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?

 

[Jurgen Wolf]

The same 1.5% (+3% if CC-payment) at Payoneer and even lower commission on $5K+ transactions...
+ $15 for withdrawal via wire (SWIFT).
And that's all.

 

[dand9206]

Something is certain here. It looks like if your domain is under 60days lock with a different registra then Epik Escrow wouldnt want to get involve in the push or they would even reject it. They only get involved if it can be transfered. Right! Yes/No?

 

[GoKaizen]

It's 5% to withdraw funds whether via Wire, BTC, PayPal, etc?

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.

 

[imadoer]

So if i wanted to buy a domain what is the most i could send by cc or paypal?

What is the limit? $5000?

 

[Rob Monster]

So if i wanted to buy a domain what is the most i could send by cc or paypal?

What is the limit? $5000?

There is not really a limit. Just contact us for large denominations and we'll help you with funding your account in the most fee-efficient manner. Accounts are routinely whitelisted for $50K and more.

 

[Haris]

The standard escrow fee is 1.5% of transaction amount, with a $75 minimum

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

This $75 minimum is new right? Payoneer Escrow has $10 minimum and NameSilo Escrow has no minimum fees so I think this is not the right move by Epik. Anything else that has changed?

Thanks.

 

[anantj]

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

This $75 minimum is new right? Payoneer Escrow has $10 minimum and NameSilo Escrow has no minimum fees so I think this is not the right move by Epik. Anything else that has changed?

Thanks.

That makes Epik escrow horribly more expensive (especially compared to Payoneer). It is more expensive than even Escrow.com

 

[Rob Monster]

That makes Epik escrow horribly more expensive (especially compared to Payoneer). It is more expensive than even Escrow.com

Hi Anant - for small transactions, you are better off just selling via the Epik marketplace. It is commission-free and self-service. Works like a champ. Here is the how-to:

https://www.epik.com/support/knowledgebase/selling-and-leasing-domains-on-epik/

 

[alcy]

Hi Anant - for small transactions, you are better off just selling via the Epik marketplace. It is commission-free and self-service. Works like a champ. Here is the how-to:

https://www.epik.com/support/knowledgebase/selling-and-leasing-domains-on-epik/

can you confirm that domain sold via epik marketplace directly by seller to buyer without you as agent, is subject to identical guarantees against fraudulent payments, chargebacks etc, as one that is handled by your agent at your $75 fee? or are there any differences at all between the two? aside from the fee and seller handling things directly vs escrow agent.

thanks!

 

[anantj]

Hi Anant - for small transactions, you are better off just selling via the Epik marketplace. It is commission-free and self-service. Works like a champ. Here is the how-to:

https://www.epik.com/support/knowledgebase/selling-and-leasing-domains-on-epik/

Hi Rob,

What are the charges for selling on the Marketplace?

Thanks

 

[alcy]

Hi Rob,

What are the charges for selling on the Marketplace?

Thanks

0% commission
epik only usage money free deposit of funds
5% to withdraw to paypal (with no extra paypal fee)

too bad for the new $75 escrow fee.
but all in all, still good deal if you wanna set up sales on their market yourself. which I assume protects you in same way against fraud payment and chargeback as $75 escrow right Rob?

 

[Rob Monster]

0% commission
epik only usage money free deposit of funds
5% to withdraw to paypal (with no extra paypal fee)

too bad for the new $75 escrow fee.
but all in all, still good deal if you wanna set up sales on their market yourself. which I assume protects you in same way against fraud payment and chargeback as $75 escrow right Rob?

Escrow is a consultative process where we are protecting both buyer and seller. When a transaction turns out to be payment fraud, in the case of escrow, we eat the loss. For a transaction under $1000 where the seller has reasonable confidence in the buyer, it is better to use our self-serve marketplace.

 

[alcy]

Escrow is a consultative process where we are protecting both buyer and seller. When a transaction turns out to be payment fraud, in the case of escrow, we eat the loss. For a transaction under $1000 where the seller has reasonable confidence in the buyer, it is better to use our self-serve marketplace.

is there any kind of protection at all then for marketplace sales.. of any amount? or is the protection onyl offered when the $75 escrow fee is paid and you are involved? one of your reps told me specifically by email that it is identical protection in both cases. now you seem to suggest something else. so I just wanted to confirm. as obviously your word is final and your the boss.

if there is no protection, then this would become equivalent to just accepting paypal payment directly from buyer. is this correct or does your marketplace offer any advantages versus say direct paypal sale payment? thanks!

 

[Rob Monster]

is there any kind of protection at all then for marketplace sales.. of any amount? or is the protection onyl offered when the $75 escrow fee is paid and you are involved? one of your reps told me specifically by email that it is identical protection in both cases. now you seem to suggest something else. so I just wanted to confirm. as obviously your word is final and your the boss. thanks!

The protection from the self-service marketplace is that the domain can be restore to the seller in the event of a chargeback. That is why there is a 60 day transfer lock for self-service marketplace sales.

 

[alcy]

The protection from the self-service marketplace is that the domain can be restore to the seller in the event of a chargeback. That is why there is a 60 day transfer lock for self-service marketplace sales.

thats what I thought

so it is good to know you will become fully involved in case of chargeback or other issues with payment, and remove the domain from buyer's account and return it to owner. is this the process?

and if so, do you just accept some sort of paypal chargeback screen as proof that payment has been cancelled inside sellers account?

thanks

 

[Rob Monster]

thats what I thought

so it is good to know you will become fully involved in case of chargeback or other issues with payment, and remove the domain from buyer's account and return it to owner. is this the process?

and if so, do you just accept some sort of paypal chargeback screen as proof that payment has been cancelled inside sellers account?

thanks

In the Epik marketplace, we are the merchant of record so we clearly see if there is a chargeback event. Thankfully they are rare as significant safeguards are in place to detect fraudulent sellers.

 

[alcy]

In the Epik marketplace, we are the merchant of record so we clearly see if there is a chargeback event. Thankfully they are rare as significant safeguards are in place to detect fraudulent sellers.

yes I am sure they are rare. but we hear of people having paypal chargebacks filed often enough on namepros to make such questions valid for me..

so let me get this straight:

I set up a sale on your market.. buyer checksout and pays it, via credit card, or paypal.. then funds are deposited into epik bucks account. and available or me to withdraw to paypal any time I want.. at 5% fee.

let me give example.. if I withdraw funsd to paypal 1 week after sale,and then if paypal chargeback is filed after 1 month after sale.
who will then contact my paypal account and make claim? you epik as merchant or the buyer? and what would happen then to my pp funds?

if I got it correctly, what you say is that if I pay $75 fee, u eat the loss and possibly take ownership of domain for yourself, if within 60 days lock.. and if no 75$ fee paid, then you get me back my domain if within 60 day lock.. and if chargeback filed after 60 days, and domain transfered out, then I lose both money and domain. plz confirm. ty.

 

[Rob Monster]

yes I am sure they are rare. but we hear of people having paypal chargebacks filed often enough on namepros to make such questions valid for me..

so let me get this straight:

I set up a sale on your market.. buyer checksout and pays it, via credit card, or paypal.. then funds are deposited into epik bucks account. and available or me to withdraw to paypal any time I want.. at 5% fee.

let me give example.. if I withdraw funsd to paypal 1 week after sale,and then if paypal chargeback is filed after 1 month after sale.
who will then contact my paypal account and make claim? you epik as merchant or the buyer? and what would happen then to my pp funds?

if I got it correctly, what you say is that if I pay $75 fee, u eat the loss and possibly take ownership of domain for yourself, if within 60 days lock.. and if no 75$ fee paid, then you get me back my domain if within 60 day lock.. and if chargeback filed after 60 days, and domain transfered out, then I lose both money and domain. plz confirm. ty.

If there is a chargeback on a domain you sold, we reverse the transaction. If you have since redeemed or spent your proceeds, we work with you to reverse the transaction but until then we hold the domain. It is a very rare case and we work with the seller in good faith, similar to how we have interest-free loans.

 

[NameLlama]

Something is certain here. It looks like if your domain is under 60days lock with a different registra then Epik Escrow wouldnt want to get involve in the push or they would even reject it. They only get involved if it can be transfered. Right! Yes/No?

True; for Real escrow service you can move between accounts at any common registrar, by the escrow server having an intermediary account
Buyer may want to use Godaddy, Seller may be locked in Godaddy as well
Rather use Sedo's Escrow