question Selling Domains Direct, Straight To Bank, No Escrow, No Marketplace?

[JB Lions]

Has anybody sold a domain that way? I usually do it thru a Marketplace or Escrow. I have a buyer that said:

"This whole escrow thing doesn’t work at
all.

I run a company with $6.5billion
in transactions and it is the worst payment
site I’ve come across.

"If you can send your account details, we will transfer the funds to you and you can transfer the URL us."

It's a big company, I've checked them out.

Any downsides to that? I guess they would just need the same info the Escrow sites need, routing number and such, right?

 

[pablohc86]

Wait for the money in your bank account before to send the domain name.. After all what you said they seem trusted.

 

[The Durfer]

just make somebody else aware of this going on in case it falls thru, no routes no grudges no problems.

 

[JB Lions]

Wait for the money in your bank account before to send the domain name.. After all what you said they seem trusted.

Yep, this was handed off to the CFO, they sent wire, hit my bank today. Nice and quick, I like it. Just have to transfer it over now.

This one was annoying because it could have been lost because the KYC laws/site issues or him just getting frustrated with the authentication process. We emailed back and forth quite a few times, so I think trust was established, which enabled taking this route. I've had some others I've probably lost because of this, don't know, this is the first one to email talking about the problems.

Still need to figure out the Escrow stuff, if they all require sending in stuff after hitting a certain amount. It's just going to kill sales.

 

[falez]

Yep, this was handed off to the CFO, they sent wire, hit my bank today. Nice and quick, I like it. Just have to transfer it over now.

This one was annoying because it could have been lost because the KYC laws/site issues or him just getting frustrated with the authentication process. We emailed back and forth quite a few times, so I think trust was established, which enabled taking this route. I've had some others I've probably lost because of this, don't know, this is the first one to email talking about the problems.

What was the domain?

 

[branding]

Yep, this was handed off to the CFO, they sent wire, hit my bank today. Nice and quick, I like it. Just have to transfer it over now.

This one was annoying because it could have been lost because the KYC laws/site issues or him just getting frustrated with the authentication process. We emailed back and forth quite a few times, so I think trust was established, which enabled taking this route. I've had some others I've probably lost because of this, don't know, this is the first one to email talking about the problems.

Still need to figure out the Escrow stuff, if they all require sending in stuff after hitting a certain amount. It's just going to kill sales.

That's nice. Congrats on the sale and thank you for letting us know everything went smoothly!

 

[JB Lions]

I don't think you would have to remove all your domains from Sedo. Remove just the one domain and you should be eligible for 3% escrow fee.

Just going over this now.

Pricing:
"The applicant is charged a fee of 3% of the gross selling price, with a minimum fee of $60 for category 1 domains, and $200 for category 2 domains. (See price list) Upon request, we will also assist you in dividing the fee between the buyer and seller.

Please note: If you reach an agreement outside of our marketplace and the domain is also listed on Sedo's marketplace with active negotiations, then the same commission shall be charged as for sales on the domain marketplace."

https://sedo.com/us/services/domain-transfer-service/external-transfer-order-page/

Mine are all set to Make Offer. They said "with active negotiations" So I sent in a message to make sure. So if they're just at Make Offer, that's not an active negotiation, so I guess I could leave them the way they are and still use the External Escrow. The other thing I asked is if the buyer needs to send in color scans of personal info at a certain amount. If somebody can just pay and get on with it, this could be a good option. If it's the same rules/laws, then same roadblocks.

 

[falez]

Just going over this now.

Pricing:
"The applicant is charged a fee of 3% of the gross selling price, with a minimum fee of $60 for category 1 domains, and $200 for category 2 domains. (See price list) Upon request, we will also assist you in dividing the fee between the buyer and seller.

Please note: If you reach an agreement outside of our marketplace and the domain is also listed on Sedo's marketplace with active negotiations, then the same commission shall be charged as for sales on the domain marketplace."

https://sedo.com/us/services/domain-transfer-service/external-transfer-order-page/

Mine are all set to Make Offer. They said "with active negotiations" So I sent in a message to make sure. So if they're just at Make Offer, that's not an active negotiation, so I guess I could leave them the way they are and still use the External Escrow. The other thing I asked is if the buyer needs to send in color scans of personal info at a certain amount. If somebody can just pay and get on with it, this could be a good option. If it's the same rules/laws, then same roadblocks.

Honestly, even if it were an active negotiation, eff Sedo!! Sedo doesn't even follow their own terms and conditions...

 

[TCK]

Please note: If you reach an agreement outside of our marketplace and the domain is also listed on Sedo's marketplace with active negotiations, then the same commission shall be charged as for sales on the domain marketplace."

So if you sell a domain on your own outside of Sedo, but there is an offer on Sedo from a completely different party then you still have to pay commission to Sedo? What if you were to end any ongoing negotiations before you make a transaction outside of Sedo? How does Sedo enforce this?

 

[JB Lions]

So if you sell a domain on your own outside of Sedo, but there is an offer on Sedo from a completely different party then you still have to pay commission to Sedo? What if you were to end any ongoing negotiations before you make a transaction outside of Sedo? How does Sedo enforce this?

That's if you bring the sale and complete at Sedo.

So if you have an active negotiation at Sedo, but then you get a direct offer and want to use Sedo's Escrow, you won't pay the 3%, but the normal 15%/20% forgot what it is.

If you sell a domain completely outside of Sedo, even tho you could have active negotiations there, it has nothing to do with them. They don't get any commissions.

Honestly, even if it were an active negotiation, eff Sedo!! Sedo doesn't even follow their own terms and conditions...

In the past I had parking pages with a link to Sedo for the sale and for the most part it went smoothly. Now, I don't park my pages anymore, all Make Offer pages via Efty, then sales via Escrow.com, usually. But now I want to check out other Escrows to see if they all have to get personal info at certain amounts. If there is one out there where you don't have to do that, that's an option.

So in this case, Escrow.com wants Buyers to send in personal info for any sales over $3,000, that could literally kill a sale in some cases.

If there is an Escrow service out there where a Buyer can send in amounts over that without sending in stuff, that won't kill a sale.

So that's what I'm looking for, if it exists. Not sure if those KYC laws apply to everybody around the world.

 

[falez]

That's if you bring the sale and complete at Sedo.

So if you have an active negotiation at Sedo, but then you get a direct offer and want to use Sedo's Escrow, you won't pay the 3%, but the normal 15%/20% forgot what it is.

If you sell a domain completely outside of Sedo, even tho you could have active negotiations there, it has nothing to do with them. They don't get any commissions.



In the past I had parking pages with a link to Sedo for the sale and for the most part it went smoothly. Now, I don't park my pages anymore, all Make Offer pages via Efty, then sales via Escrow.com, usually. But now I want to check out other Escrows to see if they all have to get personal info at certain amounts. If there is one out there where you don't have to do that, that's an option.

So in this case, Escrow.com wants Buyers to send in personal info for any sales over $3,000, that could literally kill a sale in some cases.

If there is an Escrow service out there where a Buyer can send in amounts over that without sending in stuff, that won't kill a sale.

So that's what I'm looking for, if it exists. Not sure if those KYC laws apply to everybody around the world.

What kind of info from the buyer were they looking for?

 

[JB Lions]

What kind of info from the buyer were they looking for?

Big list here - https://www.escrow.com/support/identity-verification

...........
What do I need to verify my identity on Escrow.com?
You will be required to provide the following documents and specify the details of these documents on the Verify Your Identity page:

• Proof of Identity document
• Proof of Address document

If you wish to verify the identity on a company account, you must provide the above documents in addition to proof of company registration.

Acceptable Proof of Identity documents:

You must upload a colored scan of a valid government-issued photo ID which includes your full name, date of birth, signature and date of issue. This may include:

• Passport
• Driver's License
• National ID card
• Tax ID
• Proof of Age ID
• Professional License ID
• State ID
• Voter's ID
• Postal ID
• Government-issued Health Cards
• Other IDs - as long as it is government-issued and has your name, photo, date of birth, and signature and its date of issue.

Acceptable Proof of Address documents:
You must upload a colored scan of a document showing your full name and full address. This may include:

• Bank Statement (issued within the last three months)
• Utility Bills (issued within the last three months)
• Income Tax Return Form (issued within the last year)
• Residence ID/Permit
• Notarized Leasing Agreement/Contract (issued within the last year)
• Passbook (issued within the last year only)
• A valid government-issued ID as long as it has your name, photo, date of birth, and signature and its date of issue.

Document requirements

• Documents such as passports and licenses should not be expired.
• Document details must not be handwritten.
• Documents must not be altered or edited in any way.
• Documents should be a colored image scan or colored digital photo with a high-quality resolution. Photocopies and black and white scans/photos are not acceptable.
• Do not crop, adjust image colors, or alter the file in any way.
• Image dimensions must be at least 500 x 300 pixels (minimum).
• If you are submitting an ID card, submit its front and back parts.
• Files must be in the format JPEG, PNG, GIF or PDF, and by less than 100MB in size.
• If you are submitting a document which is an e-bill or e-bank statement, the PDF copy should not be password-protected.
• Submission of fake, or altered documents will result in account closure and may lead to legal actions.

 

[ResoluteDomains]

Big list here - https://www.escrow.com/support/identity-verification

...........
What do I need to verify my identity on Escrow.com?
You will be required to provide the following documents and specify the details of these documents on the Verify Your Identity page:

• Proof of Identity document
• Proof of Address document

If you wish to verify the identity on a company account, you must provide the above documents in addition to proof of company registration.

Acceptable Proof of Identity documents:

You must upload a colored scan of a valid government-issued photo ID which includes your full name, date of birth, signature and date of issue. This may include:

• Passport
• Driver's License
• National ID card
• Tax ID
• Proof of Age ID
• Professional License ID
• State ID
• Voter's ID
• Postal ID
• Government-issued Health Cards
• Other IDs - as long as it is government-issued and has your name, photo, date of birth, and signature and its date of issue.

Acceptable Proof of Address documents:
You must upload a colored scan of a document showing your full name and full address. This may include:

• Bank Statement (issued within the last three months)
• Utility Bills (issued within the last three months)
• Income Tax Return Form (issued within the last year)
• Residence ID/Permit
• Notarized Leasing Agreement/Contract (issued within the last year)
• Passbook (issued within the last year only)
• A valid government-issued ID as long as it has your name, photo, date of birth, and signature and its date of issue.

Document requirements

• Documents such as passports and licenses should not be expired.
• Document details must not be handwritten.
• Documents must not be altered or edited in any way.
• Documents should be a colored image scan or colored digital photo with a high-quality resolution. Photocopies and black and white scans/photos are not acceptable.
• Do not crop, adjust image colors, or alter the file in any way.
• Image dimensions must be at least 500 x 300 pixels (minimum).
• If you are submitting an ID card, submit its front and back parts.
• Files must be in the format JPEG, PNG, GIF or PDF, and by less than 100MB in size.
• If you are submitting a document which is an e-bill or e-bank statement, the PDF copy should not be password-protected.
• Submission of fake, or altered documents will result in account closure and may lead to legal actions.

Yep - KYC...... I will not do business with them any more. Or anyone requiring that information. I've said this in other threads regarding this topic but its worth mentioning it again - when it comes to my PII I am holding it as close to the chest as possible. Also, I am fully vetted by my bank / financial institution. They do all of the above and if I want a bank account with a bank these days that is what I have to do. Fine. I do it, they walk over to the copy machine make a copy of my license or whatever I give them and they put it into my file. As much as I dislike saying this, I trust my bank not to lose my documents in my file. I know them, I bank there. I do not know and therefore do not trust escrow.com will keep my PII safe. Not one ounce.

But my point is, if I am trusted BY MY FINANCIAL INSTITUTION then that trust should carry over to escrow.com who is depositing money into that financial institution.

 

[JB Lions]

Yep - KYC...... I will not do business with them any more. Or anyone requiring that information. I've said this in other threads regarding this topic but its worth mentioning it again - when it comes to my PII I am holding it as close to the chest as possible. Also, I am fully vetted by my bank / financial institution. They do all of the above and if I want a bank account with a bank these days that is what I have to do. Fine. I do it, they walk over to the copy machine make a copy of my license or whatever I give them and they put it into my file. As much as I dislike saying this, I trust my bank not to lose my documents in my file. I know them, I bank there. I do not know and therefore do not trust escrow.com will keep my PII safe. Not one ounce.

But my point is, if I am trusted BY MY FINANCIAL INSTITUTION then that trust should carry over to escrow.com who is depositing money into that financial institution.

Yeah, as I seller I remember having to send some information in, but it's something I would use more than once. For a buyer, where they may only use this once in their life, it's some extra stuff they may not want to do. But it's the law, so I don't think they have much choice. They could make the process smoother tho, the buyer had issues with that as well.

So I'm assuming this is with all Escrows, having to deal with the KYC stuff, not 100% on that tho.

 

[ResoluteDomains]

Yeah, as I seller I remember having to send some information in, but it's something I would use more than once. For a buyer, where they may only use this once in their life, it's some extra stuff they may not want to do. But it's the law, so I don't think they have much choice. They could make the process smoother tho, the buyer had issues with that as well.

So I'm assuming this is with all Escrows, having to deal with the KYC stuff, not 100% on that tho.

KYC stems from the 2001 Patriot Act and I understand its the law but for many years since 2001 I have sold domains via Sedo, Afternic, GoDaddy, Undeveloped, and those places havent asked for such detailed documentation about me. I have had many transactions at escrow.com prior to that as well.

I am not so much upset that escrow.com is choosing uphold the law as much as I am upset with the US government who has made such an absurd request of escrow.com (and other companies) and myself. This goes back to my stance "if I am cleared to do banking with X financial institution then company Y should be able to deposit money into X and let X decide if they need to refer that deposit to FinCen or report the deposit as a SARS if they deem it necessary".. They (govco) can make that whole process so much easier but they wont. What is ironic, in my state the voter ID requirement was struck down as unconstitutional. So anyone can walk in and vote without providing ID. BUT those same people who fought the voter id requirements will have to hand over all that documentation just to receive their domain sales payment. Makes zero sense. I realize voting doesnt have anything to do with money, or does it............ Thats for another conversation for another thread but you get my point. Bottom line is we had to provide all of that documentation to the bank in order to open an account and do business there. The banks have methods and rules to weed out fishy transactions. Why give my PII to someone I have never met, may go out of business tomorrow (and then what happens to my PII) and in general what happens to it? Is someone going to get a hold of this PII and claim they are me?

OK, I think I made my point and I think we agree. I am off to sleep. Glad that sale went through -- in the end that is what we all want!

 

[falez]

Big list here - https://www.escrow.com/support/identity-verification

...........
What do I need to verify my identity on Escrow.com?
You will be required to provide the following documents and specify the details of these documents on the Verify Your Identity page:

• Proof of Identity document
• Proof of Address document

If you wish to verify the identity on a company account, you must provide the above documents in addition to proof of company registration.

Acceptable Proof of Identity documents:

You must upload a colored scan of a valid government-issued photo ID which includes your full name, date of birth, signature and date of issue. This may include:

• Passport
• Driver's License
• National ID card
• Tax ID
• Proof of Age ID
• Professional License ID
• State ID
• Voter's ID
• Postal ID
• Government-issued Health Cards
• Other IDs - as long as it is government-issued and has your name, photo, date of birth, and signature and its date of issue.

Acceptable Proof of Address documents:
You must upload a colored scan of a document showing your full name and full address. This may include:

• Bank Statement (issued within the last three months)
• Utility Bills (issued within the last three months)
• Income Tax Return Form (issued within the last year)
• Residence ID/Permit
• Notarized Leasing Agreement/Contract (issued within the last year)
• Passbook (issued within the last year only)
• A valid government-issued ID as long as it has your name, photo, date of birth, and signature and its date of issue.

Document requirements

• Documents such as passports and licenses should not be expired.
• Document details must not be handwritten.
• Documents must not be altered or edited in any way.
• Documents should be a colored image scan or colored digital photo with a high-quality resolution. Photocopies and black and white scans/photos are not acceptable.
• Do not crop, adjust image colors, or alter the file in any way.
• Image dimensions must be at least 500 x 300 pixels (minimum).
• If you are submitting an ID card, submit its front and back parts.
• Files must be in the format JPEG, PNG, GIF or PDF, and by less than 100MB in size.
• If you are submitting a document which is an e-bill or e-bank statement, the PDF copy should not be password-protected.
• Submission of fake, or altered documents will result in account closure and may lead to legal actions.

that info is required from the buyer?!?!

 

[JB Lions]

that info is required from the buyer?!?!

Yes, once certain amounts are hit because of - https://www.escrow.com/support/faqs/which-legislation-requires-escrow-to-complete-kyc

 

[falez]

Yes, once certain amounts are hit because of - https://www.escrow.com/support/faqs/which-legislation-requires-escrow-to-complete-kyc

That's ridiculous. I don't understand why they would have to collect such information from the buyer, but I imagine it has something to do with taxes. Fucking gov't

Above 3K?

 

[eurorealtor]

That's ridiculous. I don't understand why they would have to collect such information from the buyer, but I imagine it has something to do with taxes. f*cking gov't

Above 3K?

Money laundering, money from an illegal activities, etc. It's the law, they have to like it or not.

 

[falez]

Money laundering, money from an illegal activities, etc. It's the law, they have to like it or not.

Figured it would have something to do with the gov't. Ridiculous nonetheless.

 

[ResoluteDomains]

That's ridiculous. I don't understand why they would have to collect such information from the buyer, but I imagine it has something to do with taxes. f*cking gov't

Above 3K?

99% of it has to do with this:
https://en.wikipedia.org/wiki/Patriot_Act
https://en.wikipedia.org/wiki/Know_your_customer

 

[BrandEntrance.com]

They already told me they want it at a specific registrar. With DAN, if we go from Escrow.com where they have to jump thru hoops, and they have to do the same thing at DAN, that could kill it. Might as well go thru the frustration just once, instead of twice. But I really haven't delved too deeply in the laws and KYC stuff so I guess these places have no choice if it's the law.

If it's legit and they want it then they will go through the proper or necessary channels to get it.

Otherwise it's a suspicious scenario. Big company that doesn't believe in secure transactions = bullshit.

 

[JB Lions]

If it's legit and they want it then they will go through the proper or necessary channels to get it.

Otherwise it's a suspicious scenario. Big company that doesn't believe in secure transactions = bullsh*t.

I'll let you finish reading the thread or just read post 3 of this page, scroll up.

 

[Business Brands]

Has anybody sold a domain that way? I usually do it thru a Marketplace or Escrow. I have a buyer that said:

"This whole escrow thing doesn’t work at
all.

I run a company with $6.5billion
in transactions and it is the worst payment
site I’ve come across.

"If you can send your account details, we will transfer the funds to you and you can transfer the URL us."

It's a big company, I've checked them out.

Any downsides to that? I guess they would just need the same info the Escrow sites need, routing number and such, right?

Direct payments are not out of the ordinary.

 

[BrandEntrance.com]

I'll let you finish reading the thread or just read post 3 of this page, scroll up.

Sometimes people go to the end of a thread. The advice is still sound.

Congrats on the sale.

 

[lock]

If you feel any doubt just pay a commission and really get the money. Chances are if one scammer is just good at it. Have you rang them asked for extension rather than direct number. Check everything you can whether employee works there etc.