NameSilo

Credit card for payments over 5000

Labeled as advice in General Domain Discussion started by Recons.Com, Nov 13, 2019.

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  1. Recons.Com

    Recons.Com Top Member VIP

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    Hi

    I had an offer for a name at 5k.

    I temporarily set bin of 6.5k at Uni and told him this is the chance to close.

    He came back that he would but only with credit card.

    Uni doesn't take cc with over 5k.

    So what are the options? PayPal invoice?

    What is the limit at Dan? Epik? @Rob Monster

    Escrow.com?
     
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  2. BrandVenue

    BrandVenue BrandVenue.com

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    Dan has credit card payment limit upto $50k if buyer uses Visa or Mastercard. Source

    Also if you use add lead feature at Dan you will pay 5% escrow fee.

    Epik has 1.5% escrow fee but not sure their credit card payment limit.
     
  3. wwwweb

    wwwweb Top Member VIP ★★★★★★★★★★

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    You bring up a real good point, as it is costing a lot of sales.

    Essentially they are worried about chargeback, albeit they lock the name down for 60 days upon push so you would think they get some protection here at which pint they could reverse the transfer, and debit you.

    The time has come to push it to $10k, I think a lot of people tend to quote this $5k cap to avoid losing a buyer.

    Uni charges one party the cc fees ontop also so really they are not losing in that department.

    Uni would achieve much higher sales in this case, I guess they just have their own risk assessment in this case. Sedo I believe is still capped at that level, as is Escrow.

    Probably trying to see if they will go to Dan is your best bet, some people trust in PayPal, others don’t.

    Otherwise if a uni broker is already involved then they can structure it split over 2 months possibly, and make it a payment plan if they are willing. Tough situation in many cases some people would bite the bullet and lose the $1.5k to make the sale at $5k, but you are leaving way to much on the table, and are forced to look for other options.

    I’m sure others have mentioned raising the limits to them in the past, as they have huge internal portfolio which probably goes thru these same pains with many potential customers.

    Lack of self appointed payment plans, and lower cc limits will hurt them going forward, hopefully they can get ahead of this so they don’t lose valuable sales, and data such as the one you are partaking in.

    @Rob Monster at Epik loves a challenge, so he will probably take this deal on, if you want a more personalized approach to it. I believe to achieve the higher cc limit you would have to push the domain at Epik so they can hold it for a bit there in case of chargeback.

    All in all I hope your issue brings on a greater conversation, as we see people paying a lot more for names, they are going to face similar issues going forward on the sales side. I don’t see a uni rep here as of late, so hopefully you can bring up the issue with a broker, or on a ticket so they can at least realize they are losing customers because of it.
     
    Last edited: Nov 13, 2019
  4. Gube

    Gube Established Member Epik.com Staff

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    Hello,

    We can handle this escrow transaction.
    The fee would be 6.5% (1.5% + 5% for credit card)
    There is no withdrawal fee.

    I stay available in case you have any question about our escrow service, or Epik in general.

    Congratulations in advance

    Gube
     
  5. MapleDots

    MapleDots Domain Properties 2002 - 2019 VIP

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    Get your own merchant account, I got mine through costco and my processing costs are between 1.6 to 2.25%.

    I can take any amount payment with no limits.

    You eliminate the middle man and you can charge anyones credit card. I use one merchant account for 4 businesses and have yet ever to experience any difficulties.

    https://www.costco.com/merchant-account.html

    follow to your country to see if they offer it.
     
  6. Furquah

    Furquah Skipper Epik.com Staff VIP

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    Chargeback is something which every credit card payment processing company thinks. I was worked with Mswipe Technology (a India based payment processing service provider) every day my manager was giving me the sum of charge backs we receive from visa/mastercard so before doing it yourself consider this. If the credit card holder fill chargeback your amount will be hold and even returned.

    I would recommend Epik or Dan but recently we are seeing Dan getting failed with payment. So there is only one option left is Epik.com @Rob Monster



    Good luck anyway.
     
  7. wwwweb

    wwwweb Top Member VIP ★★★★★★★★★★

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    I can see someone putting in a first time charge from North America, thru Amsterdam for like $5K, the credit card company may flag it to protect their customer, not really Dan's fault.
     
  8. Furquah

    Furquah Skipper Epik.com Staff VIP

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    Larger companies like Dan and Epik can handle it. I was talking about the merchant type companies who provide credit card swapping machine. They take very small percentage as fee but hold the amount if any charges back filled.
     
  9. MapleDots

    MapleDots Domain Properties 2002 - 2019 VIP

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    Maybe in your country but from where I'm from chargebacks are almost nil.
    I process over 1.5 million per year for one of my online stores and have had two charbacks since 2006. As soon as I sent my documentation to the processor they ruled in my favour and payment was returned.

    Chargebacks are only if you have questionable business practices, I have yet to ever have an issue with a proper bill of sale. One cannot argue with that and the merchant company will rule in your favour if you cross the t's and dot the i's.
     
  10. Furquah

    Furquah Skipper Epik.com Staff VIP

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    Maybe you are right not in your country but the company in which I worked still has same policy.

    1.3. “Chargeback” means any dispute regarding a Valid Charge raised by a Cardholder with the issuing bank and or the card scheme.

    14.9. Mswipe reserves the right to discontinue the Support Service and/or terminate this Application or terminate the right to use the Equipment granted to the Merchant on any of the aforesaid grounds and recover such amounts from the Merchant in case it is exposed to losses due to Chargebacks or any other reason.

    20. CHARGEBACKS
    20.1. The Merchant undertakes that any charges accepted by Mswipe, which prove to be uncollectable and or are Chargebacks, shall be the exclusive financial responsibility of the Merchant. The Merchant undertakes to pay such uncollectible charges and or Chargebacks (including any processing fees or any other fees incurred by Mswipe in respect of such uncollectible charges and/or Chargebacks) without any demur or protest.
     

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  11. Recons.Com

    Recons.Com Top Member VIP

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    I am a bit reluctant to use Dan after all the posts here on NP with buyers having problem with payments.

    Domain purchases are often an impulse decision and they are already almost on a fence and any problem can trigger a thought process if they really need the name versus all the pain of paying $xxxx+.
     
  12. Recons.Com

    Recons.Com Top Member VIP

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    I agree with you that it is not a smart/wise decision to choose an arbitrary cut off like $5000 and be so inflexible.

    They lose sales, clients lose sales etc. I personally am ok to pay for a name by credit card, even $xx,xxx, but it would have to be a real special name for me to go through the hassle of wiring. Plus, most people feel less pain spending via credit or might not have enough on their checking account or might want to earn points for their spent.

    Moving this to $10K might make huge difference, as that would cover the pricing for 95%+ of all domains listed.
     
  13. Recons.Com

    Recons.Com Top Member VIP

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    Thank you. I opted for just doing paypal invoice, as I am confident in the buyer (I found him via Linkedin, he is a startup owner using LLLL+word, while I am offering him LLLL). It will cost me only 2.9% and won't involve any learning curve on behalf of the buyer. He can pay by any credit card.
     
  14. Recons.Com

    Recons.Com Top Member VIP

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    I do have a merch account via Chase bank, but still need to finish setting up my storefront. Once done, won't have this problem again.
     
  15. Recons.Com

    Recons.Com Top Member VIP

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    Thank you. I opted for Paypal, as don't think the chargeback will occur. This is a startup owner and I contacted him first.
     
  16. Recons.Com

    Recons.Com Top Member VIP

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    And that is a huge problem that they don't address. Large % of sales might not happen if the card did not go through. There was a thread here about a lady trying to buy a .art name, but card did not work and eventually she changed her mind.
     
  17. Recons.Com

    Recons.Com Top Member VIP

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    UPDATE:

    The client asked if the paypal invoice of $6.5K can be split into two installments. He wanted to get the name after first one, because his lawyer was nervous to transfer the money even with paypal assurance. I split it into $4K and 2.5K and the whole process of two payments and transfer in between took about 10 minutes, while live chatting in Linkedin.

    Paypal fee: $189 or 2.9%, net $6311

    Here is what he wrote after the transaction:

    "I am thrilled to have it - I appreciate you making it happen. Please let me know, if I can help you in any of your future endeavors".

    The comment made my day, certainly. It also feels good that the name will be in good hands.

    Name: L/V/R/G/com
     
  18. MapleDots

    MapleDots Domain Properties 2002 - 2019 VIP

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    Great sale (y)

    The client should be happy he got a good deal.

    Reminds me of leverage
     
  19. Recons.Com

    Recons.Com Top Member VIP

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    Exactly! Great eye! Very robust name, overall, as Leverage, as Las Vegas, Latvia, Realty Group, Research Group, VR etc.

    But bunch of end users going for Leverage angle.
     
  20. Soofi

    Soofi Top Member PRO VIP ★★★★★★★★★★

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    You nailed it! :)
     
  21. Soofi

    Soofi Top Member PRO VIP ★★★★★★★★★★

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    I am happy for you, for doing the right and choosing the right payment processor.

    Unless, we aren't directly connected/communicating with the domain buyer, we barely get to know the "exact reason" of buyer disappearing post sale agreement and prior to payment confirmation.

    I strongly assume, most of the times, say 99% of the times, it could be payment processing failures and as you RIGHTLY mentioned, domain purchases are often an impulse decision while there are alternate options always in mind of the buyer.

    Nonetheless, congratulations on the fabulous sale :)
     
  22. Recons.Com

    Recons.Com Top Member VIP

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    Thank you! Great observations.

    He did not have any better alternative, as he is using get+brand and her was offered brand exact match. But even with that it is not an easy decision to pay mid xxxx for a domain, especially worrying if it is a genuine transaction.

    Adding declined card issue can certainly tip the scale in the wrong direction
     
    Last edited: Nov 17, 2019
  23. DAN.COM

    DAN.COM Domain Marketplace Dan.com Staff Gold Account

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    Hi Recons,

    We've extensively said this before and unfortunately, have to keep repeating ourselves: there are no payment issues at DAN. And if there were, they would have been fixed prioritized.

    We use the identical Payment gateway (Adyen) that the biggest companies in the world use (Booking.com, Facebook.com, Ebay.com etc).

    The irony here is that we're the only company in the domain industry that has been invited to use Adyen as payment gateway. Adyen is being adopted by the giants ruling the internet industry because they kill it at payment processing.

    The reason why Ebay dropped its own payment processor Paypal for Adyen is because Adyen offers a lot of local payment processing options allowing buyers to pay easier, not harder.

    So we can conclude that major internet companies are moving all their payment processing to Adyen, but only in this industry, you will see people without any knowledge about payment processing complaining and asking us to use a different payment processor...

    We process +$2M in domain sales a month and process about 10% of all transactions handled in the industry.

    Daily we process +$5k sales via credit card and weekly we have one or two +$50k sales handled via credit card. There's no company in our industry that accepts credit card payments above $5k without charging you extra for it.

    To conclude, don't believe everything you read on this forum about DAN. There are some frustrated people trolling us here and also leaving us defamatory and fake 1-star reviews which hurt all DAN sellers. Not DAN alone.

    Kind regards,

    Dan
     

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