What exactly is www.escrow.com?

I'm in the process of selling my domain for about 5,000 USD to a successful company, in which made over $30M in 4 years or so. He asked if I wanted www.escrow.com or www.Paypal.com. My paypal recieving limit is $500. I also made a new account with paypal and upgraded it to a premier account. What are my sending limits now?

Also, my new paypal account isn't verified, will I still be able to accept my money? Or does it need to be verified? Although it isn't a problem to get it verified, just don't want to waste time. I'm not trying to make any sort of mistake during this process so I need some help.


Regards, Ruben