Silk Road forums

Discussion => Silk Road discussion => Topic started by: mrroboto187 on July 07, 2011, 08:34 pm

Title: Releasing funds from escrow.
Post by: mrroboto187 on July 07, 2011, 08:34 pm
Hello,

Seller here. Just curious as to what the protocol is for buyers when they release funds from escrow. There are a few orders that I know should have arrived by now but the funds are still dangling out of my reach until the buyers release them.
So buyers, do you typically sample the product before leaving feedback and releasing funds or do you trust the legitimacy of the product once you physically have it in your hands?

Thanks for any replies :)
Title: Re: Releasing funds from escrow.
Post by: 1byday43 on July 07, 2011, 10:43 pm
Hi,

Buyer here.  Where possible, I finalize and leave feedback
the afternoon or evening of receipt.  I appreciate the
hell out of the whole SR/BTC/Seller setup and hope
to establish a positive rep as (infrequent small time)
buyer with a few good sellers.

It is odd there is no feedback system on buyer's,
even objective stats like number of disputes and
average period between transit and finalize. 

The only thing that would improve things for me at this
point would be if there were some way to eliminate the
wild BTC valuation swings.  That should be reserved for
a different market, maybe day trading or gambling sites.

I'm sure if it continues that something will be done to
reduce the BTC risk for both sellers and buyers,
conversion of escrow/wallet to put options or currencies
and only use BTC for payment moving/transfers...
Title: Re: Releasing funds from escrow.
Post by: rake on July 07, 2011, 11:02 pm
A comment on this was made by a seller a few weeks ago in that he was happy that the buyers received the items but they were giving feedback before testing the product.  Although he was confident of his product, his bugbear was that if the item was fake or not up to scratch, the buyers would have no way of getting refunds.

The problem with waiting till the product is sampled is that this may not happen for days after it is received, which is unfair to the seller.  I think buyers should finalize a transaction 24 hours after receipt of goods and by sampling, it doesn't have to be a full on bongfest or mirror party, just a quick look/smell/taste.
Title: Re: Releasing funds from escrow.
Post by: j789745 on July 08, 2011, 07:47 am
If its herbal and I can tell from sight/smell that its legit, I'll finalize right away. if its a pill or powder, I usually do a sample within 24 hours. i never wait more than 48hours - it just isn't fair to the seller. if i've already bought from the seller, I'm much more likely to finalize without sampling.
Title: Re: Releasing funds from escrow.
Post by: phubaiblues on July 08, 2011, 07:49 am
It's an ethical thing: I figure I owe it to the seller to get home, check out product if I must, but quickly get online and finalize transaction.  Hour at most.  Usually I pm them too, especially if there's been any problems...let them know all is well...
Title: Re: Releasing funds from escrow.
Post by: zapod on July 08, 2011, 10:19 am
@phubaiblues: I agree with you completely. I can't re-order until people clear escrow, so it delays it for everyone when (like today) someone says "I got it, great shipping, I'll release escrow when I try it this or next weekend". Next weekend, really? What am I supposed to do till then? Especially when other reviewers and myself have tried it...
Title: Re: Releasing funds from escrow.
Post by: b0ng on July 08, 2011, 01:01 pm
I'm dealing with this right now, and with the value of bitcoin sinking like a rock it's starting to piss me off.
Title: Re: Releasing funds from escrow.
Post by: mrroboto187 on July 08, 2011, 04:26 pm
I hear that man. But I'm sure next week it'll be back up, the consistency of the BTC value is ridiculous haha. Zapod is right though, I need those funds for other things: ordering new products, keeping current products in stock, and purchasing goodies for myself!
Title: Re: Releasing funds from escrow.
Post by: phubaiblues on July 08, 2011, 06:03 pm
I know this will sound silly, but I actually think a lot of buyers don't realize the connection between us clicking 'finalize' and sellers getting their btc.  Maybe a pm to the slowpokes or something...
Title: Re: Releasing funds from escrow.
Post by: j789745 on July 08, 2011, 10:53 pm
I'm dealing with this right now, and with the value of bitcoin sinking like a rock it's starting to piss me off.

Yeah, considering you're dealing brick, there's no reason why buyers shouldn't release right away. You can see if its legit or not the moment you open the package.
Title: Re: Releasing funds from escrow.
Post by: nef on July 09, 2011, 04:45 am
I know this will sound silly, but I actually think a lot of buyers don't realize the connection between us clicking 'finalize' and sellers getting their btc.  Maybe a pm to the slowpokes or something...

I know I didn't understand/realize this until after reading the forums.  A short note on the order page like "sellers do not receive any funds until the order is finalized" would make it clearer.
Title: Re: Releasing funds from escrow.
Post by: phubaiblues on July 09, 2011, 05:14 am
Yep: we make a lot of noise in threads and all when pkg *doesn't* arrive, so the fair thing is to make noise and  post in thread and release funds when it *does* arrive.  I usually send pm, too.  Buyers forget that sellers are waiting too. 
Title: Re: Releasing funds from escrow.
Post by: Kind Bud on July 11, 2011, 01:41 am
right on phubaiblues, thanks for being on it. As a seller it is totally frustrating.

GreenCo always ships out same or next day so if the funds are not released withing 7 days of the order they send out a reminder note to the buyer. Sometimes a buyer logs in to make a purchase and then just disappears. This is really frustrating. GreenCo has had lots of orders where the buyer NEVER released the funds. They do time out and auto-resolve after 30 days but GreenCo  would like to get that lowered to 7 or 10 days. All orders from GreenCo arrive within a week (typically 3-4 days).

GreenCo's customer service does not stop just because a buyer releases funds.  If you don't have time to try it and release their funds they will still honor their 100% satisfaction guarantee. They do non-escrow sales also. Feedback is awesome, but reputation is priceless.
Title: Re: Releasing funds from escrow.
Post by: zapod on July 11, 2011, 05:44 am
I was just wondering about this too. I messaged the buyer to ask if he's recieved anything, but havent heard Any reply from him (it's been a few days now). So I don't know what to do about it, and it's 100$
Title: Re: Releasing funds from escrow.
Post by: Kind Bud on July 11, 2011, 05:50 am
@zapod It will auto resolve in 30 days and 6 hours. Yes it sucks but it is not that uncommon.
Title: Re: Releasing funds from escrow.
Post by: phubaiblues on July 11, 2011, 05:53 am
I was just wondering about this too. I messaged the buyer to ask if he's recieved anything, but havent heard Any reply from him (it's been a few days now). So I don't know what to do about it, and it's 100$

Yeah: that is fucked up.  I'd consider starting a thread, and naming him, see if he pops up.  We start threads on sellers, and they usually turn out alright.  Communication is everything here, and buyers need to realize funds are held up, and at least answer pms quickly.  It's possible he didn't know to do that--is he newbie?--and is just hanging out, enjoying the goodies, and if he hasn't gone back to regular forum, may not know he has to do that...maybe posting over here, will get him back to SR to click.  I'd also send him pm here, on this forum.  Seems like if he *hadn't* of received it, he'd have notified you, right?
Title: Re: Releasing funds from escrow.
Post by: mrroboto187 on July 11, 2011, 12:24 pm
You can see which PMs have been read and which haven't (the ones that haven't are bold) just go to your sent messages and check it out. Chances are, if he hasn't read the message he's not coming to the forums frequently. Just my 2 cents.
Title: Re: Releasing funds from escrow.
Post by: zapod on July 11, 2011, 08:09 pm
good point, I checked and he hasn't read it yet. Theres another order too, but it's only 10$. Both have been AWOL since ordering, as far as I can tell.

Does auto-finalize send me the money or refund it to him?
Title: Re: Releasing funds from escrow.
Post by: mrroboto187 on July 12, 2011, 12:13 am
I would imagine since they're not disputing it, the funds would go straight to you.
Title: Re: Releasing funds from escrow.
Post by: Kind Bud on July 12, 2011, 08:24 am
@mrroboto187 Yes, undisputed they go to you  20 days (not 30  anymore - thanks Silk) later. You wanna bet money one bitcoin value in 3 week?. As a business and not a speculator, I would rather not.