Title: Shipping Companies as Escrow Services Post by: oldbute on September 18, 2014, 02:40:03 PM Would UPS and FedEx be in a good position to become bitcoin escrow services? They already know the time a package was delivered. They are trusted by most buyers and sellers to deliver the goods.
Which escrow method would work the best for this? pay to address (you pay UPS at checkout instead of the merchant), multi-sig, or pay to script. Which method is available now with current wallet software? Process for pay to address would be: Payment is made to UPS address instead of seller pay to address. Merchant creates tracking numbers which get linked to the transaction. Merchant ships packages. An autonomous UPS process sends transaction total minus shipping and escrow fee to merchant when they do the final package delivery scan. Just because the package shipped doesn't mean you received what you paid for, so there would be arbitration involved but for majority of transactions delivery equals A+ seller. Title: Re: Shipping Companies as Escrow Services Post by: johncarpe64 on September 19, 2014, 02:45:51 AM Fedex and UPS are not in the escrow business. They likely will not want to deal with the hassle of attempting to resolve disputes.
Your scenario would also not protect the buyer because the buyer would not have the opportunity to inspect what is in the box prior to paying. If you are going to use bitcoin to pay for something that is going to be received via the mail then you should buy from someone reputable (or be reputable yourself to be able to get the seller to ship to you prior to sending payment) Title: Re: Shipping Companies as Escrow Services Post by: hua_hui on September 19, 2014, 12:44:49 PM It means they will broaden their business scope to bitcoin. They will take more risks. I don't think they are interested at bitcoin business.
Title: Re: Shipping Companies as Escrow Services Post by: chennan on September 19, 2014, 01:21:01 PM They are famous big companies who has credibility and accountability by customers. If they provide escrow service, they will attract many customers.
Title: Re: Shipping Companies as Escrow Services Post by: OrientA on September 19, 2014, 05:26:23 PM If they can charge 1-2% of the goods value, then it is worth it for them.
Title: Re: Shipping Companies as Escrow Services Post by: 2112 on September 19, 2014, 06:10:17 PM Some smaller courier services in Europe provide this type of service, not for bitcoin though. The courier stays with the customer for a limited time during opening of the shipping box and has the camera to document any discrepancies on the spot.
Neither FedEx nor UPS are in the position to offer it because: 1) legal complexities involving international shipping 2) employee time/productivity management that is uniform worldwide Title: Re: Shipping Companies as Escrow Services Post by: leannemckim46 on September 19, 2014, 10:55:57 PM Some smaller courier services in Europe provide this type of service, not for bitcoin though. The courier stays with the customer for a limited time during opening of the shipping box and has the camera to document any discrepancies on the spot. I cannot imagine this kind of service being cost efficient. Most escrow services will never have any kind of employee involvement unless there is a dispute, and this would require that employees be involved in every single transaction. This would greatly increase costs to the escrow service, which would increase the fee that they would need to charge to customers. I just don't see any scenario where the escrow service would be both profitable and charge little enough that customers would be willing to pay for their services.Neither FedEx nor UPS are in the position to offer it because: 1) legal complexities involving international shipping 2) employee time/productivity management that is uniform worldwide Title: Re: Shipping Companies as Escrow Services Post by: 2112 on September 20, 2014, 01:24:41 AM I cannot imagine this kind of service being cost efficient. Most escrow services will never have any kind of employee involvement unless there is a dispute, and this would require that employees be involved in every single transaction. This would greatly increase costs to the escrow service, which would increase the fee that they would need to charge to customers. I just don't see any scenario where the escrow service would be both profitable and charge little enough that customers would be willing to pay for their services. Apparently fees are competitive enough when compared with maintaining a physical retail location in a large European city. I heard about the plans of expanding it to the sending side, where the courier will witness and photograph the shipment before the box is closed and taped-up. Thus far the "sending side" is typically a phone/mail/web-order operation that does volume shipments and there's not much chance of fraud but more of miscommunication; overselling or general buyer's remorse.Title: Re: Shipping Companies as Escrow Services Post by: jbreher on September 20, 2014, 03:43:23 AM Fedex and UPS are not in the escrow business. They likely will not want to deal with the hassle of attempting to resolve disputes. They already are intimately familiar with the escrow business. Google "Cash On Delivery". It used to be A Thing. Title: Re: Shipping Companies as Escrow Services Post by: bornil267645 on September 20, 2014, 03:49:13 AM That's a cool idea, I would love that 8) 8)
Title: Re: Shipping Companies as Escrow Services Post by: RevengerX on September 20, 2014, 04:40:16 AM Would UPS and FedEx be in a good position to become bitcoin escrow services? Yep. You can use your imagination to see what will happen with their position. Their profits maybe won't get a way higher, but they will become very popular. Title: Re: Shipping Companies as Escrow Services Post by: dankkk on September 21, 2014, 07:44:44 AM Would UPS and FedEx be in a good position to become bitcoin escrow services? Yep. You can use your imagination to see what will happen with their position. Their profits maybe won't get a way higher, but they will become very popular. A company generally does not care about how "popular" it is, their main concern is their overall profits, so if their profits will not increase then they will likely not enter into this business. Title: Re: Shipping Companies as Escrow Services Post by: snappa4ever on September 22, 2014, 04:02:37 AM Fedex and UPS are not in the escrow business. They likely will not want to deal with the hassle of attempting to resolve disputes. They already are intimately familiar with the escrow business. Google "Cash On Delivery". It used to be A Thing. Another issue would be people "trolling" delivery services by ordering things from people and having them sent to random addresses. The person receiving the package would not be aware that the package was coming and would not be willing to pay Title: Re: Shipping Companies as Escrow Services Post by: jbreher on September 23, 2014, 04:29:44 AM There was probably a reason why they got out of this business. I rather imagine the most prevalent reason was that credit cards killed off cash as a transaction medium for mail order. But Bitcoin is digital cash. We might be wise to learn the usage patterns that our grandfolk used to take for granted. Title: Re: Shipping Companies as Escrow Services Post by: zorke on September 24, 2014, 02:25:40 AM There was probably a reason why they got out of this business. I rather imagine the most prevalent reason was that credit cards killed off cash as a transaction medium for mail order. But Bitcoin is digital cash. We might be wise to learn the usage patterns that our grandfolk used to take for granted. Also if you argue that COD delivery was killed by the credit card then I would argue that COD was a mere payment method and not an escrow service as it would be inefficient for the customer to mail payment, then wait to have the product shipped. Title: Re: Shipping Companies as Escrow Services Post by: OrientA on September 24, 2014, 08:02:30 AM There was probably a reason why they got out of this business. I rather imagine the most prevalent reason was that credit cards killed off cash as a transaction medium for mail order. But Bitcoin is digital cash. We might be wise to learn the usage patterns that our grandfolk used to take for granted. Also if you argue that COD delivery was killed by the credit card then I would argue that COD was a mere payment method and not an escrow service as it would be inefficient for the customer to mail payment, then wait to have the product shipped. The shipping company can use some centralised payment processor to speed up the process. Title: Re: Shipping Companies as Escrow Services Post by: frankenmint on September 26, 2014, 02:11:57 PM I can see it now:
Package delivered Escrow released Box holding your shiny new asic miner is actually a 'box of rocks' Title: Re: Shipping Companies as Escrow Services Post by: faceplantz on October 16, 2014, 04:28:23 AM If they can charge 1-2% of the goods value, then it is worth it for them. Do you think 1-2% is big? Title: Re: Shipping Companies as Escrow Services Post by: Argwai96 on October 17, 2014, 03:09:27 AM If they can charge 1-2% of the goods value, then it is worth it for them. Do you think 1-2% is big? Another issue is that when a fee is charged for escrow people are much less likely to tip the escrow service and tips on "free" escrow service can generally add up to a lot more then 1 or 2 percent Title: Re: Shipping Companies as Escrow Services Post by: lenniestanley on November 03, 2014, 12:10:23 PM The escrow service would tell the seller how to ship logistics.In order to adopt to the comprehensive competition in the market, they are services to manage the self-owned containers land transport services.
freight quote (http://shippingexchange.com) Title: Re: Shipping Companies as Escrow Services Post by: HELP.org on November 03, 2014, 12:18:46 PM Escrow is when a third party hold the funds while the transaction is taking place to help ensure neither party loses their funds or property/services. Since escrow agents hold funds for other they normally need a license and be bonded/insured in case they lose the funds.
The multi-sig transactions are not really escrow since they don't hold the funds. Escrow is not dispute resolution. It is a conflict of interest for an escrow agent to resolve disputes of parties who pay them for escrow services. Escrow agents use independent third parties to resolve disputes. You can look at the agreements at escrow.com to see how it works. Title: Re: Shipping Companies as Escrow Services Post by: lightningmccoin on November 03, 2014, 12:39:06 PM The escrow service would tell the seller how to ship logistics.In order to adopt to the comprehensive competition in the market, they are services to manage the self-owned containers land transport services. freight quote (http://shippingexchange.com) Yeah, why shouldnt they do this? This is a very good advice. |