Why Use an Escrow Service?
When FSBOAT buyers and sellers choose our escrow service powered by PayKeeper, they are working through a fully licensed and regulated escrow company.
Safeguarding funds during a boat transaction is essential. FSBOAT has partnered with PayKeeper, a licensed industry leader in secure escrow services, to offer boat buyers and sellers the safest and most economical way to manage funds in a private sale.
Here's what that means for you:
Funds Received from Buyers are Protected
From deposit to final balance, the money paid by buyers on the FSBOAT platform are held in dedicated trust accounts at established banks including JP Morgan Chase, Continental Bank, and Zions Bank. These aren't just any accounts: they're specifically designed for escrow purposes and backed by required surety bonds and liability insurance.
If you're making international payments, those transactions are processed directly through JP Morgan Chase in New York.
Escrow through FSBOAT is not required, but is highly recommended for your peace of mind. At the time you list your boat on FSBOAT, you may choose to require buyers submit their offers via the FSBOAT escrow system, powered by PayKeeper.
Loan Payoff Facilitation
If you are selling a boat that is still under a mortgage, the FSBOAT escrow process will take care of it!
When prompted during the transaction, simply follow the instructions to request your loan payoff letter from your lender. The information will be used to prepare your seller closing statement, and handle disbursements at closing, including paying off the marine loan.
Regulatory Oversight You Can Count On
As a licensed escrow company in Utah, PayKeeper operates under strict state supervision. PayKeeper is required to file regular reports, undergo annual financial audits by independent CPAs, maintain continuing education, and meet ongoing regulatory requirements. This oversight ensures PayKeeper is always operating to the highest standards.
Bank-Level Security for Your Data
Your information is protected by the same rigorous security standards used by financial institutions. PayKeeper is SOC 2 Type II compliant, meaning an independent auditor has verified PayKeeper’s security controls. Your data is encrypted both when stored and when transmitted (using 256-bit encryption and TLS 1.2 or higher).
PayKeeper’s hosting partners meet ISO 27001 and SOC 2 standards, and PayKeeper uses automated tools to continuously monitor for threats.
Your Transactions Are Safe
Every financial transaction is processed through certified partners. We're PCI compliant for card payments, and we never store your credit card details. Bank transactions require dual authorization with full audit trails, adding an extra layer of protection against unauthorized access.
Your Privacy Matters
FSBOAT and PayKeeper will never sell your data. Period. Your information is only shared when necessary to complete your transaction. Our employees undergo background checks, sign non-disclosure agreements, and receive regular security training. We maintain strict data processing agreements to comply with privacy laws including CCPA and CPRA.
With PayKeeper, you get the security of a regulated financial institution combined with the convenience of a modern marketplace platform.
Cost of the Escrow Service
The escrow fee is the responsibility of the buyer, and is due at closing. The escrow fee schedule is posted below and varies with the initially agreed-upon sale price of the vessel:
| Boat selling price up to: | Escrow Fee: |
|---|---|
| Up to $100,000 | $249 |
| Up to $499,999 | $349 |
| Up to $999,999 | $449 |
| Up to $1,499,999 | $549 |
| Up to $1,999,999 | $649 |
| Up to $2,999,999 | $749 |
| Up to $5,000,000 | $849 |
Once a buyer is under contract and a deposit is due, the escrow account is opened. There is a $199 cancellation fee due if a boat transaction does not close after a deposit was received. This may happen if a buyer rejects the vessel after conducting their due diligence, or if they are unable to fulfill their financing contingency. The deposit will be refunded to the buyer minus the $199 cancellation fee.
Prior to closing, the buyer will be asked to remit the escrow fee together with the balance due on the vessel.
Customer Care
PayKeeper’s customer service is standing by to answer your questions, feel free to connect directly with them.
Hours of Operation: Monday-Friday 9AM to 5PM Mountain Standard Time
Phone: +1 (435) 266-4144 | Text: +1 (833) 659-9201
Email: support@paykeeper.com
Chat with PayKeeper online at: paykeeper.com