Secure transactions with escrow service

[Harry22G]

I have used Gun Broker to purchase firearms and recently received a message about an escrow service. Its called Gun Tab (guntab.com), and it advertises as the Paypal for firearms, in addition to the payment service that provides some degree of security as an escrow service, see their promise here https://www.guntab.com/guarantees. I have no affiliation with this site, I thought with all the fraud it may offer a safer way to buy/sell items in the classifieds. I created an account and it seems that the fees can be paid by the seller, charged to the buyer, or split 50/50. Unfortunately, dishonest people take advantage of a great group of people here. This may be a way to protect yourself in a transaction and for new people to establish a reputation. If you are known or know who you are dealing with this would not be necessary. This would seem to stop the fraud and abuse for new members or dealing with someone you have not transacted with before.

Please let me know your thoughts and if you have used an escrow service your experiences.

 

[OneAcreFarmer]

This sounds very similar to the site I use to buy/sell/trade knives. (Bladebinge.com) I think it works fantastic. If a buyer purchases a knife from me he gets charged immediately but the company holds the funds until I ship, then once they have a shipping confirmation, they direct deposit it to my account. Same deal as GunTab with the buyer/seller protections. It’s nice not having to worry if you will receive your items or not. It also gives new sellers a better chance if they have no feedback yet.

 

[ToddGeddes63]

Good to know! it would take that worry out of buying used and be a win for both parties. I'll check it out. Thanks for the heads up

 

[Firewalker]

Great find! BBB A+, 5 star reviews.

Gunna cost you though.

 

[ToddGeddes63]

Great find! BBB A+, 5 star reviews.

Gunna cost you though.

As much as it sucks, the cost would be better than getting ripped off completely, and at least give folks that are serious about online transactions. some piece of mind.

 

[Firewalker]

As much as it sucks, the cost would be better than getting ripped off completely, and at least give folks that are serious about online transactions. some piece of mind.

I agree, I'm thinking about it to.

 

[ToddGeddes63]

I agree, I'm thinking about it to.

I went ahead and signed up.

 

[baranjhn]

2.9% fee plus 3% for credit card transactions.

I wonder if they will issue a 1099K like PayPal and Venmo? It’s a $2k limit for 2025.

 

[SilentSquirrel]

2.9% fee plus 3% for credit card transactions.

I wonder if they will issue a 1099K like PayPal and Venmo? It’s a $2k limit for 2025.

I found the following in the Gun Tab HELP SECTION

Does GunTab send annual 1099-K returns to IRS?​

Back to Help Center
No, GunTab does not send 1099-K returns to the IRS like PayPal does. GunTab is not a “payment settlement entity” as defined in 26 USC § 6050W, so is not subject to that reporting requirement.
GunTab is not regulated the same way as PayPal because it is not the same type of company. GunTab is escrow whereas PayPal is a payment processor.
Last updated 27 Sep 2021

 

[Ezana4CE]

Here’s an older discussion on the topic

ESCROW.COM could be a safe & secure alternative to online transactions

Dear AGN Classified Users In light of PayPal’s decision to no longer cover “airguns” under their Goods & Services guarantee, we’ve been working on ways to help keep your experiences positive and safe. On the back-end we are working on developing and implementing a new powerful...

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