question Buyer will pay with credit card $19,000

[italsat]

Hello , i have sold a domain , the buyer ask me for pay it with credit card 19,000

What escrow service allow to pay with credit card this amount ?



i have open a escrow.com transaction but buyer not like it.

 

[anantj]

So what happened finally?

 

[Silentptnr]

escrow.com

https://www.escrow.com/domains

 

[italsat]

i have used waveapps.com and have sent a invoice with creditcard enable via stripe.com

 

[D Haynes]

Surely they can pay 19k into their own bank account from the card then wire it through an escrow service.

 

[shane mac]

19k, hell of a sale, well done. Good luck getting this settled.

 

[Kuffy]

I can think of only one reason for a legitimate buyer wanting to pay by cc, and that is because he doesn't have the funds, and wants to pay by installments. This is an expensive way to fund a capital purchase, and you could point out to him that a bank loan is a much cheaper option. This would allow for a payment by wirer transfer.

Actually I've just thought of another reason. He has a buyer for the name, and doesn't want to fund the trade himself. If this is the case, then it does leave you open to a chargeback.

 

[Justin Matmor]

How will you receive funds if they pay by credit card?
Are you a credit card merchant?

 

[Kate]

You should vet the buyer carefully. Maybe he works for the govt or some big corporation.
I have seen US civil servants settling hotel bills of $2500 or more with their government-issued credit cards
On the occasion I have made expensive purchases with my Amex, since there is no spending limit I just take advantage of the convenience if I can.

We don't know the history, has there been any prior negotiation and is the domain even worth 19K.
I think a bank wire is the way to go, using a reputable escrow service.
Good luck.

 

[D Haynes]

That would count as a cash advance, more fees for buyer to themselves, no points.

Just like seller is trying to protect themselves, buyer maybe trying to do the same.

Many people expense everything they can to CC, it is just accepted everywhere, hard to explain to people outside the industry.

Even if you want to buy a car, the dealer can take X amount via credit card, but anything over that amount they usually charge you 3% for their cc processing charges.

Yeah I can understand the buyer want to protect themselves too. I don't know about anywhere else but here in the UK, if you buy something for say 5K, you only need to pay 1 pound of it on a credit card and the whole 5K is covered against fraud and theft etc.

 

[wwwweb]

if you're saying buyer bought it on gd auctions... which I think you did.. then you're not really expected to prepare or send invoices.. nor its necessary to talk by email with him.. you just sit back relax and let gd auctions handle payments and everything else. it's why your paying 20% to them. they also guarantee money in case of chargebacks etc.. partly cause they're registrar, and can recover the locked domain in case of payment issues... this is why its always great to deal with escrow trhat's also registrar.

I would not recommend you try to sell this on your own, if its already sitting as sold in your gd auctions sold section. in fact, it'll be a very bad idea for you to do.

gl

Godaddy would sent it to escrow

 

[italsat]

if you're saying buyer bought it on gd auctions... which I think you did.. then you're not really expected to prepare or send invoices.. nor its necessary to talk by email with him.. you just sit back relax and let gd auctions handle payments and everything else. it's why your paying 20% to them. they also guarantee money in case of chargebacks etc.. partly cause they're registrar, and can recover the locked domain in case of payment issues... this is why its always great to deal with escrow trhat's also registrar.

I would not recommend you try to sell this on your own, if its already sitting as sold in your gd auctions sold section. in fact, it'll be a very bad idea for you to do.

gl

i have call gd , gd support have only sent a reminder and not can do any if the buyer not pay domain.

i have chat with escrow.com and the service rule are : the buyer have 30 calendar days for select a payment method and others 30 days for make the payment.

The domain was sold in 27 january at godaddy market not at godaddy auctions , if i not make any , the transaction is death , escrow cancel the transaction and good bye.

for me is important to close the transaction and i have interest in continue the transaction with the buyer that (i don't know why ) can only pay with CC.

 

[Name Trader]

the buyer have buy domain in buy now on 27 jan on GD , have accepted escrow payment but not have pay it .
I have this domain sold in gd account with escrow parties accepted , escrow status is the buyer not have select a payment method.
I have write the buyer 3-4 time and only yesterday have reply me , the buyer write : Yes i want buy it but with credit card.

I have received a direct email , this is my ultimate chance for close the sale , i have setup a invoice with cc payment enable and sent to buyer.

I have video stories where people have more money and 19k is a very cheap payment .
People that have 25-30 years that buy 10 champagne bottles in a night for $400 each .

I think this guys have family cc , and can buy all you want with no control.

If a guy like to buy a expensive domain , you like to pay it with cc .

This can be one of reason that the buyer ask me for pay it with cc.

I would explain to the buyer that spending $19k on a credit card purchase is a tad difficult do because of the amount itself, and the risk of a chargeback. . I'd say, why can't they borrow the money on the credit card and pay that into their bank and wire the money to Escrow.com, and you'll take care of all the escrow fees. Else I don't see this transaction ever completing.

 

[Justin Matmor]

This is not always a red flag. I have charged many things with a credit card around that ballpark figure. I like getting some reward points back. Including a couple of domain names at Godaddy above 15k. Every little bit helps for the vacation travel!

True.

$19K worth of reward points is a great incentive to use CC.

 

[ResoluteDomains]

Well if it is via escrow the buyer still has to complete full id verification, to add insult to injury.

And this could be an example of the buyer not wanting to be known...

 

[Justin Matmor]

There's a reason no reputable escrow service will accept a payment that large via credit card. There is nothing GoDaddy can do to prevent a chargeback. You'd be wise to let GoDaddy handle this. Don't try to circumvent their system; you'll get scammed.

Whether or not your domain is worth $19k is irrelevant. This person is almost certainly trying to set you up for a scam.

Not everyone that uses a credit card is a scam artist. Some people just don't have cash. Others are not going to apply for a personal or business loan. A credit card is convenient, credit is readily available and there are a few other benefits. Some people don't care about the interest rate on a credit card.

 

[anantj]

Don't fall for the greed and $$$. This is a fantastic sale, without doubt. But the risk is far too high to make the reward worth it! Ultimately, all of us can express our opinions and point of view and not be impacted by what we say. The risk is going to fall entirely on your shoulders and you will have to determine if you're fine with losing the domain if the worst case scenario does materialize, you're the one who's losing a valuable domain!

 

[newviewit]

Let gd handle the payments. sit back and relax.

Things like this happen more than you think! I've had numerous people 'buy' my domains from gd and never finally pay. There's lots of scammers and false bids out there...

If he's serious about the domain he will submit payment to gd. Godaddy will handle this all for you, that's why you're paying them commissions, so you don't have to deal with this stuff..

you're only looking at seriously bad things if you go outside of gd and accept a credit card through another place.

 

[platey]

You own the name

You state the terms

Eg your way or no way

A credit card is borrowed dough

But let's just assume as we don't know for sure the possibilities

Domain names can be fraught with problems eg udrp etc

And 19k to most is a lot of pennies etc

If 19k was paid via other methods and some time a udrp decision meant the domain name had to be handed over the buyer would have lost both the 19k and the domain name and be left with nothing to show for their 19k investment?

But I'm almost sure that purchases made by credit card are insured for loss?

Which means in the event of udrp decision going against the buyer the buyer may be able to claim back their lost investment from the credit card Co

The credit card Co would then simply use their vast legal resources to sue whoever they need to to get their 19k back

So buyer effectively gets domain name insurance via their credit card Co

Plus if they buy the domain using Their credit card eg borrowed money and flipped for a good profit and paid back credit card Co in full before their first payment is due they make a profit without using their own money? If you and if they don't flip it its insured by credit card co

The other scenario though is a different story

If it's too good to be true

It usually is

Don't sell your product on buyers terms

Don't see this potential sale through bleary eyed specs

It my be all present and correct and if so happy days

But if it isn't

You won't forget this sale for decades

 

[Name Trader]

There's a reason no reputable escrow service will accept a payment that large via credit card. There is nothing GoDaddy can do to prevent a chargeback. You'd be wise to let GoDaddy handle this. Don't try to circumvent their system; you'll get scammed.

Whether or not your domain is worth $19k is irrelevant. This person is almost certainly trying to set you up for a scam.

GoDaddy use Escrow.com for amounts over $5k. And they're pretty sloppy with their service, by just referring you back to Escrow.com. I had a nightmare when the buyer and seller both had different Escrow Transaction Numbers. All GoDaddy did was refer me back to Escrow.com. I only finally realized we had different numbers after the buyer contacted me to find out why I hadn't done anything and he quoted me his different Escrow Transaction number. It seems to me GoDaddy just wiped their hands off with these escrow transactions. There was another incident where they pretty much did exactly the same thing, but it wasn't over 2 different transaction numbers. It got so bad, that any if the price is anywhere close to $5k. I set the price at $4999, and let GoDaddy handle the transaction. A lot simpler.

 

[italsat]

escrow ask wire transfer

 

[Justin Matmor]

Not sure why you insist to use escrow if you are the seller. The person taking the risk is the buyer, not the seller. As long as you receive the funds first, then you authorise the transfer, what is your risk?

 

[Justin Matmor]

You sold a domain. That's good news.

But why should you pay for the buyer 19k ? it should be the other way round right ? if you sell a domain buyer should pay for it.

The buyer requested to pay using cc - not the seller.

 

[dnsnames]

Ok. In that case probably CC charge back risk is obvious.

Why not Wire ? Does the platform you sell provides escrow services ? or it's a private direct sales between buyer and seller ?

 

[Kuffy]

I think he wants to run it through an escrow service.