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

 

[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

 

[The Durfer]

ty i was curious about that. thank you for clearing that up.

 

[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

 

[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.

 

[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.

 

[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.

 

[Most Bay]

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.

@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...

 

[J Sokol]

Apart from parking companies is there another sales platform that has a minimum withdrawal amount?

Yes, Namecheap has a minimum amount of $100.

 

[D Haynes]

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.

Great advice!

Yes, Namecheap has a minimum amount of $100.

Thanks for the heads up.

 

[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.

 

[Most Bay]

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

I understand it... But,
Kindly give us your official words about this: For example: My total sales in Dynadot is only $100, in order for me to fulfill requirements to withdraw $500. Will I be allowed to top up $400, to make my account balance to be $500?

Thank you for letting me and us know.

 

[Name Trader]

I understand it... But,
Kindly give us your official words about this: For example: My total sales in Dynadot is only $100, in order for me to fulfill requirements to withdraw $500. Will I be allowed to top up $400, to make my account balance to be $500?

Thank you for letting me and us know.

I think he's already done that above. What is it you don't understand about his reply?

 

[Most Bay]

I think he's already done that above. What is it you don't understand about his reply?

As a journalist, I do understand the strings of words to be sentences, that he/she (@dyanadot) stated above. There are no official words stated like this: You can top up the rest of your account balance, to make your account balance to be $500. Then you can request a pay out / withdraw at minimum $500.
Hope you understand.
I appreciate your comment. Thank you, @stub

 

[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?

 

[Most Bay]

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

IMO, this is a very smart solution.

 

[Name Trader]

As a journalist, I do understand the strings of words to be sentences, that he/she (@dyanadot) stated above. There are no official words stated like this: You can top up the rest of your account balance, to make your account balance to be $500. Then you can request a pay out / withdraw at minimum $500.
Hope you understand.
I appreciate your comment. Thank you, @stub

I think he basically said that "Yes, you can withdraw the balance at that point, since you would have the minimum $500 USD" in reply to your question. I can't see what he may have left out. I'm not a journalist, though

 

[Most Bay]

I think he basically said that "Yes, you can withdraw the balance at that point, since you would have the minimum $500 USD" in reply to your question. I can't see what he may have left out. I'm not a journalist, though

Is it right @dyandot?
Need your official word to say "Yes".

 

[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.

 

[Most Bay]

Everything is clear!!
@Dynadot , @stub
Here is my experience. My first sale in dynadot credited to my account less then 10 days. And another good news, my second sales has been credited to my account some minutes ago in less then 7 days.
IMO, the balance is useful for me to renew, buy names in ddot marketplace etc.
beside that, it encouraged me to sale more, so I can reach the minimum withdrawl.
Thanks All... this is a good discussion, there is always a solution at the end.

 

[Dynadot]

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.

The waiting period is for our verification team to carry out their fraud checks, so the processing time can be longer or shorter depending on the buyer and which verification checks our team carry out.

IMO, this is a very smart solution.

I will pass the request on to our team to have this feature added, in the meantime our account managers could check the possibility of allowing a payout under the minimum $500 amount if you were to contact them at [email protected].

Is it right @dyandot?
Need your official word to say "Yes".

That's right, you can top up your balance to increase it over the $500 payout minimum if you wish to.