This is new to me. I have a potential domain buyer ask me if he could make payments on a domain. He wants to buy a domain from us for $599. He said he would put $99 down and make payments of $50 each for ten months. He said we can keep ownership of the domain until it is paid in full, as long as he can use the name during that time.
I think it is a great idea, but I have no idea how to set it up. Has anyone ever done anything like this before? Do you have some contracts I can look at? Do you need a special license or permit to take payments? I am not going to charge the guy interest or anything, so I do not know if that makes it any easier.
I already have a merchant account, so that is taken care of. One other thing though... Failure to make a payment... Would that be cause for loss of domain and loss of any monies already paid?
If anyone has any knowledge in this area it would be greatly appreciated.
I think this might be a great way to sell domains in the aftermarket as well. A lot of people want to buy domains, but they just don't have all the money to plop down on a premium domain.
I hope someone has an answer to this one...