- Impact
- 28
As a broker who has been in the domain name industry for many years, I am first of all more traditional and less receptive to new things, and I have always thought that I've seen all kinds of transaction ups and downs, but an experience a few months ago completely changed my perspective and gave me a whole new perception of the traditional banking system.
Things started out well - I found a very high quality buyer, the CEO of an up-and-coming tech company, who showed great interest in a three-letter, high-value domain name and wanted to upgrade their brand by purchasing it. After several rounds of tough negotiations, the buyer and seller finally came to an agreement for $**0,000 USD. It looked like everything was finalized and I was ready to arrange for the buyer to make the payment through the bank when I didn't realize that the real trouble had just begun.
Traditional bank obstacles
The buyer opted for a traditional international wire transfer. Honestly, this wasn't the first time I'd dealt with such a payment method, and I thought it was just a matter of going through the process. However, there was a delay in the funds arriving. The bank told us that because this was a large cross-border transfer, a detailed funds review was required. The reasons for the review were all sorts of strange: “International Payment Compliance Check”, “Source of Funds Review”, and even requiring both the buyer and seller to submit a variety of supporting documents. The whole process took a long time, and I was talking back and forth with the bank, the buyer, and the seller almost every day.
During this period, the seller's confidence in the transaction gradually disappeared. He felt uncertain whether the funds for the transaction would be received, and at one point even threatened to withdraw and consider other buyers' offers. The buyer's side also began to have doubts about the deal because of the bank's delays. The pressure was mounting on me, not only for fear that the deal would fall through, but also for fear that the client would question my professionalism.
Lost Opportunity and Shaken Trust
Because of this review, the original deal was delayed again and again. The buyer was a bit shaken by the changes in the market, and with the financial restructuring within the company, their budget had changed. We had to renegotiate the price and payment method, which made me realize that the bank's delay not only affected the efficiency of the transaction, but also seriously affected both parties' trust in each other.
Inspired to try out new payment methods
After this bad experience, I started to look for alternative payment methods. I learned that more and more brokers and investors have started using cryptocurrencies for payments, which not only avoids the lengthy process of banks, but also allows for fast and secure payments. I started trying to familiarize myself with crypto wallets and exchanges, using cryptocurrencies such as USDC and USDT for small transactions, and found that they transferred money very quickly, without waiting for lengthy reviews, and with much lower fees than traditional banks.
As I grew familiar with these new payment methods, I decided to forgo bank transfers altogether for my next important transaction.
Through this experience, I have come to realize that as domain brokers, we have to move with the times. The inefficiencies and red tape of traditional banks no longer fit today's rapidly changing market environment. In the future, efficiency and flexibility will be the key to success!
Things started out well - I found a very high quality buyer, the CEO of an up-and-coming tech company, who showed great interest in a three-letter, high-value domain name and wanted to upgrade their brand by purchasing it. After several rounds of tough negotiations, the buyer and seller finally came to an agreement for $**0,000 USD. It looked like everything was finalized and I was ready to arrange for the buyer to make the payment through the bank when I didn't realize that the real trouble had just begun.
Traditional bank obstacles
The buyer opted for a traditional international wire transfer. Honestly, this wasn't the first time I'd dealt with such a payment method, and I thought it was just a matter of going through the process. However, there was a delay in the funds arriving. The bank told us that because this was a large cross-border transfer, a detailed funds review was required. The reasons for the review were all sorts of strange: “International Payment Compliance Check”, “Source of Funds Review”, and even requiring both the buyer and seller to submit a variety of supporting documents. The whole process took a long time, and I was talking back and forth with the bank, the buyer, and the seller almost every day.
During this period, the seller's confidence in the transaction gradually disappeared. He felt uncertain whether the funds for the transaction would be received, and at one point even threatened to withdraw and consider other buyers' offers. The buyer's side also began to have doubts about the deal because of the bank's delays. The pressure was mounting on me, not only for fear that the deal would fall through, but also for fear that the client would question my professionalism.
Lost Opportunity and Shaken Trust
Because of this review, the original deal was delayed again and again. The buyer was a bit shaken by the changes in the market, and with the financial restructuring within the company, their budget had changed. We had to renegotiate the price and payment method, which made me realize that the bank's delay not only affected the efficiency of the transaction, but also seriously affected both parties' trust in each other.
Inspired to try out new payment methods
After this bad experience, I started to look for alternative payment methods. I learned that more and more brokers and investors have started using cryptocurrencies for payments, which not only avoids the lengthy process of banks, but also allows for fast and secure payments. I started trying to familiarize myself with crypto wallets and exchanges, using cryptocurrencies such as USDC and USDT for small transactions, and found that they transferred money very quickly, without waiting for lengthy reviews, and with much lower fees than traditional banks.
As I grew familiar with these new payment methods, I decided to forgo bank transfers altogether for my next important transaction.
Through this experience, I have come to realize that as domain brokers, we have to move with the times. The inefficiencies and red tape of traditional banks no longer fit today's rapidly changing market environment. In the future, efficiency and flexibility will be the key to success!
