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news Escrow.com launches Escrow Pay

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Matt Barrie

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Escrow.com
Freemarket
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Hello everyone - my first post here.

You've been asking for a slicker and more simple integration of Escrow.com. Today we launched Escrow Pay, which is a streamlined checkout payments system in one line of code.

Apologies for attaching a press release but I thought some people might appreciate the detail. More information is at http://www.escrow.com/pay

Myself and the team are happy to answer any questions.

Regards
Matt

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Escrow.com introduces Escrow Pay, secure online payment processing for cars, boats, airplanes, domains & anything of value, in one line of code.

SAN FRANCISCO, August 6th 2018: Escrow.com, the world’s most secure online payment system from a counterparty risk perspective, today announced the launch of Escrow Pay™ , a streamlined checkout payment system for buying and selling cars, boats, airplanes, domains and anything of value, in one line of code.


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With no minimum fee and prices as low as 0.89%, Escrow Pay is the ideal solution for any website, mobile app, online store, classified site or marketplace that needs to take payments for any product or service of value. Escrow.com is ideal for transaction sizes from $100 to $10,000,000 or more.


Escrow Pay can be implemented with a single line of code and provides an integration of Escrow.com’s payment system for those customers that prefer a quick and easy solution over and above the powerful and fully featured Escrow.com API that was launched in December 2017.


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Escrow.com is used to secure a wide range of transaction types​


Escrow.com protects both the buyer and the seller by acting as a trusted thirty party holding the funds, allowing the goods to be shipped and inspected prior to funds being released. This means that valuable items can ship across state or country lines before the transaction completes, improving liquidity and access to global markets safely. Greater liquidity means sellers can access more buyers and buyers more sellers, resulting in better choice, pricing and transaction completion rates. For sellers, Escrow.com greatly increases trust & safety and reduces fraud and with no chargebacks, ever.

Escrow.com is perfect for buying and selling cars, boats, airplanes, domain names, IP address blocks, websites, computer equipment, heavy machinery, jewelry, antiques, services, intellectual property and for import/export. The Aurora Space Station, the world’s first luxury space hotel launching in 2021 uses Escrow.com for taking deposits for the $10 million experience.

Escrow Pay integrations are straight forward. With a single call to the Escrow Pay API, a partner may create a transaction and retrieve a link to the Escrow Pay checkout flow, which the buyer then may use to complete their transaction in a few easy steps. On completing this, the buyer is returned to a page on the partner’s site. This means that an Escrow Pay button can be added to any type of page or application, including shopping cart checkout pages, classified listing pages, domain parking pages, and mobile apps. The Escrow Pay API may be used on its own or in conjunction with the fully featured Escrow Platform API.


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Escrow Pay is a streamlined payment system for any website​

Recent transactions secured by Escrow.com include the sale of the premium domain names crypto.com by famed cryptographer Matt Blaze, and ice.com to the Intercontinental Exchange, the owner of the New York Stock Exchange. Escrow.com is also the payment system powering a wide variety of e-Commerce businesses including Shopify Exchange, Shopify’s marketplace to buy and sell businesses built on the Shopify platform, and Wingform, a marketplace for airplanes.

http://www.escrow.com/pay
 
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The views expressed on this page by users and staff are their own, not those of NamePros.
So wait how does someone buy a boat or an airplane with a $3000 limit? (not trying to be cheeky, i'm missing something).

They simply go through the ID verification process.
 
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They simply go through the ID verification process.

So in the photo example in the first post, that buyer has already been verified, and they can do a $5k credit card purchase because they've logged in with their escrow credentials, and now that option is available? Am i getting that right?
 
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So in the photo example in the first post, that buyer has already been verified, and they can do a $5k credit card purchase because they've logged in with their escrow credentials, and now that option is available? Am i getting that right?

If you look at the image "Step 2" is labeled verification - if that is necessary based on the payment amount.
 
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:) Thank you. Will mess with the woocommerce plugin soon.
 
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I recently had @DomainStation implement something like this (this might be it, not sure), you can see an example at http://market.differentinvestments.com/triedit-com/

I've used this simple marketplace for years and gradually had him put new payment methods on there such as the automatic search with the godaddy button etc. I just had my first sale using the escrow.com button last night, payment secured today, worked well.
 
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If we have already implemented your API on our website, should we switch to Escrow Pay, and why?
 
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If we have already implemented your API on our website, should we switch to Escrow Pay, and why?

Hi Stub

It depends on what integration you have done with the API. The Platform API is fully featured and allows you to customise the experience in a flexible way. For example Wingform integrated using the Platform API and the entire process to buy and sell an airplane has been facilited in a highly customised way.

Escrow Pay is a slick checkout to keep customers on your website and provides a more seamless user experience from transaction creation to payment- think of it like when you use Ebay and how it checks out when you buy with Paypal.

If you email Michael Liedtke to discussion your situation more he can assist ([email protected]).

Regards
Matt
 
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It seems pretty simple to integrate into WP. I like the Buy it now buttons option. Thanks Matt.
 
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Is efty all set up for this @Doron Vermaat ?

Still confused, does a buyer of 2500 name need to submit identification? I just logged in, updated my info and am verified tier 1. I can't remember if i submitted documents in the past.
Hoping to hear more positive experiences like @rockefeller posted above. Off to efty, thanks Matt for helping us out
 
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Is efty all set up for this @Doron Vermaat ?

Still confused, does a buyer of 2500 name need to submit identification? I just logged in, updated my info and am verified tier 1. I can't remember if i submitted documents in the past.
Hoping to hear more positive experiences like @rockefeller posted above. Off to efty, thanks Matt for helping us out

A buyer of a $2500 name would not have to submit ID. Tier 1 is just the name, date of birth and address which is for $3,000 transactions and below. No ID documents are required.
 
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If you plan going in the lower tiers, competing with Stripe and the likes, I think providing date of birth / address is a deal breaker. Stripe only asks for a CC. But otherwise, congrats :)

I have one question about the fee:
It writes "With no minimum fee and priced as low as 0.89%". Yet, when I go to the Escrow fee calculator, I get https://www.escrow.com/fee-calculator#USD transction fees with $10 minimum and 3.25% and 6.5%, depending on whether the person pays by CC or wire/check. Can you please explain? Do Escrow API/Escrow pay have different fees than Escrow? How does it work?
 
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And following on from @brad05's comment, can we charge all escrow charges to the buyer, like we can with the API.
 
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I don't understand the difference between the usual Escrow.com service and Escrow Pay. Please explain.

Thanks.
 
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does the seller need to verify his id ? when he want's to withdraw his money ?
also : can he withdraw the money to a friend bank account ? or to paypal ?
 
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And following on from @brad05's comment, can we charge all escrow charges to the buyer, like we can with the API.

I believe when you create Buy it now button for each domain, you set who pay the fee and the inspection period.
 

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I was just getting ready to revamp my sales website, perfect timing.
 
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your endless verifications are dealbreakers for countless buyers..not worth the few dollars saved doing it on say some marketplace.

I find it real surprising a US State would require an escrow agent to make the customer jump thru so many difficult time consuming hoops for so long to use escrow. I recently lost a nice 4 figure sale because buyer got weary with the ongoing seemingly never ending verification needs. He did the first few but then threw in the towel never to be seen again after you asked for more and more, domain is still unsold.

P.S. Is there a MINIMUM transaction size? I assume since Shopify uses you there in no minimum? Also, if it's a very small $25 sale I read somewhere there's a min fee of $10 plus another fee for using a CC, meaning buyer must pay $35 plus. Is that correct?
 
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Is efty all set up for this @Doron Vermaat ?

Still confused, does a buyer of 2500 name need to submit identification? I just logged in, updated my info and am verified tier 1. I can't remember if i submitted documents in the past.
Hoping to hear more positive experiences like @rockefeller posted above. Off to efty, thanks Matt for helping us out

Escrow Pay will be integrated into Efty yes. Most likely around September.
 
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I find it real surprising a US State would require an escrow agent to make the customer jump thru so many difficult time consuming hoops for so long to use escrow. I recently lost a nice 4 figure sale because buyer got weary with the ongoing seemingly never ending verification needs. He did the first few but then threw in the towel never to be seen again after you asked for more and more, domain is still unsold.

P.S. Is there a MINIMUM transaction size? I assume since Shopify uses you there in no minimum? Also, if it's a very small $25 sale I read somewhere there's a min fee of $10 plus another fee for using a CC, meaning buyer must pay $35 plus. Is that correct?

Hi there unfortunately payments is a heavily regulated space in the US and it is State by State. Credit card companies upfront do the KYC in order to get the card, this is why it doesn't happen at the time of sale.

One set of regulation is here in CFR 103.33 regarding this.
https://www.gpo.gov/fdsys/granule/CFR-2003-title31-vol1/CFR-2003-title31-vol1-sec103-33

The good news is that in the API we have waived the minimum fee. This applies to the Escrow.com Platform API and Escrow Pay. The fees are here but remove the minimums in the column. There is also no fee for payout via ACH.

https://www.escrow.com/fee-calculator

Regards
Matt
 
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I was just getting ready to revamp my sales website, perfect timing.

Awesome. If any of you need any help please send me your email address privately and one of our integration team will reach out and ensure that you have all the help you need to integrate.
 
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does the seller need to verify his id ? when he want's to withdraw his money ?
also : can he withdraw the money to a friend bank account ? or to paypal ?

Hi there. You will need to verify your ID if you transact $3,000 or more in total (including the Escrow fee). You will only need to do this once obviously, so the best time is to do this up front.

No the regulation does not allow payout to someone else's bank or paypal accounts. They need to match the name on the account.

Regards
Matt
 
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If you plan going in the lower tiers, competing with Stripe and the likes, I think providing date of birth / address is a deal breaker. Stripe only asks for a CC. But otherwise, congrats :)

I have one question about the fee:
It writes "With no minimum fee and priced as low as 0.89%". Yet, when I go to the Escrow fee calculator, I get https://www.escrow.com/fee-calculator#USD transction fees with $10 minimum and 3.25% and 6.5%, depending on whether the person pays by CC or wire/check. Can you please explain? Do Escrow API/Escrow pay have different fees than Escrow? How does it work?

We have waived all the minimum fees in the Escrow.com Platform API and Escrow Pay to encourage volume.
 
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