CycleTrader.com suggests you use a reputable escrow service such as Escrow.com to provide a secure way to buy or sell your motorcycle.
What is an escrow service?
An escrow service like Escrow.com reduces the potential risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to Buyer and Seller instructions.
How do I find a reputable escrow service?
If you decide to use an escrow service other than Escrow.com, please make sure that it is a reputable service. Fraudsters sometimes create phony escrow sites and encourage buyers to send money to them. Remember these tips:
- Never EVER use any service recommended by the other party in your transaction!
- CycleTrader.com will never tell you to use Western Union or MoneyGram to pay for purchases.
- CycleTrader.com does NOT offer a "Payment Protection Program".
- ATVTraderOnline.com will never email you to certify that a "seller" is approved.
For more information, please read How to Spot a Fraud Site, available from Escrow.com.
How does escrow work?
Available to parties buying and selling vehicles in the United States, Escrow.com protects both the buyer and seller with a simple, 5-step trust process.
5 Step Trust Process for Escrow.com
1. Buyer and Seller Agree to Terms - Both parties agree to terms of the transaction, which includes a description of the vehicle, sale price, number of days for the Buyer's inspection of the vehicle, and any shipping information.
2. The Buyer Pays Escrow.com - The Buyer submits a payment, selecting check, money order, wire transfer, or credit card online. Escrow.com verifies the payment. Processing time varies by payment method.
3. The Seller Ships the Vehicle - Upon payment verification, the Seller is authorized to ship the vehicle and submit tracking information. Escrow.com verifies that the Buyer receives the vehicle.
4. Buyer Inspects and Accepts - The Buyer has a set number of days to inspect the vehicle and the option to accept or reject the vehicle. Upon acceptance, the process of transferring the title should begin.
5. The Seller is Paid by Escrow.com - Escrow.com pays the Seller by check or wire transfer. The transaction is complete.