Epik announces Escrow service

[GoWebnames.com]

Saw this in my facebook feed today: http://www.epik.com/services/escrow/

Can they be trusted?
Any recent EPIK (of INTRUST infamy) service experience to share?

 

[Cdomains]

http://www.epik.com/services/escrow/
I don't see any AUTH-code field in this form...

Sorry, it was written just above the form-

How Epik Domain Escrow Works

1. Both parties enter into a new escrow transaction.
2. Buyer sends payment to Epik's Masterbucks Escrow account
3. Seller provides authorization code to Epik.
4. Seller approves Form of Authorization to confirm transfer.
5. Epik verifies that all payments from buyer are received in escrow, and all domains from seller are received in escrow.
6. Epik simultaneously transfers all assets to complete the transaction: domain ownership is transferred to buyer's Epik account while funds are simultaneously released to seller's Masterbucks account.

I was just trying to find out if anyone has used this before and if it was possible to just do a push.

 

[Jurgen Wolf]

Launch their LiveChat and ask...

I'm sure that this "How..." is just a common description...

 

[Cdomains]

Launch their LiveChat and ask...

I'm sure that this "How..." is just a common description...

I guess I will have to do that.

I was just hoping someone here had already done it and could answer the question.

Thanks.

 

[Haris]

Is there a detailed explanation of Epik's escrow fees somewhere? A fee calculator? For domains at Epik and for domains that are at other registrars. Please share the link.

Thanks.

 

[Jurgen Wolf]

https://www.epik.com/services/escrow

0% fee for their and 1.5% for other domains.
5% for disbursement via PayPal.

 

[lotk]

My experience was not good with them. Communication was not good. I had to call twice to get Epik to manually create the transaction from the form I submitted. It was such a mess that the buyer backed out after 2 weeks, which I don't blame him for. I will not be using them until they get their act together and put some support and effort toward their escrow service.

 

[Haris]

https://www.epik.com/services/escrow

0% fee for their and 1.5% for other domains.
5% for disbursement via PayPal.

Thanks. So in total that would be 6.5% if I am not using the funds to buy domains at epik.com, right?

 

[Jurgen Wolf]

Right.

You may ask your buyers to pay via Wire and then disburse via Wire for fixed fee like with other escrows.

 

[Cdomains]

Comparing Sedo and Epik escrow.

Which is the most reliable, and the best deal, when you consider everything, including fees?

 

[Jurgen Wolf]

Sedo is more comfortable and has higher trust among the buyers...

Epik is significantly cheaper for non-PayPal transactions.

 

[Haris]

What will be the fees % if the buyer pays via wire and I also receive payment through wire.

Thanks.

 

[Jurgen Wolf]

What will be the fees % if the buyer pays via wire and I also receive payment through wire.

Some fixed $xx, I don't know their current fee but should be no more than $40.

$15 for international wire at Payoneer.
Under $20 I pay at Sedo.

 

[Jurgen Wolf]

I had to call twice to get Epik to manually create the transaction from the form I submitted.

That's why I already asked above to add Escrow-commands into their API...

 

[Jurgen Wolf]

If ACH - it should be $0 or slightly higher.

 

[Rob Monster]

My experience was not good with them. Communication was not good. I had to call twice to get Epik to manually create the transaction from the form I submitted. It was such a mess that the buyer backed out after 2 weeks, which I don't blame him for. I will not be using them until they get their act together and put some support and effort toward their escrow service.

@lotk - I have emailed you via the support ticket of our support case # 7340. In short, your facts definitely are not lining up with ours in this case. Please see my email with time-stamps showing the escrow parties were engaged within hours of the escrow submission request. As a first time escrow customer, there is a bit more vetting that goes on. In the meantime, your account is now whitelisted for future transactions. In the meantime, sorry you did not perceive the A-game. We are putting some additional processes in place to manage the rapid uptick in escrow transaction volume.

 

[Rob Monster]

That's why I already asked above to add Escrow-commands into their API...

Good suggestion Juergen. We'll add that feature asap, along with the fee estimator which is on the active to-do list. We got sidetracked with integrating an acquisition interrupting the normal blazing development pace.

 

[Matheus Leite]

My name is Matheus, the Product Manager for Epik Escrow.

As you might expect from a company led by our CEO, Rob, we generally are fast. That said, our number of escrow inquiries increased dramatically. Those who have interacted with me, know I too am fast to answer.

The new terms for Epik Escrow are reasonably straightforward:

1. We typically will require that seller transfers the domain into Epik
2. We charge a 1.5% escrow fee, paid by buyer or seller
3. Buyer pays domain transfer fees
4. No further fees for buyer depending on funding method

By doing it this way, we guarantee that we have both funds deposited at Epik as well as control over the domain. It is a double guarantee that the transaction will be completed smoothly. Other escrow companies that are not full-service registrars are the equivalent of banks without a vault.

At escrow closing, Epik pays out proceeds in Masterbucks. This way, the seller has the option to use proceeds tax-free, and commission-free, for all Epik services. If seller decides to cash out, then we charge 5%. Using Masterbucks is a GREAT way to renew your portfolio and avoid fees.

As for funding method, Epik accepts all credit cards, Paypal, wire transfers (USD and EUR), and even Bitcoin.

Please note that Epik Escrow is intended for cases where you need a personal attention (for example, when your buyer isn't familiar with domain purchases), or when your transaction has custom, complex terms. If you are simply selling a domain to someone, you can transfer it into Epik and sell directly at our Marketplace - the domain will be pushed into buyer's account and you'll be paid instantly, and avoid the escrow fee.

If you have any questions, please feel free to contact me at matheus at epik dot com

 

[Haris]

Thanks a lot @Jurgen Wolf .. You provide free support for all services. lol

 

[Jurgen Wolf]

If seller decides to cash out, then we charge 5%.

As I know from @robepik - 5% is for PayPal-transactions only.
Fixed fee for wires.

Also you may use MassPay to significantly lower your costs:
https://developer.paypal.com/docs/classic/mass-pay/integration-guide/MassPayOverview/
For example, with Sedo PayPal-disbursement is at no fee.

 

[Matheus Leite]

Hello Jurgen,

The 5% is for all Masterbucks cash outs. For cashing out through international wires there might be additional fixed fees.

When buyer funds the transaction with CC or Paypal, the 1.5% escrow fee typically doesn't cover the hit we take. We are fine with that if funds are later used within the site, but if seller wants to cash out then we must make a profit.

 

[lotk]

@robepik
Thanks for the fast reply. I am out tonight but will reply to your email tomorrow.
And just so it's clear, I only replied to this thread so that the processes get faster and smoother for users. I will be using epik escrow again in the future.
One of the above comments mentions that epik escrow is getting a lot more transactions. Most are probably due to the same reason i am trying epik escrow. We all need a smooth, secure escrow company that is not too intruding for new buyers. I am a long time escrow.com user but I believe their requirements for new users is not something that most buyers are willing to provide.

 

[Jurgen Wolf]

If the buyer funds via bank deposit, and proceeds are paid out via wire transfer, the entire cost is 1.5% + $40.

So which statement is correct?
From Matheus (+5%) or from Rob (+$40)???

 

[mdent]

Here's how I understand it:

1) Buyer pays wire and you (seller) cashout via wire: 1.5% + wire fee.
2) Buyer pays wire/paypal/credit card and you don't cash out, but keep the proceeds in your Masterbucks account to spend on Epik: 1.5%
3) Buyer pays paypal/credit card & you cashout via paypal/wire : 1.5% + 5%

I've only used 1) so far

@robepik Is this correct?

 

[Mister Funsky]

ask for the NamePros Domainers Special

Didn't the price go up to 8.49 recently if using cc card or paypal?

 

[Jurgen Wolf]

The 5% is for all Masterbucks cash outs. For cashing out through international wires there might be additional fixed fees.

Here even double trouble: +5% and + wire fee...

So as of now I don't understand anything with Epik...