this situation.
Is escrow.com a safe option for securing domain the transaction? Are there any alternative methods that I should consider? What other precautions should I take for a transaction of this magnitude?
Escrow.com is a well-regarded service that can indeed provide some measure of security in these kinds of transactions. It serves as a neutral third party that holds onto the money until all the terms of the sale are met. This can reduce the risk of fraud, as the money will only be transferred to you once you've fulfilled your end of the agreement (like transferring the domain or the game's source code, for instance).
However, you should still exercise caution even when using escrow services:
Verify that you are dealing directly with Escrow.com and not a fraudulent site that's masquerading itself as Escrow.com. Always check the site's SSL certificate and URL, and never click on suspicious links in emails that claim to be from Escrow.com.
Also, make sure that the transaction details on Escrow.com match what you've agreed upon with the buyer: the correct product, price, terms, etc.
Despite the security provided by escrow services, there are other steps you can take to further protect yourself:
Due Diligence: Research the company as much as possible. Even if they don't have a big online presence, often you can still find information about them by doing an online search or looking up any business registrations.
Secure Communication: Be wary if the company is hesitant to communicate through more secure or official channels. A legitimate business shouldn't have an issue with having a phone call or similar.
Legal dоcuments: Get a lawyer involved to draw up a sales contract. This can protect you if the buyer doesn't uphold their end of the agreement.
Proof of Transaction: Always keep detailed records of your transactions and communications with the other party.
Finally, other secure payment options you could consider are:
PayPal: They also offer protection for sellers and have a formal dispute resolution process if things go wrong.
Bank Wire Transfer: Always a secure option, but does not provide the same level of protection if the other party is fraudulent.
Legal Escrow: Hiring an attorney to provide escrow services. This can be costly but also provides a significant measure of safety for large transactions.
Here are a few more measures you may take to ensure your transaction is secure:
Payment in Installments: If possible, negotiate a deal where you receive payment in installments instead of one large lump sum. This breaks down the risk into smaller parts and if anything goes wrong, you have a chance to halt the process before losing the entire sum.
However, be careful with this option as it can also prolong your exposure to risk. Always ensure necessary legal dоcumentation is in place when dealing with installment payments.
Using a Broker: If you're dealing with a significant amount of money, it might be worth using a broker or an agent who specializes in these kind of transactions. They have experience in the field and, crucially, have established relationships with reliable buyers.
Using a Reputable Marketplace: If you're selling a website or a game, consider going through a reputable marketplace like Flippa or Sedo. These platforms also incorporate escrow-like systems.
Ask for References: If you're dealing with a company, ask for references or testimonials from other parties they've worked with in the past. If they can't or won't provide these, it could be a red flag.
Legal Advice: A legal professional will be able to navigate complex matters and define contract terms. They can also help in investigating the reliability of the buying party.
Using Secure Networks: Be cautious about conducting transactions over public Wi-Fi or computers. Public networks can be a risk because they're comparatively easy for hackers to infiltrate.
Encryption: Make sure all your communication and transactions are encrypted. Encryption obscures your data, making it unintelligible to anyone who doesn't have the correct decryption key. Use HTTPS protocols for communications and VPNs for additional security.
Passwords: Use strong, unique passwords for every account you have related to the transaction. Consider updating your passwords before you start the selling process.
In the online world, there's no such thing as being too careful or too thorough. Even when doing all the right things, there's still a chance you could come across a savvy scammer or be the victim of fraud. Trust your instincts and if something feels off about a deal or a buyer, don't be afraid to back out. Your safety is paramount, and there will be other buyers and deals.
Escrow.com offers robust security for your game site's domain sale, leveraging escrow funds holding and dispute resolution to mitigate scams in domain transactions. Alternatives include EscrowPal or even PayPal's buyer protection for smaller flips.
Perform background checks via WHOIS, enforce NDAs, opt for multi-signature wallets if crypto's involved, and audit all communications for red flags.