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.

 

[ResoluteDomains]

So if they pay using their credit card and execute the transaction via escrow, does that mean that the buyer cannot do a chargeback?

I am sure they could still do a charge-back. That depends on their CC issuer's policy. Usually its 90 days, though I was told by my CC issuer the can and do make exceptions for longer periods of time.

I have heard that escrow.com protects the seller from such charge-backs. Perhaps they have insurance? Not sure how they absorb that.

 

[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]

I am sure they could still do a charge-back. That depends on their CC issuer's policy. Usually its 90 days, though I was told by my CC issuer the can and do make exceptions for longer periods of time.

I have heard that escrow.com protects the seller from such charge-backs. Perhaps they have insurance? Not sure how they absorb that.

So if they do a chargeback it will be against the escrow provider and not against the seller...hence why the seller is protected?

 

[alcy]

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.

ok that's good decision from you! sorry for a moment I thought you were takign things into your own hands before the 30 days are up.. which would be a bad idea for your gd auctions record.

I wish you louck with this sale, and my last recommendation to you is to try contact Rob Monster from epik.. who is very good with escrow and very flexible with payment methods etc.. and epik is also regisrtar so it is a safe sale and guaranteed also and they can recover this locked domain after sale, if there is payment issues.

you will talk directly to owner of Epik and person who does escorw so this allows you great flexibility in terms of what you work out.

this is big amount to pay with CC like all tell you, so I'd let professionals and experienced escrow people like RM handle it.. who done tons of those and have tons of experience with fraud, payments, credit cards etc..

I had good experiences with Rob and epik escrow so I can only recommend it to others.

hope this sells for you
ciao

 

[ResoluteDomains]

So if they do a chargeback it will be against the escrow provider and not against the seller...hence why the seller is protected?

I think so. Its about 1/2 down this page: https://www.escrow.com/what-is-escrow

Like I said, its never happened to me. Not sure if anyone else can add to this but escrow.com claims to protect against CC charge-backs. I believe its also discussed on NP elsewhere too. Also not sure if Payoneer or other "escrow" venues offer this protection either.

 

[Paul]

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.

 

[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.

 

[lock]

Your about to be ripped off. This will only end in tears.

 

[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!

 

[Sam]

Separate into 4 different transactions of $5k each with similar domains. Tell him its the only way, and only approve the transfer after first three go through.

 

[Start]

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.

Another possibility is that the buyer wants to get whatever rewards come from spending on their credit card (some cards give 1% cashback, or others give 3% back in some type of travel reward or car purchase discount). [adding: after posting, I see someone mentioned card rewards on page 2 of this thread]

But the escrow companies charge an extra 3% (or more?) to process credit card payments, compared to if the buyer pays by wire transfer... is the buyer aware of that, OP?

Plus, you could just tell them that escrow companies generally have a $5000 limit for credit card payments.

 

[Start]

Also, one way this may be possible with Escrow.com is if you use the "Domain Holding Service". That will cost at least $150 extra, but they may let your buyer make multiple payments of up to $5000, to reach the overall $19000 total. But to pay by credit card, it looks like they charge 3.05% extra.

However, even if you have to cover the extra fees yourself, it would be worth it as a safety measure. Escrow.com may be okay with it, because they can maintain control of the domain until they are satisfied with the buyer's payment.

But instead of Escrow.com, I suggest you contact Epik.com (as someone else mentioned above). I think Epik can do anything Escrow.com can, plus they are the registrar themselves, so I think they probably have ways to ensure the safety of the payment in this type of situation (like by maintaining control of the domain... I don't actually know, but am just guessing).

 

[CJ6]

I once used a Line of Credit to buy land. It was cheap land, I think I paid $13k. I transferred a Line of Credit to my account and bought the land (same as cash). No need to deal with banks or loans that way. Then, I think I paid it off in 1-2 years. Tell them to get a LoC.

 

[Domainstore]

Sedo.com , has also Escrow service (for xternal transactions) Sedo charges 1,5 %.
in a transaction I saw that somebody payed directly with creditcard to Sedo in the transfer center.

 

[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.

 

[frank-germany]

Sedo.com , has also Escrow service (for xternal transactions) Sedo charges 1,5 %.
in a transaction I saw that somebody payed directly with creditcard to Sedo in the transfer center.

not 1,5% but 3%

and yes creditcard was accepted for 3.5 k €

 

[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.

 

[Paul]

I try to stick to Dynadot whenever possible, so I haven't run into that issue yet--no large sales on GoDaddy for me.

 

[Name Trader]

I try to stick to Dynadot whenever possible, so I haven't run into that issue yet--no large sales on GoDaddy for me.

I'm saying GoDaddy help is basically zero once it becomes an Escrow.com transaction. You cannot get past the "Speak to Escrow.com" mentality. No help whatsoever. Even if they could help by contacting Escrow.com themselves. So you are in a lucky position. I'm not happy to pay somebody their 20% commission, who does zero when a problem occurs.

 

[anantj]

So what happened finally?