If you are not using Epik.com for escrow, you are wasting time and money!

Just finished my first sale on the Epik marketplace (for $2k).

Truly legendary support throughout from @Rob Monster

The best part - I received the wire transfer proceeds here in India, five minutes after it was sent, with Rob personally monitoring every stage of the transaction.

I'm bringing in the rest of my domains to Epik.

pooky said:

Just finished my first sale on the Epik marketplace (for $2k).

Truly legendary support throughout from @Rob Monster

The best part - I received the wire transfer proceeds here in India, five minutes after it was sent, with Rob personally monitoring every stage of the transaction.

I'm bringing in the rest of my domains to Epik.

Click to expand...

Thanks @pooky.

I have to say, I was impressed that Transferwise was able to process a wire transfer to India in INR in less than a minute. We had been wiring from Chase and American Express FX and those guys were both trainwrecks. However, Transferwise is just crushing it. I Tweeted about it here:

https://twitter.com/EpikDotCom/status/1184700402698199040

This is really great news for Indian domainers because the Indian banking system was driving me up the wall lately. #Breakthrough !

Yeah this was the smoothest wire I've ever seen.
I was resigned to the usual 12-24-36 hours - casually looked up my bank app five minutes after you sent it and found the wire already there.
I'm going to sign up with them to test outgoing wires.

I think Epik has the perfect last mile delivery partner in Transferwise.

Just tried epik escrow services yesterday for the first time. Sent a wire and domain is now in my account. Quite pleased with the transaction. 1 day and no added fees

I was the buyer on a domain a few days ago. I was very impressed with the speed and ease at Epik. In contrast Escrow.com is extremely slow and requests unneeded docs which can lock up a transaction. Also the cost at Epik is way lower than Escrow.com. Definitely will use going forward whenever possible. Thanks Rob!

Quick heads-up.

If you are doing a sale involving a Purchase and Sale agreement, you are welcome to have Epik route the contract. We use Docusign and don't charge a fee to route, hold and enforce agreements between buyer and seller. This can be a handy service.

Also, we do have templates for agreements. I attach one here that you are welcome to use if you are using Epik as the clearing registrar. This template names Epik specifically. Of course feel free to hire counsel but for some transactions you can just fill in the blanks.

As for the template, for transactions done elsewhere, use the template at your own risk.

uzver said:

Here is what I do now (after ditching Escrow.com):

1) I upload domains to DAN with desired prices
2) I link my BIN buttons to their DAN’s checkout pages using the following format: https://dan.com/orders/checkout/domain.com

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Thanks! How did I miss this Idea but yea it still misses the customization option.

Yet have to give Epik Escrow a try will do it soon as it seems Interesting with everything Rob Monster and Epik are doing everyday to help this Industry grow.

pooky said:

Just finished my first sale on the Epik marketplace (for $2k).

Truly legendary support throughout from @Rob Monster

The best part - I received the wire transfer proceeds here in India, five minutes after it was sent, with Rob personally monitoring every stage of the transaction.

I'm bringing in the rest of my domains to Epik.

Click to expand...

Thanks @pooky and @Rob Monster for letting us know this one.As this sounds Great for us Indians.

I just used Epik for their Escrow service on a 4 figure sale and I only have 1 word to say and that’s WOW! @Rob Monster personally emailed me a few times to keep me up to date on the transaction. From the initial contact with Rob here on NamePros, it was less than 24 hours and the buyer paid and had the name in his Epik account.

I have used other Escrow services in the past but nothing can compare to the Escrow service at Epik. They are a TRUE Escrow service. They actually take control of the domain name which is the way it should be done!

Thanks again Rob.

Transferwise is being used more and more in this industry and the longest you will wait is the next day.It should be a choice for any country.

karmaco said:

Transferwise is being used more and more in this industry and the longest you will wait is the next day.It should be a choice for any country.

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Thanks guys.

We are working very hard on the payment supply chain side. Before year-end, you will also have a secure crypto cloud wallet, and the ability to transmit funds peer to peer in seconds.

For calibration, I had to pay @Abdullah Abdullah in Yemen this week. I paid him twice via Western Union. Why because you can't PayPal, wire, ACH and crypto is hard to redeem. See what happened today:



By the way, this communication is done via Telegram. Why? Because Skype does not work there anymore. Telegram voice also doest not work, and VPNs are 100% blocked.

When it comes to payment, every country is different, and moreover every country's situation is changing. However, if someone sells a domain, we will work to make it as easy as possible to redeem proceeds.

And we are making great progress. Transferwise is certainly a big step in the right direction and we'll work to integrate them via API so folks can redeem proceeds right from Masterbucks 24/7 on their own.

Step by step, we are building a better domain escrow service for everyone. Thanks for co-creating.

I forgot to add my personal feedback on Epik: all went fine for the 2 domains transaction low $XXXXX. The domains were transferred into my Epik account seconds after the wire transfer was delivered!

Am I right that for NP member it's better use escrow (free with domains at Epik) instead of sell it through SSL parkinfg page with 9% fee?

@Rob Monster on your domain sale lander page, Do you have buy now button which create epik escrow transaction. Now i use Efty with Buy now button to Escrow.com. The buyer click the buy button and proceed to create a escrow.com transaction, hope I understood correctly that you guys working on such button?

premkumar said:

@Rob Monster on your domain sale lander page, Do you have buy now button which create epik escrow transaction. Now i use Efty with Buy now button to Escrow.com. The buyer click the buy button and proceed to create a escrow.com transaction, hope I understood correctly that you guys working on such button?

Click to expand...

We have an escrow API. The documentation is here:

https://docs.userapi.epik.com/v2/

Escrow is a particularly suitable tool for a scenario where:

- You sourced the buyer
- The transaction is larger
- The buyer will use wire transfer or major crypto

With our SSL landers, you get all the contact details of your inquiry, so you can negotiate your deal. If you have a "shoot the moon" transaction, then you can set up the transaction as escrow and it will save you on fees since the buyer will likely pay with wire or major crypto.

For most transactions, whether domain sales or leases, the transaction size is smaller and the buyer pays with credit card or PayPal, so with escrow you will end up having a slower transaction with minimal savings. With the marketplace landers, you simply send them a (private) link and you are done.

Where the escrow service is perhaps particularly useful is where you have a transaction where the buyer is perhaps a little uncertain. In that case, the escrow service does have one further advantage and that is we will actually help you close the deal. That feature has made a difference in quite a few transactions.

Quick comment on equity deals.

If folks come across a sale transaction where some or all of the consideration is going to be in the form of equity in the buyer's enterprise, happy to advise there.

I previously founded a venture capital group called Monster Venture Partners. If you are unfamiliar with terms like cap table, liquidation preference, equity classes, subordination, or cram-down, get advice.

If you are taking a minority interest in the form of common stock it is effectively a lottery ticket. However, it can work out great so don't rule it out but do get some advice.

Happy to consult in these matters and can recommend competent securities counsel, or help you find one if you need it for some significant transaction, e.g. dollar equivalent value of at least $50K.

One useful feature of the Escrow platform is that buyer and seller can select their preferred currency in which to transact, with many supported options, including national currencies and cryptos.



More here: https://www.epik.com/services/escrow/

More to come.

Rob Monster said:

One useful feature of the Escrow platform is that buyer and seller can select their preferred currency in which to transact, with many supported options, including national currencies and cryptos.

Show attachment 135277

More here: https://www.epik.com/services/escrow/

More to come.

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Various currencies is nice, I have seen many deals go south based on a small deal such as this when dealing in GBP, EUR, and AUD, and buyer/seller arguing over conversion fees.

Does Epik plan to have a status, or details after payment kind of checkbox follow thru panel in place soon?

wwwweb said:

Various currencies is nice, I have seen many deals go south based on a small deal such as this when dealing in GBP, EUR, and AUD, and buyer/seller arguing over conversion fees.

Does Epik plan to have a status, or details after payment kind of checkbox follow thru panel in place soon?

Click to expand...

Yes, full escrow dashboard is in on track for this quarter. I will check with @Ala Dadan if he can share a preview of what is coming.

FYI, our escrow roadmap ties into integrated CRM and also a cloud wallet for direct redemption of funds plus an updated identity framework.

If you want to get into the weeds of how it works to build such things, here is an internal document that maps that out, including how Masterbucks evolves into a more versatile cloud wallet across all Epik apps.

There are many moving parts. The solution set is coming together to make a more resilient, decentralized Internet, including the ability to efficiently and securely buy and sell domains.



Probably a bit more than you wanted to know.

Rob Monster said:

Yes, full escrow dashboard is in on track for this quarter. I will check with @Ala Dadan if he can share a preview of what is coming.

FYI, our escrow roadmap ties into integrated CRM and also a cloud wallet for direct redemption of funds plus an updated identity framework.

If you want to get into the weeds of how it works to build such things, here is an internal document that maps that out, including how Masterbucks evolves into a more versatile cloud wallet across all Epik apps.

There are many moving parts. The solution set is coming together to make a more resilient, decentralized Internet, including the ability to efficiently and securely buy and sell domains.

Probably a bit more than you wanted to know.

Click to expand...

I think it should suffice.

I believe the worst part of an escrow com transaction in general overall from a domainer point of view is the steps between verification of transfer of domain, and payout. Sometimes the verification of such a small task has delayed completion of transaction for weeks as the buyer usually stops participating once they have their domain. By not accepting it, everything simply stalls out, especially now with whois hidden. So if you can streamline this as shown above, along with currency payment/payout options you are going to have users.

wwwweb said:

I think it should suffice.

I believe the worst part of an escrow com transaction in general overall from a domainer point of view is the steps between verification of transfer of domain, and payout. Sometimes the verification of such a small task has delayed completion of transaction for weeks as the buyer usually stops participating once they have their domain. By not accepting it, everything simply stalls out, especially now with whois hidden. So if you can streamline this as shown above, along with currency payment/payout options you are going to have users.

Click to expand...

We are pretty fast, especially if buyer uses wire or crypto. If buyer and seller are new to Epik and the buyers uses a credit card, the verification process can take a few days but as folks establish reputation with Epik or hold domains at Epik, the whole process becomes extremely efficient.

Preview here for new Epik escrow dashboard coming online shortly with integrated CRM and workflow tracking.




Anyone interested in a closer preview, PM @Ala Dadan or @Riacontents for details .

Hello all,
Today happen to be the second time I will use epik escrow, when I used it first, I was wowed but I didn't comment here because I thought that was just a fluke, I was blown away with their total commitment on the second way..
I am saying here emphatically, aside the fact that @Rob Monster is such a wonderful man for any help personally, epik is now my go to escrow sure henceforth..
Thanks so much @epik

Kamaldeen said:

Hello all,
Today happen to be the second time I will use epik escrow, when I used it first, I was wowed but I didn't comment here because I thought that was just a fluke, I was blown away with their total commitment on the second way..
I am saying here emphatically, aside the fact that @Rob Monster is such a wonderful man for any help personally, epik is now my go to escrow sure henceforth..
Thanks so much @epik

Click to expand...

I am very happy to see Nigeria turn into a domaining hotspot, and to see transactions getting done across borders with minimal friction. We have figured out how to pay out to Nigerians within minutes. It is actually impressive as it is often faster than much of Western Europe and USA.

Rob Monster said:

I am very happy to see Nigeria turn into a domaining hotspot, and to see transactions getting done across borders with minimal friction. We have figured out how to pay out to Nigerians within minutes. It is actually impressive as it is often faster than much of Western Europe and USA.

Click to expand...

To buttress this, I have withdrawn my funds...all transaction took just minutes..
Kudos

I tried to start a demo transaction to see how it works, assuming there would be some automated process, but that doesn't seem like the case.

So I have a few questions -

1.) How does the service work if the domain is not registered @ Epik? Let's say the domain is @ GoDaddy for instance.

2.) What methods can the buyer pay with aside from wire or crypto? Can they pay via CC or Paypal? If so what is the limit? What are the fees for each method?

3.) How are funds disbursed. Is it via MasterBucks?

On your website it says -

Can I exchange Masterbucks for cash?

Masterbucks can be redeemed from Masterbucks.com. Redemption to cash is subject to a 5% transaction fee."

Is that the case, or is there no fee?

Thanks,
Brad