services Payoneer Terminates Escrow Service

What a sad news to start the day with.

Where's the official release that they're terminating the service? I haven't seen or received anything yet. Would like to make sure the news is legit before finding an alternative escrow service, yet again.

pchip said:

Where's the official release that they're terminating the service? I haven't seen or received anything yet. Would like to make sure the news is legit before finding an alternative escrow service, yet again.

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https://domaininvesting.com/payoneer-exiting-domain-escrow-business/
https://www.thedomains.com/2018/07/10/payoneer-shutting-down-escrow-service/
https://domainnamewire.com/2018/07/10/payoneer-exits-the-escrow-business/

@Doron Vermaat has also confirmed it.

Doron Vermaat said:

I can also confirm that Payoneer is exiting the escrow business as I spoke on the phone with Matt Watts this morning, who is Payoneer's Head of enterprise strategy & business development. It's unfortunate because competition in the space drives innovation and it is good for everyone to have more choices. They will surely be missed.

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Undeveloped said:

If you import your lead using the Lead Importer feature we only charge a 5% commission for performing escrow .

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This costs 3% with Sedo (min. $60).

from article

As of this evening, the Payoneer Escrow site is still operating.

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except their https certificate is now invalid. Surprising news not too long after one of their most successful escrow transactions, eth.com.

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How will current payouts be handled? This is worrisome for anyone with funds tied up. Personnel will start being trimmed on the escrow end..

This is really unfortunate for sure. I was in the process of creating individual escrow transactions for each of my domains. Now I'll need to find an alternative escrow service yet again.

I should have known better when they were messing around with the escrow portion of their website a number of weeks back.

stub said:

Is there an API for that?

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No. You do that from from your Dashboard /sales settings

domeen said:

I am not sad, Am I the only one who dosen´t feel anything?

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You're not alone, Payoneer never sent me their card and without that I could never benefit from their services. And for those who don't want to use escrow.com, there are several options available.

Finest said:

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

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Is this not 1% Standard fee, or 2% Concierge fee? Seems the cheapest.

Haris said:

You're not alone, Payoneer never sent me their card and without that I could never benefit from their services. And for those who don't want to use escrow.com, there are several options available.

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Their card wasn't necessary.
Just traditional bank account to get your funds.
But this doesn't matter now.

Jurgen Wolf said:

Their card wasn't necessary.
Just traditional bank account to get your funds.
But this doesn't matter now.

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They told me it is necessary

Haris said:

They told me it is necessary

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No.
Their card was needed only for main Payoneer services.
Their escrow service by Brandon Abbey - was another dept and another story.

above.com is an option i used for a sale...no probs...10% commission...masspayment to paypal..so no extra pp fee... very smooth.. I liked it.

plus they are also registrar so your sale is moved and locked there .. 4 extra protection...

so I think ithere are several options around.. really who cares about escrow.com or payoneer... plus gd will always be there..where most sales occur anyway...for most domainers... or for me for sure...its ultra smooth and never failed me... yes i know..20% is heavy fee... but u can always adjust bin accordingly..or just tell yourself that when u make say 1000$ roi on a sale..is that really the right time to get greedy and care for that extra 100 or 200 more u could be pocketing if commission was 10-15% less elsewhere..

i definitely prefer to sell my names through markets which are also registrars... be it epik...above.com..or gd... for the extra peace of mind.. when domain gets transfered and then locked there.. even if only for 60 days...

imo

Haris said:

They told me it is necessary

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Card is needed for normal Payoneer account. For Payoneer escrow you don't need account and could get the funds to the bank.

This is very bad news

$8500 Transaction
Escrow.com : $171 + $25 wire fee on the bank side
PayPal.com : $246

I'm in the U.S. and I use Escrow or PayPal depending on the situation.

I have never used Payoneer, but I got the feeling that most non-U.S. domainers used this service.

If you are not based in the U.S. I can see that escrow is difficult to work with, because of their verification requirements. I recently had a transaction that required a lot of verification from a buyer because they were from Russia. They needed ID, utility bills, additional proofs of address, etc...

As for a states-based Escrow.com user, I recommend their service. If there are any issues, they will fix it and typically stay on top of transactions from start to finish.

R.I.P Payoneer Escrow

Payoneer Escrow got in trouble with its banking relationships and state regulators for not doing proper anti money laundering and identity checks, something that some of us saw as an advantage. They had to close down the business from June 30.

domainer1966 said:

Payoneer Escrow got in trouble with its banking relationships and state regulators for not doing proper anti money laundering and identity checks, something that some of us saw as an advantage. They had to close down the business from June 30.

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Thanks for that, is there any source data for that?

equity78 said:

Thanks for that, is there any source data for that?

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I recall a few months ago when there was an issue with Payoneer risk payment processor, then just like here some just newly regged user posted something like this, some believable-insider-expert-leak... Strange.

I'm trying to see if Stripe will cost less and more convenient.For now ,I have to use escrow.com and PayPal depending on transaction amount and how convenient it is for me .Will also try to avoid all the silly fees charged after all the % all the escrow companies mention which all adds up.

Above.com said:

It's unfortunate to see a company like Payoneer pulling out of escrow services. For years, Brandon Abbey and his team have been both partners and friends of Above.com.

@alcy Thanks for the feedback! We try our best to make it a smooth experience for our users and we're glad you like it. With free escrow, 10% commissions and added protection, we want to keep it simple. Sell a name you get paid, that’s it.

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Feelings are mutual. We have the highest regard for Above.com and their team.

domainer1966 said:

Payoneer Escrow got in trouble with its banking relationships and state regulators for not doing proper anti money laundering and identity checks, something that some of us saw as an advantage. They had to close down the business from June 30.

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Even though this account is closed I would like to state this statement is untrue. Thanks,

Brandon

Brandon Abbey said:

Even though this account is closed I would like to state this statement is untrue. Thanks,

Brandon

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What happened?

alot of our members requested payoneer and it was on the roadmap for this year. I still feel we need to provide an alternative to escrow.com

Brandon Abbey said:

Even though this account is closed I would like to state this statement is untrue. Thanks,

Brandon

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Why did it happen?
I just paid attention to Payoneer Escrow