Epik Escrow

Escrow.com: From First to Worst?

Located in Domain Industry News started by AlbieA, Sep 26, 2016.

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  1. AlbieA

    AlbieA Member

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    It's amazing to see what can happen to a company when new management takes over...
    https://medium.com/@ForEmil/escrow-com-the-escrow-service-from-hell-2035923fc9f8
     
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  2. Addison

    Addison Top Member VIP

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    I wish I could say this was an isolated incident, but I know a bunch of domainers that have had these types of problems with Escrow.com since they were acquired:
    • Incorrect payment amounts sent to sellers
    • Failure to send payments at all to sellers
    • Forget to follow-up on domain holding transactions
    They are trying to build a smoother operation but they're ruining it in the process. They're so focused on the future that they're neglecting the present.

    It's sad really. But there are a lot of new players entering the domain escrow space at the perfect time. Whew!
     
  3. AGAME

    AGAME Top Member VIP

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  4. trap3

    trap3 Top Member VIP

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    The only time i used them, they were late in processing everything.
    Only 24-36 hours, but for the amount i paid for the service, to me that was not acceptable.

    I complained to customer service, and they basically said they were not late, and then ignored my emails thereafter.

    I will not be using them again in any hurry.
     
  5. deez007

    deez007 The More I Learn The Less I "Know" VIP

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    I'm also keen to try Payoneer's escrow service...

    I have had a Payoneer account (with their free debit card that can be used in ATM's around the world) for a a few years now and have never had any issues...

    So hopefully their Escrow service is also good.
     
  6. bobbarato

    bobbarato Established Member ★★★★★★★★★★

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    I don't know if escrow.com is totally at fault here...if no transfer codes, then they are indeed stuck. Perhaps they could have more clearly explained the process to the seller. Both the seller and buyer seem like domaining novices and were really expecting concierge type service while escrow.com was more like ' you pay us double so you can send the domain to us first.'

    I did a bunch of transfer code moves back in the day chasing lower cost renewals. Each registrar has a different webpage layout and the process could seem bizarre to the uninitiated. And I think the godaddy ui is amazingly bad.

    My big peeve about "concierge" service is that it is 2x the basic fee even for +$xxx,xxx deals.
    I'd consider just using a real law firm at that level. The new escrow companies springing up should cap this part of the fee for true escrow at an extra few hundred dollars.

    The "basic" fee covers the risk exposure for the escrow entity, sure doing a full escrow is a bit of extra work but doesn't it also severely reduce the possibility of the buyer claiming not to have received the domain?

    I'll be looking into Payoneer too - the $10 minimum and 1.5% would make my lower price domain transfers viable. I try to avoid paypal whenever possible.
     
    Last edited: Sep 27, 2016
  7. Rory Ivey

    Rory Ivey Top Member VIP

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    I haven't had any major problems with escrow.com. But their process is somewhat long to deliver funds. Despite safety concerns,they can make the process more seamless. I think like Payoneer, they will eventually adapt an "escrow card" so members can get payed in no time. If they don't then they will be left behind.
     
  8. Kate

    Kate Domainosaurus Rex VIP ★★★★★★★★★★

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    I think they may still be having a spam problem. I have noticed issues with E-mail long ago and I had to whitelist their IP address on a mail server. Obviously that doesn't help improve communication.
     
  9. Dominic Belley

    Dominic Belley Four Letter Acronyms VIP

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    I can't really comment. As a seller, I've used Escrow several times and never had any issues.
    Transactions are quick and I always received the funds by check within 10 days (In Canada) once the transaction was completed.

    But I never used the concierge service. I prefer taking care of the push/transfer myself with the buyer.
     
  10. mr-x

    mr-x Acme Domains Gold Account VIP ★★★★★★★★★★

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    Godaddy interface seems to be designed to make you spend as much time avoiding their up-sells as possible.

    @Sedo escrow / transfer service is top notch.
     
  11. Andrew K. Sokol

    Andrew K. Sokol New Member

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    Look - if you want to work with a trustworthy company re: escrows - use Payoneer Escrow - in case you all didn't know, Brandon Abbey, my former colleague, is the most trustworthy name in the online escrow business. Give him and Payoneer Escrow a shot, you won't be disappointed.
     
  12. jideofor

    jideofor Top Member VIP

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    I think it is now fair to say freelancer has no business buying up other businesses that is not in their core operation. They ruin everything. They are just focusing on the wrong things.
     
  13. SpareDomains

    SpareDomains Jay VIP ★★★★★★★★★★

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    I've done a few there since the buyout. One the buyer paid and he was sweating the push as he had submitted payment info and hadn't heard anything. Told him I haven't heard anything regarding you paying so I called up Escrow got 2 people on the line as the person was in training, he basically apologized and said payment was sitting there and basically missed processing. Wasn't the happiest as obviously if someone submits payment info you should run it immediately and tell the seller to push the domain once the funds are secured as end user buyers can get panicky if they have submitted payment and haven't heard anything for many hours as they still consider online purchases higher risk to begin with. So it's like telling an end user buyer sorry the Escrow service I used dropped the ball on your payment. Not my fault but still an excuse a buyer doesn't wanna hear. Don't wanna say Escrow sucks now but things were never missed or took that long when Brandon was there stuff was like instant so hopefully an isolated incident and not a trend of the new Escrow. I'm open to possibly trying Payoneer pending research into payment methods available for USA.
     
    Last edited: Sep 27, 2016
  14. djum

    djum Top Member VIP

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    Looks like a thread for Payoneer crowdmarketers, if you know what I mean.

    From this story I don't get why author is trying to blame Escrow for GoDaddy not sending transfer code? It's something that seller should be calling GD about, not Escrow.

    Looks like noobs were involved on both sides of the deal and that caused the problems.

    Never tried concierge service, but all my Escrow transactions went flawless. One took over a month, but the problem was on the buyer's part, so I don't blame Escrow for it).
     
  15. DanSanchez

    DanSanchez Top Member VIP

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    Escrow improved as of recently, but definitely not what it used to be. The main collusion is their attempt to create an extra revenue stream by further inserting themselves in the sales process. Their concierge service is pushed to every buyer in a very aggressive way, and there is little value to either party. Everything takes longer, the buyer HAS to have a Godaddy account, and sometimes they don't. Not to mention Escrow staff are probably neck deep in transfer mayhem.

    Given most of us are dealing with first time buyers, they know very little about what is acceptable and how everything works. I have started telling every client to refuse the concierge service right away by saying "the time between your payment and the transfer completion will be an extra week if you elect that service." They want their property as quickly as you want your cash.

    What I mean is, we are the concierges. Escrow doesn't need to have further involvement in the sales process, other than expedient escrow service. If your client has questions about a transfer, you call, and walk them through it until it's done.

    tl;dr Dear Escrow.com, please stop trying to do our jobs. Focus on Escrow, the competition is at your heels :)
     
  16. bobbarato

    bobbarato Established Member ★★★★★★★★★★

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    Joe / Dan say it ain't so! (GD has that 60 day no transfer out rule right?)
     
    Last edited: Sep 29, 2016
  17. Matrix1976

    Matrix1976 Upgraded Member Gold Account ★★★★★★★★★★

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    4 emails and 2 weeks later i'm still waiting for a payment that should have happened within a few days. Not a single word was heard from them during this time and not a dime received. Escrow has gone from great to horrible within the past year 'IMO'. I've had 10 times more problems with them in the past year than the previous 10 or so years combined. What's the best alternative? I'm pissed and ready to go with a company that actually gives a sh*t about it's customers...

    Here's a quote to Escrow support from a recent customer i had recommended escrow to last year for their holding service :

    ''(...)so we don't have to go through this bullsh*t again this was a real pain in the ass thank you''

    This was following an accounting error by escrow...to which they never even bothered to apologize to the customer.
     
  18. VirtualT

    VirtualT Still Afloat VIP ★★★★★★★★★★

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    Your not implying that "AlbieA" has signed up and paid the $5 just to create this one post are you? Shame on you.

    Oh wait...
     
  19. Kuffy

    Kuffy Name Stag VIP

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    I used Escrow.com for a $2,000 sale, and everything went smoothly. My only complaint is that They won't pay me in Sterling or Bitcoin. I won't use the doomed Euro, so I had to accept US dollars.
     
  20. djum

    djum Top Member VIP

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    Sure, why not?
    You think Payoneer too cheap to spend $5 for throwaway account that leak the dirt on direct competitor?
    Don't need to be Einstein to connect the dots between the news that Payoneer enters the Escrow business and bots starting attack on Escrow.com with the first and only post here.
     
  21. VirtualT

    VirtualT Still Afloat VIP ★★★★★★★★★★

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    You also don't need to be Einstein to see that I was being facetious
     
  22. wwwweb

    wwwweb Top Member VIP

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    I would like to hear about Payoneer experiences, and payouts, do they have a rep here?
     
  23. Sentinate

    Sentinate Established Member

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    I know what you mean, I like sedo's service, but 10% seems a lot for not a lot if things go $5k+. The interaction most of the time is pretty minimal.

    Has anyone ever managed to negotiate a discount out of Sedo?
     
  24. tomcarl

    tomcarl Top Member VIP

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    Escrow.com works great for me.
     
  25. wwwweb

    wwwweb Top Member VIP

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    Out of nowhere I got 2 great offers at sedo, on two marginal names.

    I have to say the transfer process was great, push at the same register, and they paid upon my push, not sellers acceptance which was even better.

    I really haven't used sedo as often as I once did, the odd deal gets done there, not exclusive like I was maybe 5 years ago, but the sales process was great.
     

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