Topic: How do i start an Escrow Service? (Read 1707 times)

Have you done any market research to find out if people would actually use an escrow service when buying good on line? Are you sure you can convince people to trust you to hold their money?

Being an escrow is a very tempting role. Holding the amount for the transaction and then take btc as fee for doing such a simple is job really a dream role for someone who wants to earn big by doing less. OP isn't just the only who dream about that. I do too. But seeing there are people who are pretty reliable which people are already recognizing them, I don't see any way a newbie can jump in and become one of the escrow without doubts of both parties.

red flag and sniffing around wanting to be an escrow?

I think you should put this idea to bed for somewhere around eternity.

Not only you have to have no negative trust, your profile must be a full member or higher in order to people to trust you with their escrows, and even then people will still not use you for escrow, because why would they choose you over a higher rank and has more trust, you have to offer a cheap escrow at first just to gain the trust.

Yes, I absolutely agree that there are the best escrows available on bitcointalk and some of the even working for free but my service is not to compete with them but to provide my contribution to the forum by preventing newbies from the scammers. I agree trust part is most important when it comes to act as an escrow.

Uhm, where is the one red tag? i didn't see any red tag in OP's account except a neutral trust rating from Vod.

I believe there is no such like "Gain some trust", you will get the trust by naturally, it will come to you by itself.
Where is the relation between start trading and don't charge any fees with becoming an escrow? 

That question really has a very obvious answer: you have to be a prominent figure in the bitcoin community and has handled a lot of reputable trades smoothly and without a hitch. Not everyone could be an escrow, and it's actually the community who decides who they trust more for their trades. You can be a famous, prominent figure, yes, but if the community doesn't trust you to handle their money, at the end of the day, you haven't handled that deal.

Already we have best escrows available in the forum, if need check with neotax, Sebastianju, Jamal aejaz and etc... First try to have a relational ship with the investors and grow your marketing skills.

There is a possibility to increase trust under your account when you do a escrow in any trade. Some of them doimg free of cost as well.

Red tag will surely make your account useless and most members here are avoiding that dangerous thing because once you have this whole community wont trust you anymore and becoming an escrow would remain a dream for you. Trust cant be built on short periods of time it does need many trades from the community before you could able to be known.

I checked your trust,you already got one red tag and this is a bad start for you,you should be zero red tag,this is very important if you want to be competitive,increase your trust rating but be very careful from getting a legitimate red tag or it will ruin everything.

One straight advice is that please don't even think about it now because escrow is someone whom the community trusts and if a junior member can be trusted then I don't know whom they won't trust. Just spend time and help people here and there and grow with time, soon a time will come when you will yourself understand that how it works.

Basically the problem with escrow is that the person offering that service must be trusted enough that if he scams he looses a lot of reputation and possible some income source too.

When I used to deal in smaller amounts (I still do it) then I really had no idea to go with escrow or not because the fee was high (When you deal in smaller amounts, even minor fees are not affordable in such amounts). Alternatively, Newbies are the victims of the most scams so to help them in order to deal with assurance, I thought, I should give my hand to them (because normal escrows deal with larger amount trades usually). I have experienced that how it feels getting scammed when you are starting to trade and trust me, it's very disappointing so I just want to give my contribution to prevent newbies from scams.

Honestly, why are you interested in becoming an escrow? This is something I always ask when I see people wanting to offer such services and I rarely get an answer, which likely means they're wanting to do it for all the wrong reasons.


Good analogy and so it should be. Escrowing isn't for any random person to do and you should be exceptionally qualified and trusted for the position before you even think about doing it, but setting out to be this has the opposite effect in my opinion.


If you know all of this then why have you started such a service? 

I have already started one a week before and received no trade request yet. Trust part is most important when it comes to deal with strangers and the same with the appointment of the escrow. One must have good trust and past experience before to get trade requests. On the other hand, best escrow is working here for free so it is likely to get low or no attention to the new escrows.

Dudeperfect's Escrow Service for Micro Trades.

Becoming escrow here is even is like trying to get a top notch job in a multi-country organisation which is not a small job. And the reasons are quite simple and point to one direction which is the fact that when fund is sent using btc, its gone forever which amount to the high level of trust that is needed for that service. So, I suggest you rank up, then starts gradually from small trades and hopefully you can get to the point you wanted if you wont be discouraged.

I am also interested to be an escrow, however I'm not qualified. I think being an escrow doesn't need to be a hero legendary. Even full member can be an escrow as long as he has a fluent english, trust worthy, and has a capability be response as soon as dealers need him.

That's quite right *ahem* Master-P *ahem*. 

And for a boob noob to be wanting to escrow?  Yeah, not in your wildest, wettest dream, kiddo.  People here are far more skeptical--cynical, nay, sardonic--around here than you seem to think.  There's no way in any infinite parallel-universe number of hells anyone is going to trust you to escrow anything for probably at least 2.5 years here, maybe more.  Probably never.

You can't start doing an escrow service if you don't have green trust it means that you are trustworthy and also if you have good reputation here in our forum like you are honest and you execute transactions very well and smooth then you will be qualified for launching an escrow service but it is not good to start if you don't have good feed backs and good reputation here.

Omg op don't. Just don't. If you have no reputation here there is no way anyone will use you as an escrow. If you get hundreds of trades under your belt a few years from now then maybe being an escrow will make sense. Why do people want to be escrows?  The pay and recognition is shit.

If You want to Become a Trusted Escrow then you need to Gain Some Trust in this forum and Even your Rank in this Forum and I suggest you to Firstly Start Trading and Don't Charge any Fees for that So that Your Trust Credibility Increases By Using that Way But I Also Suggest that always Work for the buyer and the seller because you are Middleman.......

Not the easiest of jobs as it takes a lot of time for the forum to notice and trust you, of course not farmed trusted but you need to be involved in some trades,forum cleaning, possibly lending section without defaults and help the forum grow constructively. Lastly you need to give us a reason to use your services instead of the already existing, will you be online most of the time ?

Aside from the Trust issue which is very important, a higher rank  starting from Sr is also considered. I think you can start from someone you know here or from those previous transaction here in bitcointalk. It is hard to build trust,for someone to trust you especially if it involves money.You can gain this trust through time,effort and being honest in your dealings.

It's very tricky one guy offered his service for free and just got a lot of red tag because he is using the free escrow service just to generate more good trust rating,which is a big no no,the best time to set up an escrow is when you are on senior or hero status,people tend to trust this level being an old member.

By gaining trust of most users is the only way to start escrow service and having many deals with you also considered as trusted so that lots of people will contact you for escrow service or recommend for the escrow. Good luck

you need to be trusted first, perhpas try to begin to do some low escrow service on the altcoin board and build your green trust from there, after that you can start a escrow service, but before all this you have to build your rank first, a newbie or junior esccrow is not seen well, it look like someone that want to scam with a new account

I think it's mostly about trades.  You can make a lot of good posts and contributions to the forum and people might like you but it's always hard to trust someone with your money because there are so many scammers that people have lost the ability to trust easily at all, especially with someone who could just take their money if they wanted to.

So you need to get positive trust from people you've actually already done business with.  You could do small trades, buying and selling physical or digital goods with people (even using an escrow if you want) and ask for positive trust which you'll probably get if you're nice and responsive.  Once you have a very high status on the forum after a long time and all your posts contribute as well (preferably, you'd be hero member or higher) people might start trusting you with small amounts of money if you provide relevant information and charge no fees (could just have a donation address, people will probably end up paying you more than 1% or whatever escrows normally charge.  I would suggest looking at the list of Bitcoin escrows and seeing what they talk about in their threads, how they present themselves, etc.

But I do think that if you're actually trying to be an escrow straight away when you're a new member that doesn't make me want to trust you.  I wouldn't try to be an escrow now, since I know that the community don't trust me yet.

A lot of people have giving suggestions and i must agree with them that their suggestions are good but in my own opinion the reason behind an action is more important than the action and that makes me to ask you a question:
Why do you want to become an escrow out of all other things on this forum ?

Rank only signifies the experience of the person, not his trustworthiness. Now if a legendary member even has 1 negative DT trust no one is going to trust him to be an escrow but of the other hand even a low rank member(Sr/Hero) has good amount of positive DT trust it will be easy for him to become a escrow. Nowadays due to increasing scams even neutral trust legendaries are not trusted to be escrows.

But most people will still really prefer on high ranking members and i could say that rank does really matter and people will believe if they would transact into a top rank member compared to lower ones but you do still have a point even though on low rank they could really start up their escrow service but expected it wont be easy at all since competition is really high.

Being active is not enough to be trusted here in forum. And if you want to become trusted you need to contribute a lot of good things here in forum.

Once you done those things people will recognize you here and that will build your reputation automatically.

And yeah, ranks are not a basis to become trusted here in forum. Besides why you want to enter the competition if there were members who are already leading and being preferred by most of the members in this type of service.

Why do you want to become an escrow? Escrow is not another way to make money round here and should be something you fall into naturally. People who want to be such are usually doing it for all the wrong reasons.


Why?


You shouldn't even be thinking of offering such services without already having earned that trust. Being an escrow isn't for any random member to do. If you're not one of the most active/reputable users here whose name actually means something to people then you're in no way qualified or trusted enough to hold onto other people's money thus defeating the entire purpose of escrow.

Thank You All For your wonderful answers. i think this will help me Alot

Just be active in this forum until you rank up.
But not all high ranking is a trusted member sometimes they're scamming too.

It's already on your question. Be "trusted". How can you tell them that you're trusted? You need to be a person that have lot's of trade history, people believe in your words or having an important contribution to the bitcointalk community. Trusted persons have a very less chance to run than a newbie with no trade history, why? Simple, trust can't be earn in an instant, it could take a lot of time to prove that you're trusted. Also, when you're an escrow we can say that your trust is the collateral for the trade, if you defaulted all your trust from the beginning will be nulled.

By not asking about how
You should spend more time in the community, get more trades under your belt, be helpful and everything will happen naturally. Ask this from yourself: Are you going to trust your money to someone on the internet with same attributes that you have at the moment (in this community)? If the answer is "NO" then simply forget about becoming an escrow provider.

By being trusted enough in the community, so people would trust their funds with you.

Just because someone is a high rank member of the community, doesn't mean they should be trusted to be an escrow.

Hey Jannn Thank you for the comment and Great Intel. I know you have to have a higher rank to become a trusted member but gaining activity is too Difficult especially since you can only get 14 activity in 14 days.

I'm also interested to become an escrow. I'm preparing all the information needed for this service. I plan do not charge any fees for my service until I establish trust around community members. I also think that Sr. Memeber status is not as good for escrow as Hero or Legendary member's. So, I think I should start slowly but do not expect much services at the start.   

To became a trusted escrow you must gain more trust from your client.
We know that some trusted escrow is in the high rank like senior, hero and legendary so by starting escrow you must in that rank to get more clients and trust by the clients.

Hello, I have a Question as i say in the title.
How do i start a trusted escrow service?
i have never been an escrow before so will anyone explain this to me and tell me how can get my first escrow deal? (is thats what its called xD)