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services Payoneer Terminates Escrow Service

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We just received an email notice moments ago from a representative of Payoneer that “Payoneer is discontinuing our escrow business”. This appears to be effective immediately.

Read the article

There is in update in the article that there is a 90-day wind-down period.
 
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The views expressed on this page by users and staff are their own, not those of NamePros.
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Never used them so dood luck good to them!
 
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Such a shame. Competition is good in the industry.
 
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Well if it's true that's not good.
 
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Well if it's true that's not good.

We can confirm that the notice we received is genuine. We have an agreement with Payoneer for our flagship service, Domain Market Pro. And it came from a contact at Payoneer with very specific details.
 
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Just received the same email notification.
Wonder what triggered the decision?
 
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Mmm - this weekend I decided to test some BIN pricing for certain $XXX or low $xXxX priced domains. I created a Payonee r Escrow account associated with my EFTY portfolio site. I t might be a while before any buyer would click through but I certainly have NOT received this notification - possibly because I have not processed any transactions through their service.
 
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"Payoneer made some inroads into the domain name escrow business. But as others who have tried to tackle the escrow market have learned, it’s a business of thin margins. Scale is required to run an escrow service profitably."

DNW article
 
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"Payoneer made some inroads into the domain name escrow business. But as others who have tried to tackle the escrow market have learned, it’s a business of thin margins. Scale is required to run an escrow service profitably."

DNW article

Thank you for inserting some insights as to the reason(s) why, Andrew. I wonder if the thin margins are related to regulations.
 
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Besides Escrow.com and Epik our options are dwindling and I don't control my customers, some have their preferences and likes/dislikes.
Many clients don't want to jump so many obstacles to buy domains, especially if we pass the increased costs to them.
To Escrow.com: If I sell a domain name in USD I DON'T WANT to receive payment as wire transfer to my bank that will convert to euros and charge me so many commissions that I no longer can be bothered with.
 
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Please don't let this be true. :'(

I do not want to have to use Escrow.com again! (n)
 
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Damn! Now I've got to revisit my very recent decision never to use Escrow.com ever again because of the arrogant way they treat their customers. Of course they were as sweet with words as before, when I told them, impolitely, there level of intrusion was unacceptable

What they did was downgrade me to Tier 1 after they received the funds for a big transaction and asked for more proof of identification than I'd already provided to get my Tier 2 status. So I was forced to comply with their demands otherwise they were not going to pay me. Tier 2 gives you unlimited personal transactions.

Then, an even bigger transaction comes along of twice the size. And they write to me that I have to upgrade Tier 3, otherwise they would not be able to pay me. After some short rude words and reminding them that Tier 2 was already unlimited. They rescinded that request to upgrade to Tier 3 :)

After that I decided I wasn't ever going to use them again. But with a shrinking pool of escrow services, I'll probably have to revisit that position :(
 
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I'm yet to receive any notification. But it's gonna be a great loss as Payoneer is usually my first choice.
 
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On the bright side. I won't need to pay a programmer to write the code to trasact with Payoneer using their API. Which was looming in the very near future :)
 
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That's not too good. Well,i use undeveloped to close my deals and 9% is not too much for that. Fast and easy
 
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That's not too good. Well,i use undeveloped to close my deals and 9% is not too much for that. Fast and easy

9% is terrible, completely out of the question for simple escrow, this isn't brokerage.
 
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Freaking bad news.

But for a sake of truth, my last experience with them was negative. My buyer had some issue with payment, their support was brick dead for the whole weekend (!), then Brandon stepped in and said there was some issue with the buyer's credit card, although the buyer said to me he didn't get any message about card error, only some "unable to authenticate". Then the support woke up from their weekend hibernation and told me my buyer should provide a screenshot of the error page (!!!). So i nearly lost the deal. Eventually the buyer just trusted me and sent me paypal.

So if the reason is "it’s a business of thin margins", i would humbly suggest that if you can't hire one offshore support staff for weekends and if the main boss has to dig into small errors himself, then you can turn just any business into dust.
 
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I am not sad, Am I the only one who dosen´t feel anything?
 
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That’s a huge commission for payment processing. On a $20k sale you will pay 5x less at Escrow. Not sure why anyone would give away 5% for this kind of service.

I agree that 5% is too much for such a service but I don't think Escrow.Com's fees are much lower


EscrowCom.jpg
 
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