Fast Transfer does not mean Fast Transfer at Afternic

I had a similar experience recently. I got my payment 2-3 weeks after the transaction. I had to call 3 times before it was resolved. Every time I called there was always an excuse and the reps didn't even know what was going on.

This happened to me. They hold the funds up to 5 business days to confirm ( maybe less but most of the cases). And they schedule the payment after one week from the sale completed date.

@Joe Styler Is there any way to speed up the process since DAN and other Escrow companies are much better?

BuyBrandWeb.com said:

This happened to me. They hold the funds up to 5 business days to confirm ( maybe less but most of the cases). And they schedule the payment after one week from the sale completed date.

@Joe Styler Is there any way to speed up the process since DAN and other Escrow companies are much better?

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I guess it upsets me because its a blatant lie - they use the phrase "Fast Transfer" on purpose to trick you into thinking its fast when in reality, it isn't any faster than selling through Afternic without that option. In fact, I could sell it faster on my own!

Transfer is fast. Payment is not. "Fast Transfer" is not misleading.

I think fast transfer refers to how fast the acquisition is for the person buying the name, not, necessarily, the speed of payment (or am I wrong?). I have never bought a name on fast transfer through Afternic. How long typically does it take for the person buying to have the domain name in their account? If that was not fast, I would agree it is perhaps misleading. But otherwise, it never occurred to me that fast transfer means fast payout.
Bob

CJ6 said:

Transfer is fast. Payment is not. "Fast Transfer" is not misleading.

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The transfer is not fast either - this the misleading information

Bob Hawkes said:

I think fast transfer refers to how fast the acquisition is for the person buying the name, not, necessarily, the speed of payment (or am I wrong?). I have never bought a name on fast transfer through Afternic. How long typically does it take for the person buying to have the domain name in their account? If that was not fast, I would agree it is perhaps misleading. But otherwise, it never occurred to me that fast transfer means fast payout.
Bob

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The transfer happened today after me complaining for days - 10 days to transfer
Not fast at all

uglydork said:

The transfer happened today after me complaining for days - 10 days to transfer
Not fast at all

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And - I don’t get paid for 3 note days!

With Afternic you'll always eventually get paid, I don't worry about the timeline with them any longer.

DynaDot takes a set something like 20 days.

I guess I am used to other areas of life where you get paid long after the product is sold or the service is provided. Like I used to sell framed photos by consignment at craft/art shops and would do well to get paid 9 months after they sold products. Or I have done professional work and got paid like a month or even two after. I do understand that many in this industry expect, and need, much faster payout. I have not been in it long enough to know, but it seems to me that speeds have improved from five years ago? (or am I wrong?) I recently sold one at Sedo and the money was in my PayPal a couple of days after transfer which I found pleasantly fast. My DAN sales have always paid out within days and once I think even within 24 hr which is super fast. Yes Namecheap hold for 5 business days and Dynadot for (I forget exactly how long) but they are known time periods so just plan around them. I understand from this and other threads that Epik payout is usually amazingly fast. While I understand some delay, it is, I agree, best if there is clarity re the process like we pay out after x days.

I am glad it finally paid out for you, @uglydork (BTW have you thought about changing your UN? I really hate referring to someone as ugly or a dork! ) and I hope you don't think those of us who have somewhat disagreed with the post were not sensitive to the matter. I understand if one is in the middle of a sale, especially if a major one, the payout time can be critical.

Bob

xynames said:

With Afternic you'll always eventually get paid, I don't worry about the timeline with them any longer.

DynaDot takes a set something like 20 days.

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And now you can see why some of us support dan or epik, and you don't understand why. My average payment with dan is around 17 hours, until the payment hit my account, my average payment time with afternic is 13 days(until the payment hit my paypal, than loose some through currency convertion and another day to hit my account), I don't even talk about godaddy(and looks like dynadot as well). I know, they have lots of buyers, but believe it or not, in my case, using my landing page at dan, brings more customers through whois than the afternic premium network(including godaddy), talking about exactly the same domains listed on both sides. So, dan, epik, escrow can do instant payment check, afternic needs one week(sometimes two), godaddy needs weeks and so on. How is that possible?

boker said:

And now you can see why some of us support dan or epik, and you don't understand why. My average payment with dan is around 17 hours, until the payment hit my account, my average payment time with afternic is 13 days(until the payment hit my paypal, than loose some through currency convertion and another day to hit my account), I don't even talk about godaddy(and looks like dynadot as well). I know, they have lots of buyers, but believe it or not, in my case, using my landing page at dan, brings more customers through whois than the afternic premium network(including godaddy), talking about exactly the same domains listed on both sides. So, dan, epik, escrow can do instant payment check, afternic needs one week(sometimes two), godaddy needs weeks and so on. How is that possible?

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I have all my names on DAN - I refuse to use Epik - personal choice

uglydork said:

I sold a name on Afternic on 12/1 and I just received a notice today that payment is scheduled for 12/12. The buyer paid immediately when he purchased the name. I received confirmation of that.
I sent emails asking for a payment date and it takes days for them to answer and the dates are always different.
I spoke to a rep on the phone this morning who was just rude.

I finally received an explanation today:
"I apologize for your troubles and the frustration this has caused. Fast transfer sales are an option for customers to have a hand's off experience in the transfer process of the domain however these sales do not mean that you will receive a faster payment."

Why is it called Fast Transfer? Seems blatantly misleading.
Notice that the explanation says nothing about the process being fast, in fact, it says you will not see a faster payment. The name should be changed, its lying.

I can use Escrow.com and get a deal done in 2 days - why so long Afternic? Why would I wait 2 weeks for a hands off approach? I can transfer a name within seconds.

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It don't see it that misleading. It's fast Transfer (to customer), not fast Payout (to seller). And the advantage is you don't have to get and send domain auth and codes, unlock domains and whatever. It's done automatically as you probably know already.

Each platform has its pros and cons. The most important factor is, howewer, not payout time, but number of sales and average sale value, minus % commision and purchase/reg value = PROFIT. That's what matters most.

Afternic sells my domains for best value AND also provides the best volume, even with their larger commission factored in. With Dan and others I get mostly lowball offers, the $100-200 sorts. (Edit: I also get some better offers as well, less frequent, but it is largely behind Afternic).

So it depends. I have nothing against their 2-3 weeks payout schedule as long as the money keep coming in. But if you don't have a money pool to rely on, I understand it can be frustrating.

Perhaps you should focus on the good part of the situation instead - the sale you've made. And make more of that.

twiki said:

It don't see it that misleading. It's fast Transfer (to customer), not fast Payout (to seller). And the advantage is you don't have to get and send domain auth and codes, unlock domains and whatever. It's done automatically as you probably know already.

Each platform has its pros and cons. The most important factor is, howewer, not payout time, but number of sales and average sale value, minus % commision and purchase/reg value = PROFIT. That's what matters most.

Afternic sells my domains for best value AND also provides the best volume, even with their larger commission factored in. With Dan and others I get mostly lowball offers, the $100-200 sorts.

So it depends. I have nothing against their 2-3 weeks payout schedule as long as the money keep coming in. But if you don't have a money pool to rely on, I understand it can be frustrating.

Perhaps you should focus on the good part of the situation instead - the sale you've made. And make more of that.

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It's misleading, but in another way, not regarding fast transfer-fast payment. In my case 90% of the transfers at afternic are fast(sometimes instant, sometimes in 1-2 hours). The misleading part is that i the moment the transfer is done, their system is saying that the payment will be automatically disbursed in the next 7 days. So, not the 7th day, it could be 1,2-5. So, you are waiting all these 7 days and then , the 8th day you start contacting them asking what's wrong. You get an answer on the 10th day(if you are lucky) that you will be announced when the disbursement will take place, usually around 13-14 days after the domain left your account So it's misleading, you will never get paid in the first 7 days, usually it's between day 11 and day 17.

boker said:

It's misleading, but in another way, not regarding fast transfer-fast payment. In my case 90% of the transfers at afternic are fast(sometimes instant, sometimes in 1-2 hours). The misleading part is that i the moment the transfer is done, their system is saying that the payment will be automatically disbursed in the next 7 days. So, not the 7th day, it could be 1,2-5. So, you are waiting all these 7 days and then , the 8th day you start contacting them asking what's wrong. You get an answer on the 10th day(if you are lucky) that you will be announced when the disbursement will take place, usually around 13-14 days after the domain left your account So it's misleading, you will never get paid in the first 7 days, usually it's between day 11 and day 17.

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Yeah they should adjust that in their text.

But whoever is used to them is also used to the 2 weeks payout. To me that is of no real importance.

twiki said:

Yeah they should adjust that in their text.

But whoever is used to them is also used to the 2 weeks payout. To me that is of no real importance.

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It's a matter of principle and trust. If your company sells something to another company and they are saying that your invoice will be paid in the next 7 days, and you get paid constantly 2 weeks latter, you will think twice next time when you deal with them.
Also, it could not be a problem for you, but if your business model it's to flip them fast and repeat, a thing like this can ruin all your business model. The idea is that you can't counton them even on that 13-14 days payout, you never know, it could take even 3 weeks(sometimes, 2 months, as I heard, but never happened to me), so it's not something you can rely on.

boker said:

It's a matter of principle and trust. If your company sells something to another company and they are saying that your invoice will be paid in the next 7 days, and you get paid constantly 2 weeks latter, you will think twice next time when you deal with them.
Also, it could not be a problem for you, but if your business model it's to flip them fast and repeat, a thing like this can ruin all your business model. The idea is that you can't counton them even on that 13-14 days payout, you never know, it could take even 3 weeks(sometimes, 2 months, as I heard, but never happened to me), so it's not something you can rely on.

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I don't disagree, but as a long-time entrepreneur I see the issue from a different angle. To me it looks like not an issue with the model (the model is good) but a management issue.

Instead of fighting the mountains I plan to build a ladder. There are tons of such hurdles in business that you can mitigate. I deal with several on a daily basis. Everyone has a problem with any platform, I do have my own with each.

There's a 3 weeks cashing cycle with this provider. That shouldn't be an issue in any normal business. You should plan around it. Fortunately (it's) it should be easy - put aside some of the profits (not necessarily the biggest part, say $50 or $100 etc) until you have saved and have a cash pool that you can rely on for new purchases. ( Edit: I do understand that many domainers have cash constraints as well, so it is not always that easy )

Yet again, the critical question is whether they bring the most money on the table.

If so, see my point above.

If not, then don't stress too much and list elsewhere - probably the best way to penalize a firm is to no longer be their customer. I doubt anything else will have any impact whatsoever, including this thread.

I was laid off 2 weeks ago unexpectedly right before the holidays and I have an outstanding tax bill from last year I wasn't expecting. I needed this sale to keep me going while I look for work. I resorted to selling my names last week at $99 a piece for money to keep me going while waiting on this "Fast Transfer" payment.
Normally its not an issue

uglydork said:

I was laid off 2 weeks ago unexpectedly right before the holidays and I have an outstanding tax bill from last year I wasn't expecting. I needed this sale to keep me going while I look for work. I resorted to selling my names last week at $99 a piece for money to keep me going while waiting on this "Fast Transfer" payment.
Normally its not an issue

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That's why I said I do understand some domainers have cash constraints. In such situations it is frustrating but there's not much to do. I've been in such constraints for half of my life, until I learned to do business. So yes, I know.

This is why I said you should focus on the bright side and ignore the negatives. It works best.

Good luck and hopefully your cash issues will be solved soon - fingers crossed.

twiki said:

I don't disagree, but as a long-time entrepreneur I see the issue from a different angle. To me it looks like not an issue with the model (the model is good) but a management issue.

Instead of fighting the mountains I plan to build a ladder. There are tons of such hurdles in business that you can mitigate. I deal with several on a daily basis. Everyone has a problem with any platform, I do have my own with each.

There's a 3 weeks cashing cycle with this provider. That shouldn't be an issue in any normal business. You should plan around it. Fortunately (it's) it should be easy - put aside some of the profits (not necessarily the biggest part, say $50 or $100 etc) until you have saved and have a cash pool that you can rely on for new purchases. ( Edit: I do understand that many domainers have cash constraints as well, so it is not always that easy )

Yet again, the critical question is whether they bring the most money on the table.

If so, see my point above.

If not, then don't stress too much and list elsewhere - probably the best way to penalize a firm is to no longer be their customer. I doubt anything else will have any impact whatsoever, including this thread.

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I could agree with most, less with the last part. Afternic network is great(hundreds of registrars selling for you) but afternic itself sucks. So, instead of leaving them, because it's hard to find another good network, you can try to push them to get better. It worthless for them If I don't list with them(loosing only one customer) but because of this thread another hundreds, thousands tens of thousands could start delisting, than we can change something.

boker said:

I could agree with most, less with the last part. Afternic network is great(hundreds of registrars selling for you) but afternic itself sucks. So, instead of leaving them, because it's hard to find another good network, you can try to push them to get better. It worthless for them If I don't list with them(loosing only one customer) but because of this thread another hundreds, thousands tens of thousands could start delisting, than we can change something.

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I agree. But overall it's a mix of both. Plan for the best, be prepared for the worst.

Take action of course (got your point). But end of the day the most important person/entity you can rely on is still yourself.

I don't suggest inaction, I just suggest better management and workarounds - whenever possible. The most resistant businesses are the ones who are very careful in managing resources and plan around any possible future issue, ahead of time, months and sometimes even years.

The wording needs to be clear and fast transfer is misleading - the transfer is not fast nor is the payment. If they were clear and concise, I would be fine
Explain about the vast network of resellers - play that card but be clear about the time it will take to be paid. Just be transparent and dont bait people with words like "fast" when it is not

The service should be renamed "Fast Transfer - Slow Payment". Afternic is currently the crappiest marketplace in terms of paying the seller. They're always fast when it comes to grabbing the money from the buyer and the domain from seller but when it comes to paying, they keep verifying the payment for days or weeks no matter it's $500 or $5,000.

loredan said:

The service should be renamed "Fast Transfer - Slow Payment". Afternic is currently the crappiest marketplace in terms of paying the seller. They're always fast when it comes to grabbing the money from the buyer and the domain from seller but when it comes to paying, they keep verifying the payment for days or weeks no matter it's $500 or $5,000.

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The transfer isn't fast either - the buyer just received the name today and I am still waiting for payment. It's been 12 days!