Dynadot payout problems

[Mr.company]

One of my domain names has been sold at marketplace here in Dynadot and the money is not in my Dynadot account yet and I would like to transfer the money out .
Dynadot answer:You can`t do that . DynaDot says the money will be in your account within 5 to 20 days , preventing people from spending the money in their account on other things besides what DynaDot has to offer, UNTIL the cash out option is available.

hum , that makes me think ,they just want you to spent more money,so,its not about customers , is it. Dynadot has an estimated annual revenue of $5m and they cannot make a payment processor for the users , this is embarrassing for them.

This makes me think dynadot likes to earn extra cash on peoples sales based on the interest.

Their prices are good not doubt but the rest is worst i have ever came across.

Thank you

 

[xynames]

Dynadot takes 21 days to proceed credits for sales in the DynaDot marketplace. My last proceeds payout took exactly 22 days. Usually they take 21 days on the button, but one time it took "only" 11 days. Just the way they are. When I sell something at DD marketplace I just go ahead and forget about the payment for a few weeks, is all.

This is yet another NP thread title that overstates the gravity of the situation. There is no con.

The first time I experienced this, I too was not happy about it, but come on, it's no con it's just the way they operate.

 

[wwwweb]

So many marketplaces, if you are not happy, take your business elsewhere, I can't see them having that much of a end user traffic base, unless you direct traffic there.

 

[Bob Hawkes]

While we all like to be paid fast, the 5 to 20 days is prominently mentioned in the description of their marketplace and in my opinion is not an unreasonable period. We get spoiled by the super fast Undeveloped payouts but in most areas of commerce if you get paid within 30 days of providing service you are doing well. Those who find the wait too long have many other marketplace options. I agree with @Grilled this thread should be moved. BTW I think the title is unfair to the company. A title like 5 to 20 day payout at Dynadot Marketplace is more accurate and descriptive. This is not a con by the meaning of the word. JMHO
Bob

 

[biggie]

Free of speech isnt a crime ,but i believe criticism and making a point

because you failed to read the policy statements, gives you right to label Dynadot as a con?

when you get labeled as a con, because some user didn't read your payment terms, will that be fair?

reading is fundamental

don't f&*k up any rep you might have now, by making false headlines., as your credibility will be at stake

imo...

 

[wwwweb]

Wow so unless you can make 500 bucks your money is held ransom? Even though you've already paid a commission? And people are still using this service? What is the reason for not being able to withdraw your money below 500 bucks?

I agree paypal should at least have a payout of half of that, it's probably admin costs.

 

[Name Trader]

Shouldn't the commission cover admin costs though? Apart from parking companies is there another sales platform that has a minimum withdrawal amount? I can't think of a reason to use this service if you have to pay a commission and then if you only have 450 dollars left you can only use it on site. Seems like a 100 percent commission on sales under 500 dollars lol.

You could top it up by $51 and then withdraw the total amount. Not exactly the best way to do it. But you get the funds at least.

 

[Primary Names]

I created an awareness post very recently on 2nd May, giving a little heads up about selling domains on DD marketplace. You seemed to have missed it. TLDR - If you really really really have to sell at DD marketplace then you should set the domain's price to at least $600.

 

[Bob Hawkes]

In the general business world the majority of transactions are net 30, meaning that the amount must be paid within 30 days of service provided and invoicing. It is totally aporopriate to call for shorter periods but I would say calling it a con when a company is simply following their clearly stated payment schedule is unfair, in my opinion.
Bob

 

[karmaco]

Your fault for not reading terms before you listed for sale not Dynadot’s.

 

[Dynadot]

I am sorry if you were misadvised by our team @leadnetwork, could you PM your Dynadot username so we could look into that please? Once your funds have been credited you would be able to withdraw the funds if eligible:

https://www.dynadot.com/community/help/question/payout-policy

The crediting of funds would be handled manually by our team, so the timeframe can vary, but we do take fraud prevention very seriously and use the waiting period to carry out verification checks to ensure the buyer is legitimate.

 

[Most Bay]

Dear @Dynadot
Today, I just chatted with your staf asking for my sold domain in Auction, on 23 November 2019. it is only $63 (after commission). I asked also about when the fund credited in my account. Then the staff directed me to this link: https://www.dynadot.com/community/help/question/payout-policy
At the point: "The minimum payout amount that you can request is $500 USD."
My understanding about request Pay Out is the same as "Withdrawl". Is it right?
If it is right, does it mean that I can only make withdraw or request pay out when my minimum balance is $500?
And if I never reach minimum balance $500, then I will never request a payout?

Kindly please give me a clear explanation, @Dynadot.

Best Kind Regards
BabayS
(Sugianto Babay)

 

[Name Trader]

@BabayS - You can use it for other Dynadot payments. Presumably you do have Dynadot expenses if you have a Dynadot Account?

 

[Dynadot]

Dear @Dynadot
Today, I just chatted with your staf asking for my sold domain in Auction, on 23 November 2019. it is only $63 (after commission). I asked also about when the fund credited in my account. Then the staff directed me to this link: https://www.dynadot.com/community/help/question/payout-policy
At the point: "The minimum payout amount that you can request is $500 USD."
My understanding about request Pay Out is the same as "Withdrawl". Is it right?
If it is right, does it mean that I can only make withdraw or request pay out when my minimum balance is $500?
And if I never reach minimum balance $500, then I will never request a payout?

Kindly please give me a clear explanation, @Dynadot.

Best Kind Regards
BabayS
(Sugianto Babay)

Hello BabayS,

Thank you for your message. Yes, payout is the same as withdrawing your Dynadot account balance. Per our Payout Policy, the minimum that can be requested is $500.00 USD. However, please note that Dynadot account credit never expires, so whatever amount you have can be applied to any subsequent orders you make.

Best Regards,
Jordan Kai

 

[Dynadot]

You're most welcome!

Best Regards,
Jordan Kai

 

[D Haynes]

Wow so unless you can make 500 bucks your money is held ransom? Even though you've already paid a commission? And people are still using this service? What is the reason for not being able to withdraw your money below 500 bucks?

You're most welcome!

Best Regards,
Jordan Kai

 

[D Haynes]

I agree paypal should at least have a payout of half of that, it's probably admin costs.

Shouldn't the commission cover admin costs though? Apart from parking companies is there another sales platform that has a minimum withdrawal amount? I can't think of a reason to use this service if you have to pay a commission and then if you only have 450 dollars left you can only use it on site. Seems like a 100 percent commission on sales under 500 dollars lol.

 

[Dynadot]

Shouldn't the commission cover admin costs though? Apart from parking companies is there another sales platform that has a minimum withdrawal amount? I can't think of a reason to use this service if you have to pay a commission and then if you only have 450 dollars left you can only use it on site. Seems like a 100 percent commission on sales under 500 dollars lol.

Thank you for your message.

Our minimum for payout via PayPal is $500 USD due to changes to PayPal's fee schedule. We get charged a flat fee for foreign accounts depending on the recipient's country. The 5% payout fee is to cover funds (via credit card/wire, etc) received from the customer in the first place. I believe the rest has been answered for you in previous replies. The easiest way to qualify for payout is to prepay the account with enough to reach $500 USD. We of course do not aim to hold our customers' funds hostage.

@Dynadot, is it right?
Said that my total sale in Dynadot marketplace is $100, then I make top up for $400. It makes my total balance to be $500. Then I can withdraw that $500?
Thank you for letting me know...

Thank you for your inquiry. Yes, you can withdraw the balance at that point, since you would have the minimum $500 USD.

Hope this clarifies things for you.

Best Regards,
Jordan Kai

 

[topdom]

Dynadot, why do you keep funds made from sales for 6-10 days. Is it against fraud? When does it take 6 days and when 10 days? Namesilo freezes them for exactly 7 days. Not sure about Epik, but I suspect they can be more flexible.

 

[frank-germany]

Our minimum for payout via PayPal is $500 USD due to changes to PayPal's fee schedule. We get charged a flat fee for foreign accounts depending on the recipient's country.

why don't add a feature that allows your customer to withdraw any amount
in case he covers the related fees?

 

[DanSanchez]

Dynadot, why do you keep funds made from sales for 6-10 days. Is it against fraud? When does it take 6 days and when 10 days? Namesilo freezes them for exactly 7 days. Not sure about Epik, but I suspect they can be more flexible.

Try Epik Escrow, I abandoned using another company months before starting work at Epik and I haven't looked back. They definitely don't keep the funds for 7-20 days.

 

[topdom]

Namesilo keeps money exactly for 7 days. You can't use it for 7 days, but you can at least see it somewhere. This is for protection against fraud. It makes sense.
Sedo keeps money for a few days, by delaying steps, first create a credit note, and wait 1-2 more business days to send money. It can happen faster or slower.

5 days may be acceptable but 20 days is too long.

 

[Mr.company]

yes , 5 days would be fair but 20 days is a joke.

 

[omelet]

so you cannot transfer the earnings of sales to your personal bank?

 

[Advancd.com]

privacy@dynadot .com reads your emails.

 

[Chris Hydrick]

Tagging @Dynadot for an official response.

...

Also, requested the thread be moved to marketplace reviews, NOT news.

...

In the mean time, here is Dynadots payout policy for you to look over if you haven't done so already.

Per comments from domain blogs, Dynadots market payout policy has caused much controversy over the years.

Via the best registrar of 2019 contest, @Dynadot responded

We did receive a lot of requests to allow the balance from domain sales to be withdrawn, and introduced a payout policy last year to allow this.

Though...

for Dynadot. Nobody seriously uses it for selling domains because of it's payout restrictions.

But fear not, there may be hope after all...

Thank you for the feedback, we're always looking to improve and so we do appreciate any feedback. I've passed your comments to the team for further discussion.

FWIW: Dynadot got my vote in this year's 2019 best registrar contest. But if they wish to keep my vote for 2020, I will be watching to see how they handle this, and other issues that arise on nP throughout the year. All response with no action is just blown smoke.