It’s been close to a year since Escrow.com introduced the Know Your Customer (KYC) Verification process to all Buyers, Sellers and Brokers. The process has not been all roses but it seems to be working now.
Escrow.com believes that this verification requirement has helped make its platform that much more secure and overall, more transactions have completed successfully.
My account manager has been very helpful with various issues, including helping a few of my buyers get verified and with 2 of the Escrow.com special services:
Domain Concierge Service (For domains without content)
Domain Name Holding (Payment plans for a domain)
I have actually used both these services in the past 3 months.
Here are some updates Escrow.com shared and are relevant to your future transactions:
1. Display Names – Sellers may be required to ‘change their display name’ when it comes time to disburse their funds. For example, if a Seller would like to be disbursed to their own personal account ‘John Smith’, but their display name in their Escrow profile says ‘COMPANY INC’, they will need to change their display name to ‘John Smith’. Sellers can only be paid to an account which matches their display name.
2. Receiving Funds From Third Parties – If a Buyer is using a third party to fund a transaction (for example: relative, business partner, outside company not mentioned in their customer profile), the Buyer will need to declare how they are related to the third party, and the third party will need to setup an Escrow.com account and complete the required tier verification. Escrow.com is frequently audited which is why we are required to verify the identities of all individuals making payments on our platform.
3. KYC Tier Verification – How are we doing with this? We are always happy to hear about further suggestions on how to make the process more user-friendly from your point of view. Does it make you feel more secure? Are there areas you would like to see improved? Please share your valuable feedback.