Epik announces Escrow service

Jurgen Wolf said:

So if the domain is with other registrar - then overall commission for me will be 1.5% + 5% + $40, I understand correctly?
In this case escrow.com and Sedo's escrow are significantly cheaper.

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Adam27 said:

You can request Epik $8.10 .com transfer/renewal/registration pricing.

https://www.namepros.com/threads/8-...transfers-renewals.982029/page-2#post-5832751

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robepik said:

No, not correct.

If the buyer funds via bank deposit, and proceeds are paid out via wire transfer, the entire cost is 1.5% + $40. The 1.5% is a lower escrow rate for transaction where the buyer is funding via bank transfer. This is the lowest escrow rate we offer, and should be about the most competitive around for a secure escrow.

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alcy said:

thats a real nice review.
thanks for taking time
it makes me feel comfortable before starting my transaction now.

and in fact, what is to you a 2% difference, will for me become a 1% difference only because when I Receive a USD$ domain payment directly into paypal from someone from usa.. it is international and therefore charged 3.9%.. I am in canada you see.

so for my deal with this buyer, I'd be taken away by paypal 4%!
and now it'll be 5%

so this is really a very small difference. sounds like Epik may just be the escrow service I have been looking for! shame on escrow.com for not taking time to setup paypal payouts (again I am in canada).

just a quick question.. so if my domain is now at non epik registgrar.. I presume you recommend I transfer it to epik before escrow yes? this saves me 1.5% extra fee.. and I assume makes the whole process way more smooth.. as its all jjust epik controling and pushing domains within their own system

tnx for reviewing your experience.

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Adam27 said:

You can request Epik $8.10 .com transfer/renewal/registration pricing.

https://www.namepros.com/threads/8-...transfers-renewals.982029/page-2#post-5832751

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alcy said:

ah ok
I see. I heard somehwere one of escrows is not a true escorw.. or maybe even several services are not true escrows.. I thought sedo was one of them. but thnaks for info.
maybe they meant moniker.. or flippa.. or some other.

either way.. I'd have used escrow.com cause its cheapest I think and most popular around... sadly, they don't pay out in paypal. which I find ridiculous for the most popular escrow around.

so unfortunately I will not use escrow.com.

I opened epik account couple days ago.. so I'l give them a try for a pending transaction I have with buyer.. and he wanted to pay with credit card using paypal (in fact, he wants to use two visa gift cards with some balance on each to finance this) so I do not want to take chargeback risk. so I'll use epik escrow for it.

I am okay with paypal direct as long as buyer can prove he pays using paypal balance only. (screenshots and calling paypal to verify payment)... then no chance of chargeback.

I'll keep posted how it goes with my first epik deal.

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korganian said:

I just withdrew $1,825 from my Epik Masterbucks account yesterday. I received $1,733.75 into my Paypal account. Notice that the difference was just 5%, not 5% plus 3% Paypal fee. So the real cost of receiving those funds was really only the difference between 5% and the 3% Paypal would have charged me if a buyer had paid me by Paypal. So the net cost to me was really only 2% more than a typical Paypal transaction.

Do you guys know anywhere else that handles your domain sales and provides secure escrow service and takes on the risk of the transaction where you end up getting 98% of what you would have gotten from a direct unprotected Paypal payment from the buyer? I don't.

Also, I have a separate login for my Masterbucks account that keeps an easily viewed record of all my domain sales and withdrawals I've ever done through Epik .

I left half my domain sales proceeds in my Masterbucks account because I have most of my entire domain portfolio at Epik and I can renew my domains at only $8.10 that includes the ICANN fee. That way I can use 100% of those sales proceeds because there is no fee at all from my sales proceeds when I use the money to register, renew or transfer domains into my Epik account. In fact, my Masterbucks balance shows up in my shopping cart as an available form of payment, just like Paypal does. It could not possibly be any easier or more cost effective than paying absolutely nothing to sell my domains with secure escrow provided and have instant access to my funds.

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robepik said:

Two more things here:

1. In case not aware and that is that you can also pay with Bitcoin and be paid out with Bitcoin. We recently added native support for BTC transactions.

2. Sales proceeds that are kept on Epik are indeed 100% commission-free and tax-free. For guys who sell domains and have domain renewal/transfer expenses, there is no better deal than Epik.

Specific to the escrow topic, I am quite baffled that the domain industry does not have stronger escrow options. Epik will fill the void.

We also provide 1 year interest-free domain loans in the form of Epik account credit for folks that need a little help bridging cashflow and are at risk of losing domains they prefer to keep.

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robepik said:

No, not correct.

If the buyer funds via bank deposit, and proceeds are paid out via wire transfer, the entire cost is 1.5% + $40. The 1.5% is a lower escrow rate for transaction where the buyer is funding via bank transfer. This is the lowest escrow rate we offer, and should be about the most competitive around for a secure escrow.

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Jurgen Wolf said:

OK, thank you for this explanation!

2nd quest: if the buyer pays using PayPal or CC and payout to me is via wire - 5% will be added in this case?

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Addison said:

I never knew Epik offered escrow, and I've been in this business for years! Thanks, @GoWebnames.com

It gives me pause that I've seen every other domain escrow company advertise here but never Epik escrow (only Epik registrar that I have no interest in). That makes me question their stability and commitment to their escrow service.

I don't want to go through the trouble of setting up an account and pushing clients there if you're not committed to its success. Is it just something you're piloting or are you serious about the escrow business, @robepik?

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robepik said:

"The Swiss Bank of Domains"

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Addison said:

@robepik, thanks for responding and fair points.


Word association: Swiss banking makes me think of tax evasion and mobsters.

Might I suggest a different slogan? The Care Bears of Domains. Now I feel warm and fuzzy and safe.

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Jurgen Wolf said:

+ enable/integrate PayPal MassPay (as other companies did to payout their customers with no fee):
https://developer.paypal.com/docs/classic/mass-pay/integration-guide/MassPayOverview/

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stub said:

I have never dealt with Epik directly except one time when they kept my backorder for themselves. I know they inherited the morals of intrust domains. I have however seen enough complaints to never deal with them. I don't suppose, if they've created an escrow service, that somehow a leopard has changed it's spots. I wouldn't trust them. YMMV.

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robepik said:

As for escrow services, we provide this as a courtesy for customers. Over the years, we have completed many large transactions with little or no fee. Escrow is not a core business. As registrar, we have the advantage of being able to secure the domain for the protection of both buyer and seller. I consider this a huge advantage over escrow.com.

As for Masterbucks, this is actually a useful thing. Proceeds from domain sales are deposited commission-free and tax-free into a Masterbucks account. Proceeds can be spent on Epik. Alternatively, proceeds can be redeemed to PayPal, eCheck, paper check or wire transfer, net of payment processing fees which are never more than 5%.

As for our Leasing Platform, it is frankly awesome. If you are not plugged into this capability, I advise you to check it out. I am pretty sure we power more leasing transactions than anyone in the industry. We also provide domain marketplaces for anyone who wants to feature only their own inventory on their own private label marketplace powered by Epik. This is good stuff.

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robepik said:

@21x29 - The supported methods of sending and receiving funds to/from Epik for an escrow transaction are:

Credit Card
PayPal
ACH
Wire
Bitcoin
Paper check
Western Union

If the seller chooses to use funds within Epik, there is no fee. The proceeds are deposited to the seller's Epik balance without fee. If funds are disbursed, then the fee depends on the transaction size and the payment method that was used. It is never more than 5%. For a wire transaction, it is 1.5%, and can be even lower for a large transaction.

For smaller transactions, e.g. under $2500, most folks will simply use our domain marketplace. In this case, the domain is on Epik registrar. The buyer is able to then purchase (or lease) the domain from our marketplace at which time (1) the domain instantly moves to the buyer's Epik account, and (2) the proceed from the sale are instantly deposited to the seller's Masterbucks account. Once funds are deposited, these funds are instantly available for use from within the Epik account without fee.

Specific to China transactions, our marketplace is busy with China transactions all day long. The interface does have a Chinese language version and support is 24/7. We are looking to add Chinese native staff in the next few months, or potentially a China-based acquisition. In the meantime, we have had no problem processing marketplace and escrow transactions for Chinese customers. If someone needs something special, they should contact us to discuss.

Since I also received other questions via email, I will go ahead and address those here as well:

Why does Epik offer this service?
We have offered this service as a convenience for customers for years now. We have done some fairly exotic transactions, combining payment methods, structuring payments, splitting disbursements, bundling domains and websites, etc. Many people who come to us have reported that Escrow.com was not flexible, too slow, or unable to process an escrow transaction in the manner that buyer or seller needed.

What is the benefit for Epik to complete an escrow transaction or marketplace sale without a fee?
The main benefit for Epik is that it is what in marketing language is called a "Point of entry". When a domain owner sells a domain to a new end-user, we gain a new (retail) client. Since domain investors generally get everything from Epik at or near cost, our margins have to come from serving end-users, typically through a bundle of services such as domain, hosting, development, SSL certs, etc.

Why can buyer and seller trust Epik?
Escrow transactions are fundamentally a trust issue, so it is a fair question. After all, both buyer and seller are depositing assets with a 3rd party intermediary who will facilitate a fair exchange. To date, I have personally coordinated all of our escrow transactions, managing the dialog with buyer and seller, providing assurance and clarification where needed. We get it done.

What about Purchase and Sale Agreement?
Most escrow transactions don't require one. However, to the extent that a legal agreement is needed, beyond Epik's standard terms, we provide templates which can be used as needed. If a custom agreement is needed, we can prepare one. Though I am not an attorney, I believe most would advise that for large transactions, e.g. $100K+ a purchase and sale agreement is advisable.

Does Epik disclose sales via escrow or marketplace?
We rarely do. In fact, the branding language of "The Swiss Bank of Domains" and "Legendary Support" were both cases of customers coming up with the language. In the process of time, we simply adopted those terms, and then have worked hard to operate in a way that aligns to the promises made in that branding. There are some great testimonials here. On a related, WHOIS privacy is always free at Epik.

Are there transactions that you don't do?
We are generally not the market-maker to choose when buying or selling adult domains. We know nothing about the market for those domains and prefer not to do them, and generally drop them. I am happy to discuss the reasons for this one on one with anyone who needs to understand the reason. If you check out our daily diamonds list of names being dropped, you will often find traffic names there. It is a reverse auction, running for 24 hours. The prices drop to as low as $19.

I hope that helps. Let me know if you need more.

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robepik said:

@domainbartender - We have done lots of exotic escrow transactions, with mixed currencies, multiple payment sources, staggered distributions, brokerage reserve distribution, etc. If you can describe the terms, and all parties can agree to them, I am pretty sure we can manage a cost-effective escrow process that matches the agreed structure. Feel free to email me at [email protected], or skype to robertmonster.

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robepik said:

@alcy

Domains sold in our Marketplace are deposited tax-free and commission-free into the user's corresponding Masterbucks account. If funds are withdrawn, including to PayPal Canada, the commission is 5% of gross.

A buyer can use PayPal.

As for payment fraud and chargebacks, if a transaction is high risk, there may be a short delay in disbursing proceeds. Epik guarantees a transaction. If there is fraud by a buyer, we pursue the buyer.

There is a 60-day transfer lock for domain purchases, but the domain can be pushed. That said, we enforce the minimum of what ICANN allows when it comes to transfers in/out of Epik.

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robepik said:

No, not correct.

If the buyer funds via bank deposit, and proceeds are paid out via wire transfer, the entire cost is 1.5% + $40. The 1.5% is a lower escrow rate for transaction where the buyer is funding via bank transfer. This is the lowest escrow rate we offer, and should be about the most competitive around for a secure escrow.

Click to expand...

robepik said:

Two more things here:

1. In case not aware and that is that you can also pay with Bitcoin and be paid out with Bitcoin. We recently added native support for BTC transactions.

2. Sales proceeds that are kept on Epik are indeed 100% commission-free and tax-free. For guys who sell domains and have domain renewal/transfer expenses, there is no better deal than Epik.

Specific to the escrow topic, I am quite baffled that the domain industry does not have stronger escrow options. Epik will fill the void.

We also provide 1 year interest-free domain loans in the form of Epik account credit for folks that need a little help bridging cashflow and are at risk of losing domains they prefer to keep.

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robepik said:

@Jurgen Wolf - If the buyer pays using PayPal or Credit card, then 100% of the proceeds are still deposited to your account without commission. If the proceeds are redeemed, there is a 5% commission. You can arrange with your Buyer who pays the commission.

And with all these questions, we'll add a Price calculator which also will streamline the process for starting a new escrow transaction. We'll get it online asap. In the meantime, the easy solution is to keep domains at Epik as the marketplace natively integrated and proceeds are then used tax-free and commission-free.

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robepik said:

Since we are getting a lot of requests for at-cost Epik accounts, here is a URL anyone can use to sign up for an at-cost Epik account:

http://www.epik.com/?affid=fi6gu9da4

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Jurgen Wolf said:

This URL sets cookie...
So just sign up there...

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robepik said:

When a domainer sells to an end-user, we gain a profitable customer.

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