NameSilo

Dynadot rejected my payout request

Located in Domain Marketplace Reviews, started by dido90, Jun 3, 2021

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18
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660

  1. dido90

    dido90 faciebook.com

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    I sold 2 domains in Dynadot marketplace and I got the money into my account, yesterday I requested payout then they replied with this email:

    " Hello,
    This is to inform you that we have had to cancel your recent payout request, unfortunately.

    Your account information is incomplete/invalid and will need to be updated per our Service Agreement. Please update your information then ensure that it remains unchanged for at least 3 months before requesting a new payout. We will not process a payout request before then.

    Thank you for your understanding and cooperation.


    When I asked them for this required information they send me this, again!

    " Hello,

    I do understand your frustration. However we do need to required information to be complete and valid. Your account information is incomplete/invalid and will need to be updated per our Service Agreement. Please update your information then ensure that it remains unchanged for at least 3 months before requesting a new payout. We will not process a payout request before then.


    Thank you for your understanding and cooperation. "


    So did anyone face this problem before? and what should I do now?
     
    Last edited: Jun 3, 2021
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  2. Primary Names

    Primary Names ****** xXx ****** VIP

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    @Dynadot It may be too soon to comment on what is going on here but you better have a valid reason to hold this guy's payment for next three months... I like your services and I have a ton of domains with you guys. Fortunately I have not had to face such an issue yet but this is unacceptable as a customer.

    @dido90 Additionally, I think dynadot has a general payout threshold of around $500. Is your payment below this amount or above ?
     
  3. wot

    wot Top Contributor VIP ★★★★★★★★★★

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    3 months? Something seriously amiss if this is the case.
     
  4. Charybdis

    Charybdis Established Member

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    Have you entered valid account info? You should enter your real name (as it appears on your ID), real address, phone and email. And your real company details, if you have any.
     
  5. dido90

    dido90 faciebook.com

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    This is not my first time to request payout, and there wasn't any problem at all.
    I entered all my data correctly Iam sure, I've been using my account for more than a year without problem.

    They asked me to validate my information from time to time and I did it without any problems.
     
  6. NickB

    NickB it's a mystery VIP

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    Quite clear in theirT&C's......

    Yes, we provide payouts for account credit with the following conditions:

    • Please request a refund to the original payment method if the order is still eligible for a refund.
    • There is a 5% fee on account credit that is paid out to cover costs associated with the transaction.
    • The minimum payout amount that you can request is $100 USD.
    • Payouts are made via PayPal to the email that you specify. Payouts via Alipay are available for account credit in CNY and are made to the account associated with the email or phone number that you specify. Payouts by check are also available for account credit in USD.
    • Because PayPal charges extra fees to payout International accounts, there may be an additional cost for payouts under $500 USD. Requesting a payout of less than $500 USD can result in additional fees.
    • You may be required to verify account details by providing identification or through email verification to protect against fraud. Editing your account information can trigger a 3-month waiting period.
    • Payout requests can be denied if fraudulent activity has been identified or is suspected in connection with the account making the request.
    • Payout orders take around two business days to complete.
    https://www.dynadot.com/community/help/question/payout-policy

    I never knew they can hold your funds for 3 months if you edit your account information - seems extreme to say the least
     
    Last edited: Jun 3, 2021
  7. dido90

    dido90 faciebook.com

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    Their minimum payout is $100 and my holding money is more than this, but less than $500
    Last time I requested payout it was $100 exactly and they did it without any problem
     
    Last edited: Jun 3, 2021
  8. NickB

    NickB it's a mystery VIP

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    @dido90 drop them a DM as well - they have been tagged into this thread but you might get a quicker response via DM
     
  9. dido90

    dido90 faciebook.com

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    The problem is they didn't tell me which information I changed or what confirmations they want me to do!!
    I am sure I didn't change my information
     
  10. Samer

    Samer Top Contributor VIP

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    the $500 withdrawal was always excessive.

    Now, have something else to worry about?

    @Dynadot clear this up, please!

    and can you reduce the exorbitant $500 tooO_o

    Samer
     
    Last edited: Jun 3, 2021
  11. NickB

    NickB it's a mystery VIP

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    It's $100 by the look if it - see above
     
  12. Samer

    Samer Top Contributor VIP

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    i guess $100 is better,

    still excessive no?

    Guess i’m biased... I’ll show myself out...
    They have auctions, that makes them special.
    dont understand purpose of payout deterrents.. Prevent fraud? But $xxx threshold feels unfair. Again, i am most definitely biased ;)
     
    Last edited: Jun 3, 2021
  13. NickB

    NickB it's a mystery VIP

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    To be fair it's probably not worth it with the excess fees if using PayPal and you are overseas (like me) so $500 does seem to be the point where it makes sense financially which as you said is steep.....
     
  14. imskynet

    imskynet Established Member

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    Same payment declined
    Message just received today
    Generally, you should fill in the receiving account information, but they don’t
    There is no entry for entering payment information
    I don’t know how to modify and let them initiate payment
    Recommend them to refer to dan.com's payment
    [​IMG]
     
  15. dido90

    dido90 faciebook.com

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    Iam afraid if I add some additional information they reject the payout because I changed my information 😂
     
  16. karmaco

    karmaco Top Contributor VIP

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    Sounds like your payout info is not matching info/names/emails etc as listed on your account. Know Your Customer is real in the US. Don’t use fake or inaccurate info.
     
  17. dido90

    dido90 faciebook.com

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    All my information is correct and has been verified before (with my national ID and passport)
    About payout information I requested payout with PayPal so they only requested the email.
     
  18. dido90

    dido90 faciebook.com

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    OK, so I need to update my NOT valid address although they approved payouts before with this NOT valid address, and I have to wait 3 months, thank you for making things complicated. @Dynadot IMG_20210603_164546.jpg
     
  19. Dynadot

    Dynadot Top Member Dynadot Staff VIP ICA Member ★★★★★★★★★★

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    I'm sorry to hear of the negative experience, as per our service agreement we do require your account information to be complete and accurate, and if this isn't the case a payout request may be denied. I do understand the frustrations regarding the waiting period, currently, this is in place for security reasons as we must ensure that the Dynadot account holder is the person requesting and receiving the payout.

    We do always appreciate feedback on our services and policies, and aim to continue improving our services. Since introducing payout requests we've adjusted the policy several times based on customer feedback, and I've raised this issue with the team for further discussion on how we may be able to improve the payout policy and process for our customers. We do take account security very seriously, but I am hopeful we can tweak the policy further and find a better balance between account security and customer convenience. I will provide a further update in the thread when I have more information on how the policy may be changing moving forward.
     

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