Perhaps the Answer is D

We received a great question from a user today. The question from Maurice was “How are you different from escrow.com”

Ironically, we never felt the need to point out why we are better. Perhaps its because we know our services are more of day-in and day-out solution to protect buyers and sellers. Perhaps its goal of trying to have the site speak for itself. Perhaps its because we’ve never been asked that question outside of reporters. Perhaps it is “D. All the above.” Regardless, it was a great question that needs to be addressed.

I’ll point out two strong differences why we feel ChestNet Transactions is a more viable secure payment solution.

Escrow.com charges the user $25 or 6% for credit cards and $10 to ACH (“eCheck”) the payment to the seller so it’s very unrealistic that transactions under $500.00 would require escrow.com or a traditional escrow company. It’s far too expensive for standard online transactions. Could you imagine buying anything and having to pay that extraordinary fee? Another issue is Escrow.com puts the responsibility of the fees on the buyer ($25 or 6% for credit cards, whichever is higher). In contrast, ChestNet Transactions is only $1.95 or 5% for credit cards (with sliding scale) or FREE for ACH / eChecks, that’s it. ChestNet Transactions fees are only for the seller. We’re out to protect ALL transactions not just the extremely high end ones that Escrow.com feasibly protects.

Here’s the kicker, because price alone is never a good way to compete. The buyer is responsible for the escrow fees ($25 or 6%) and both the sellers and buyers shipment fees if the item is returned. So if a fraudster sends a refurbished laptop that cost $1000.00, the buyer still owes $60 + Shipping x 2. On ChestNet Transactions the buyer and seller don’t owe a thing unless the transaction is successfully complete.

While both Escrow.com and ChestNet Transactions help fight online payment fraud, our feeling is that we shouldn’t profit from fraud, so we should not collect fees on failed transactions. Foolish on ChestNet Transactions part? Perhaps. But we’re not going to turn our backs on our company’s mission statement and begin profiting on something we don’t believe in. Not today. Not tomorrow.

Until next time, safe buying and selling everyone!

./Casey