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      03-09-2007, 10:21 PM   #17
noidea
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Drives: BMW E90
Join Date: Dec 2006
Location: AUST

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Quote:
Originally Posted by Joe Bimmer View Post
Here's how to do it:

When a vendor wants to do a GB involving mass-deposits from the customers, require the vendor to either a) open a bond for the total GB price, or b) enlist the use of an escrow company to hold the funds.

Once everyone receives their products, the money gets released to the vendor. If a vendor cannot afford to start the GB without the "seed" money from the customers for the products, then they DON'T deserve to be a vendor here.

E90post.com should require vendors to use an escrow service and split the cost with the buyers. www.escrow.com charges 3% for their escrow service, with a $25 minimum.

At the MINIMUM, E90post could require that the vendors "offer" the escrow service, and the customer can either accept or decline the use. That way, the risk lies on the customer if they choose to opt-out of the escrow.
Good suggestion. I regarding to the Bond i think for company that wish to become a Sponsor Vendor should put a Bond hold by the admin. This this case if the company trying to run away at least there is still some Bond witheld !
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