In January of 2012, Escrow.com announced that the company had surpassed $1 billion in transactions. Just a little over a year later, and the company has closed an additional half a billion in total transactions. From my perspective, the growth rate is as impressive as the total transaction volume.
According to a press release this morning, “Escrow.com is pleased to announce that they have surpassed $1.5 Billion in secured settled transactions and continues to establish itself as the leading provider of secure business and transaction management on the Internet.”
Since Escrow.com is the preferred escrow service of Ebay, Cars.com, and other companies, I don’t know what percentage of this huge dollar amount is domain sales. I would guess it’s a considerable amount considering the widespread usage of the company’s services across the domain industry.
Congratulations to the team at Escrow.com, and as always, I appreciate the company’s sponsorship of my blog.
Here’s the press release announcing the news:
Escrow.com, the pioneer of online escrow services, is pleased to announce that they have surpassed $1.5 Billion in secured settled transactions and continues to establish itself as the leading provider of secure business and transaction management on the Internet.
As reported in the 2013 Online Fraud Report released by CyberSource, it was estimated that the total loss due to online fraud was $3.5 billion in 2012, an increase of $800 million over the 2010 results. 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. Escrow services are provided by a licensed and regulated escrow company.
One of the main reasons for this success is that Escrow.com is a recommended transaction settlement service for many of the top names in eCommerce, including Go Daddy, Cars.com, Flippa.com, AutoTrader, and eBay Motors. Escrow.com is also a strategic partner with US Commercial Services in support of President Obama’s National Export Initiative.
Brandon Abbey – President and General Manager of Escrow.com – said, “Our year-over-year growth has exceeded our expectations. It took us almost 11 years to hit $1 Billion in secured transactions and we now expect to hit the $2 Billion mark by the end of this year.” Abbey adds, “This performance is a testimonial to great strategic partners and our first-rate staff.”
As Escrow.com’s transaction volume continues to grow, the company not only sees an increase domestically, but now nearly 50% of all transactions include an international buyer or seller; it’s clear that businesses and consumers are concerned about fraud. Abbey continues, “It isn’t so much the economy driving our growth, but the need for businesses to protect themselves when dealing in the global market. A $100,000 transaction that may seem small to some companies could put another company out of business if it goes south.”
Earlier this year, Escrow.com announced the addition of milestone payments and acceptance of Euros.
Andee Hill – Escrow.com Director of Business Development – said, “There’s much more to come from the team here. We will soon be announcing new product releases as well as additional strategic partnerships that will add to our continued growth.”
Headquartered in Rancho Santa Margarita, CA, Escrow.com, a privately held company, has pioneered the process of online escrow services. The Company, founded in 1999 by Fidelity National Financial, has established itself as the leading provider of secure business and consumer transaction management on the Internet. All escrow services offered on this Website are provided independently and exclusively by Internet Escrow Services(SM) (IES), one of the operating subsidiaries of Escrow.com. IES is a licensed and regulated online escrow company compliant with Escrow Law.