The process of selling your products online in exchange for Bitcoin Payments is quite equivalent to selling products for money in the form of cash on any selling platform. All you have to do is just put up an advertisement for the products that you intend to sell and describe them thoroughly. Once, you’re done with the advertisement description, all the interested buyers will display their interest to buy your product for sale. All such potential buyers will try to reach out to you to inquire about the product and will also place their respective bids simultaneously. Moreover, if the item that you’re selling is small enough or downloadable and can be shipped easily, well in that case you wouldn’t even have to reveal your identity. Also, you wouldn’t have to meet your potential buyer face-to-face either.
On the other hand, if the item/product that you wish to sell is significantly larger in sizes such as real estate or a car, then the case will be a bit different. You will have to make it official by setting up an appointment with the buyer & laying down the terms and conditions specifically. This will be required on your part to finalize the transaction for good.
Escrow can save the day!
Considering a dynamic surge in the online buying/selling activity of cryptocurrencies, Escrow is one such platform that works for the good interests of the buyers & sellers. It is widely renowned as a third-party service that takes a small fee but carries some of the most complicated tasks for you. The established platform also keeps you safe from the unscrupulous scammers that always lurk in the shadows to claim their next victim. Escrow resolves all kinds of disputes that you might come across during any transaction or at any point of such transactions. They handle the funds efficiently and the majority of the buyer & sellers ask to avail of Escrow service especially when one of the participants in the transaction is either new or inexperienced.
The process at Escrow has been highlighted below:
- Your buyer will deposit the required Bitcoins for the product sold. The payment is made in Bitcoins to the third-party services facilitated by Escrow. This step also ensures that your buyer has sufficient funds to carry out the transactions or make the final purchase.
- Escrow will send a notification to the seller that the payment in Bitcoins has been made to the seller’s account in full. This is the specific stage where Escrow will charge a little fee for services offered by it. Now, this might either be borne by the buyer or seller, or both the parties might even slice the fees in half.
- The seller subsequently proceeds to either hand out the item to the designated buyer or ship the product.
- The buyer upon receiving the item will contact the Escrow service and will ask them to release the Bitcoins in favor of the seller.
- Hence, the Escrow service will proceed with the transaction and the bitcoins will be released to the seller which marks the completion of the deal.
Work towards building your goodwill first
In a bid to build & elevate your reputation as a seller, you should not hold back from advertising and you can capitalize on it by website advertisements. Try to do that on the websites which have been designed with a built-in system of feedback. You can start by making good deals with some of the established buyers on the website. Moreover, try to gain your buyers’ trust by taking the initiative to send the item first so that they can make the payments in Bitcoin only when the item is received & not before that. However, you will be required to do your homework first and research if the buyer doesn’t have any bad history that might an issue later for you. Hence, your buyers must have a good reputation which will reduce the chances of your loss significantly. Watch out! You can never be too sure if you will get the payments in Bitcoin even after the buyer gets his item from you. Yes, we live in an unfair world and you can always anticipate that to happen
