NameSilo

Domain Layaway and Post-pay Backorders

Located in General Domain Discussion, started by Rob Monster, Oct 30, 2019

Replies:
99
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5,157

?

Should Epik introduce 72 hour post-pay as a feature?

  1. Yes, most definitely and I would use it all the time

    18 votes
    24.0%
  2. Yes, it definitely would help me now and then

    18 votes
    24.0%
  3. Yes, even though I personally would probably not really use it.

    10 votes
    13.3%
  4. No, we have enough payment options already

    3 votes
    4.0%
  5. No, people would abuse it and leave Epik holding the drippy bag

    18 votes
    24.0%
  6. No, and, by the way, this idea is whack

    8 votes
    10.7%
Total: 75 vote(s)
  1. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP Gold Account

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    We have a Domain tasting product but in that case the domain is paid, and you cancel within 5 days to get most of the registration cost refunded.

    With a Domain Layaway, the domain is registered but the WHOIS and DNS are not set to the buyer's settings until they actually pay for it. This simply reserves the domain so it does not go away.
     
    Last edited: Oct 31, 2019
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  2. aifenhao

    aifenhao Established Member

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    Thanks Rob, now I figured it out. It’s a good idea for deferred payment, for example, sometimes I myself can’t pay right away, it’s too lazy to go and replenish the card at the ATM, spending this time sucking soft drinks.
     
  3. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP Gold Account

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    Exactly -- it is not intended to enable reckless speculation. It is for people who are in a temporary circumstance likely due to increasingly unpredictable payment systems in some parts of the world. 72 hours is enough time to move funds between accounts, even accounting for a weekend. That was essentially the thinking. It is far more scalable than me looking at personal favor requests that I might see too late to be helpful. In other words, we are looking at how to scale, but without losing our capacity to demonstrate compassion.
     
  4. frank-germany

    frank-germany domainer since 2001 / musician VIP

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    was reject today
    after a few ( quite a few ) month(s) waiting

    no other loan request was possible
    while 1 request was pending
     
  5. frank-germany

    frank-germany domainer since 2001 / musician VIP

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    the question of selflessness
    is exactly the doubt here

    promotion

    you play it along with the rules
    still promotion everywhere

    that was most likely
    a very clever way to get epik into the mind of everybody


    and promotion

    make sure the last sentence is about epik and its products
    the last sentence is was sticks in the brain
     
    Last edited: Oct 31, 2019
  6. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP Gold Account

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    I review those loan requests. I must not have been too keen on you that day. It's possible since you have been a thorn in my side for quite a while now. Very few people even understand why, but I am sure you consider yourself to be in the right. I doubt it but we'll let God judge that one when the day comes.
     
  7. frank-germany

    frank-germany domainer since 2001 / musician VIP

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    God?
    ok

    when I was asking for a domain loan
    I had never heard of you - at that time
     
  8. Bob Hawkes

    Bob Hawkes Top Member NameTalent VIP Gold Account Trusted Blogger

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    After thinking about the proposal a few days, my opinion has changed slightly. I don't think implementing it is probably a good idea. My main concern is that it would encourage some to make instant decisions without properly thinking about them. Many of those will come to regret the acquisition, and in other cases they will not pay and Epik will regret.

    I think it is reasonable to have in place a loan program with proper oversight, that Epik already has in place as I understand it. Beyond that, if someone can not pay today they should not acquire today. Yes, there will be random cases where it makes sense, and Epik is nimble enough those could be handled on a per individual request basis without a specific plan in place.

    Best wishes whatever you decide to do.

    Bob
     
  9. oldtimer

    oldtimer Do some good for humanity and the environment VIP ★★★★★★★★★★

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    Not if Epik (Rob) reviews your wish list and has to approve the domains that are going to be put in layaway (as I had mentioned in my earlier post). As the matter of fact that can cut down on a lot of useless domains being registered.

    IMO
     
  10. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP Gold Account

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    The point there is a good one -- some folks could be pre-approved for layaway. On the other hand, requested from unexperienced or new domainers could be subject to review. I had not considered it before, but the point is right on. In the end, people's situation should be improved by this innovation. If not, the idea is an unsustainable loser.
     
  11. aifenhao

    aifenhao Established Member

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    Fantastic excerpt Rob, I would send him to the on big cock.
     
  12. oldtimer

    oldtimer Do some good for humanity and the environment VIP ★★★★★★★★★★

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    Rob, if you personally review the domains that are going to be put in layaway that will surely improve the quality of the portfolios that are created through the layaway program specially for those domainers who are constantly in the process of refining their portfolio.

    Refining = dropping bad domains and replacing them with good ones.

    IMO
     
  13. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP Gold Account

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    That won't scale, but I got your point, and we are developing better domain quality scoring to help mitigate such concerns at scale. At some point that Domain Quality Index (DQI) score will become visible in user's Epik control panel which should help folks quickly identify names they should probably not drop. We have a DQI score that we use internally already. So, this is just a logical extension of that existing tool.
     
  14. oldtimer

    oldtimer Do some good for humanity and the environment VIP ★★★★★★★★★★

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    Rob that's great, the sooner the better.
     
  15. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP Gold Account

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    OK, we'll fast-track it. People can use it at the own risk.

    @vitigo - Add it to the Performance tab as a sortable column.
     
  16. oldtimer

    oldtimer Do some good for humanity and the environment VIP ★★★★★★★★★★

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    In order to reduce the risk of good domains being dropped perhaps you can add a feature that the domains with low DQI score can be sent for a manual review by Epik or by having them posted on a special thread here to get the opinion of the Namepros experts before people decide to drop them.

    PS: Some domains like future trend domains might get low score and need human review and evaluation, so DQI score should be used only as one of the factors to determine the domains potential and should not be used as the sole determinant.

    Hopefully AI will become advanced enough soon that it can help with domaining. :)


    IMO
     
    Last edited: Oct 31, 2019
  17. Silentptnr

    Silentptnr Top Contributor VIP

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    Not to change the subject but another idea would be a contract to advance renewal fees.

    If a domain is at Epik, why not advance a renewal fee for a small fee.

    I wouldn't do the layaway, but if someone needs help with renewals, would bring over their domains, and pay a small fee, that's the kind of deal I might get behind.
     
  18. Pay.My.id

    Pay.My.id Established Member

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    I feel its depend on epik mission
     
  19. Silentptnr

    Silentptnr Top Contributor VIP

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    Interest fact. DomainLayaway .com was registered in 2001. Someone thought of the concept 18 years ago. :)
     
  20. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP Gold Account

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    We do this now -- the accounting is done as an interest free loan, e.g. for folks where the grace period is not enough time, or where they don't want the DNS to change at expiration. The loans are secured only by domains without recourse in case of default. We have also helped folks get funds from outside lenders, but that is typically at hard-money rates. For philosophical reasons, we are not in that business directly.
     
  21. topdom

    topdom Top Contributor VIP

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    If I don't have money now, then probably I won't have any money after 3 days.
     
  22. Amar D

    Amar D Established Member

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    This service is amazing, I had chance to try it. My debit card was not in function, and I saw a good domain name. I've asked @Rob Monster to reserve it for me, and he did it quick.

    After I resolved my debit card issues in 5 days, I gave him money back (reg-fee) for this domain name and he pushed the domain into my Epik account.

    10 minutes ago, I've sold that domain name for 500$ at Epik's marketplace.

    It's so nice that one businessman will give you some of his time, to reg you a domain name without that you need to pay on that day or if you have problems like me with card.
     
    Last edited: Nov 12, 2019
  23. asxforum

    asxforum Top Contributor VIP ★★★★★★★★★★

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    How is this service doing?
     
  24. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP Gold Account

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    It was never released as an official feature but we have 2 capabilities:

    1. An expanded domain lending platform: https://domainequity.com/

    2. The ability to request a layaway at [email protected] for true emergencies.

    Most folks who own bankable domains and have at least 24 hours flexibility should choose #1.
     
  25. asxforum

    asxforum Top Contributor VIP ★★★★★★★★★★

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    Very nice options .

    1. An expanded domain lending platform: https://domainequity.com/

    2. The ability to request a layaway at [email protected] for true emergencies.

    Most folks who own bankable domains and have at least 24 hours flexibility should choose #1.
     

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