question Buyer payment is pending.

rokarmy · Feb 18, 2021

Hi!

I am a individual domain seller.
I'm looking for advice because the sales in progress are not moving forward.
(My English is not so fluent. Please understand it.)

The price agreed with the buyer is about $37,000.00 USD.
The buyer is a tech company in India.

I created a transaction on DAN.com and the buyer also accepted this transaction.
However, the funds were not secured for two weeks and I received a new email from the buyer today.
It is the company's finance team who sent the email.

We need to go through regular transaction ie by releasing purchase order.
Please help us to complete this transaction as below.

By releasing purchase order, for this we need to create vendor ID in our vendor master and we we need few statutory documents to create vendor ID.

or

Please let us know your authorized resellers in India, so that we can release order on authorized resellers.

or

Please help to complete this transaction by routing through our registered vendore (we will provide vednor details).

What should I do to move forward at this stage?

domaineed · Feb 18, 2021

Just encountered it once couple years ago and that deal fell through, but some companies require you to register with them as a verified supplier. Search on their website if there is a form or other such registration of that sort. You should also contact their support to ask about the process and confirm whether such a requirement exists. Do not pay any money for any certificate or transfer the domain upfront without using a reliable escrow service. Good luck!

Future Sensors · Feb 18, 2021

domaineed said:
Just encountered it once couple years ago and that deal fell through, but some companies require you to register with them as a verified supplier. Search on their website if there is a form or other such registration of that sort. You should also contact their support to ask about the process and confirm whether such a requirement exists. Do not pay any money for any certificate or transfer the domain upfront without using a reliable escrow service. Good luck!

Of course, it's up to you whether you like to cooperate with such a "requirement" or not.

Personally, if they have such requirements before / after an agreement is reached, I will not cooperate.

rokarmy · Feb 18, 2021

domaineed said:
Just encountered it once couple years ago and that deal fell through, but some companies require you to register with them as a verified supplier. Search on their website if there is a form or other such registration of that sort. You should also contact their support to ask about the process and confirm whether such a requirement exists. Do not pay any money for any certificate or transfer the domain upfront without using a reliable escrow service. Good luck!

Thank you for your advice. I think it's similar. I'll ask the finance team directly.

rokarmy · Feb 18, 2021

Thank you all. I'll update it again when I get a reply from the buyer.

UncleBrand · Feb 18, 2021

some business have a lot ot step before they release some funds,
it is part of their internal process and security scrutinity

i had a long deal that closed in 7 weeks in sedo,
after they received the proper invoice they paid within a week

CraigD · Feb 19, 2021

Could be front-runners putting your name on hold while they negotiate sale with end-user?

Ostrados · Feb 19, 2021

I feel that this is a legit deal so just follow up with them by email & phone.
Good luck

Revisiting · Feb 19, 2021

Large Companies can be notorious for taking a long time for completion of agreements. The person buying (dept) is quite often not the person (dept) making the payment. The process can often go through multiple internal channels within the organisation.

As for moving this forward - just ask them what documentation or verification they require (for Vendor status to be completed) AS WARNED - any mention of a valuation means this is an attempted Scam/fraud so beware.

branding · Feb 19, 2021

If you're sure it's legit but feel uncomfortable due to communication issues try and reach out to Epik. They may be able to help you in closing the deal. It's a good amount of money so it may help to have some experienced people walking you through the process.

@Rob Monster

rokarmy · Feb 20, 2021

Just updates..
I haven't spoken directly to the buyer yet, and I sent an email to see if we can discuss this issue with the payment broker.

Future Sensors · Feb 20, 2021

rokarmy said:
Just updates..
I haven't spoken directly to the buyer yet, and I sent an email to see if we can discuss this issue with the payment broker.

What do you mean with payment broker? Trying to protect you.

rokarmy · Feb 20, 2021

Revisiting said:
Large Companies can be notorious for taking a long time for completion of agreements. The person buying (dept) is quite often not the person (dept) making the payment. The process can often go through multiple internal channels within the organisation.

As for moving this forward - just ask them what documentation or verification they require (for Vendor status to be completed) AS WARNED - any mention of a valuation means this is an attempted Scam/fraud so beware.

Thank you for your positive opinion.
There were many traces of his discussion with the finance team in the mail that the buyer sent me. So, it will take some time for the transaction to proceed, but I think it will be completed soon.

rokarmy · Feb 20, 2021

Future Sensors said:
What do you mean with payment broker? Trying to protect you.

Sorry my bad English.
It mean that Dan.com, Epik.com, Escrow.com, etc.

Future Sensors · Feb 20, 2021

rokarmy said:
Sorry my bad English.
It mean that Dan.com, Epik.com, Escrow.com, etc.

Okay, those have good escrow services.

If all is legit, which I hope, let them continue with the Escrow lead that you initiated at DAN.

rokarmy · Feb 20, 2021

DirkS said:
If you're sure it's legit but feel uncomfortable due to communication issues try and reach out to Epik. They may be able to help you in closing the deal. It's a good amount of money so it may help to have some experienced people walking you through the process.

Thank you for your reply. We got a PM from epik.com yesterday.

rokarmy · Feb 20, 2021

Future Sensors said:
Okay, those have good escrow services.

If all is legit, which I hope, let them continue with the Escrow lead that you initiated at DAN.

Thank you for your kind advice! I will keep updating it.

King · Feb 23, 2021

koolishman said:
Ask for the contact number of finance person and talk. E-mail can be spoofed, you know.

Phone numbers can be too...

koolishman · Feb 23, 2021

DigitalRoar said:
Phone numbers can be too...

But if it is from company website, then it is legit, unless website itself is fake.

November · Feb 23, 2021

Their website could be fake too...

The Durfer · Feb 25, 2021

be weary, and congratulations!

Jeffrey · Feb 27, 2021

I am in a similar situation. I sold a website and domain. The buyer gave the money to Escrow.com. I gave the website username and password and asked for the buyer's domain transfer details. The buyer was unresponsive, even after repeated PM and email. Escrow even contacted the buyer, still no response. Since September, the money is still at the Escrow website up to now. The deal has stalled.

The buyer probably could not cancel the deal because I gave him the website password.

rokarmy · Mar 12, 2021

Sorry for the late update.
This is the last update.
We discussed this with DAN.com's support team and finally sent the payment request to the buyer.
The payment has not been made yet and the buyer has not responded for two weeks.
I asked the buyer one more time a week ago but they didn't respond.
They don't seem to be interested in this name anymore, and I won't wait any longer.
Thank you all for your help!!

koolishman · Mar 12, 2021

/\
Was it a REAL buyer?

Jurgen Wolf · Mar 12, 2021

One of my former contacts rejects even high $XX,XXX scam from India.

DAN.COM · Mar 12, 2021

rokarmy said:
Hi!

I am a individual domain seller.
I'm looking for advice because the sales in progress are not moving forward.
(My English is not so fluent. Please understand it.)

The price agreed with the buyer is about $37,000.00 USD.
The buyer is a tech company in India.

I created a transaction on DAN.com and the buyer also accepted this transaction.
However, the funds were not secured for two weeks and I received a new email from the buyer today.
It is the company's finance team who sent the email.

What should I do to move forward at this stage?

Hi,

Did you inform your transaction handler at DAN about this email? Because you should never organize handling payments or domain transfers directly with the buyer.

If you inform your DAN representative about this email you received and forward it to us, we know how to provide the buyer with the right documents they need to be able to proceed with the payment.

Our team is specialized in handling domain transactions. They collect over $3M in domain payments a month so use their expertise in these situations.

Kind regards,

Dan

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