Escrow.com is going down the drain | Unprofessional behaviour

[NetworkPearl]

Hi,

Please read this in detail:

I've been using escrow for many years and it had always been my only escrow service. But, now I'm having severe issues with them and it seems they are run by a team of idiots, and have the worst, and the stupidest support system I've ever experienced.

What happened:


In the beginning of August 2020 I bought a 5-fig domain let's call it Domain1. I paid through wire transfer and also the $25 payment processing i.e the usual procedure. Some days later, escrow received payment and then they say they are $32.79 short. I didn't hesitate to pay the short amount since I didn't want any delays and I thought it was just an exception. I paid them through PayPal. Transaction closed. Rest everything went on smoothly.

I bought another domain in mid August for 5 figs let's call it Domain2. I paid through wire transfer and also the $25 payment processing i.e the usual procedure. Everything went on smoothly. No payment shortage whatsoever.

I also bought domain3 in around mid August for 4 figs and also domain4 for 4 figs. I sent wire transfer for both and also the $25 payment processing fee. Then I got notified few days later that funds for both are short. domain3 was $32.04 USD short and domain4 $32.34 short. This was very odd and after 3 lengthy discussions with my bank they told me that issue is on escrow's side. I contacted escrow and also sent them wire transfer receipts.

Some days later I get an email that domain3 payment has been secured and seller has to transfer the domain to me (earlier they said it was short). This means that payment wasn't short and the issuers from escrow's side (they always blamed my bank) and rest everything went fine with domain3.

I also waited for domain4 payment confirmation but escrow was silent. After contacting them they told me that payment is still $32.34 short. I called them 3 times to explain them that this is not possible but their support was making stupid and irrelevant claims. I called my bank again and they once again told me that everything went somoothly from their side and issue is with escrow. Calling my bank costed my around $50 since I'm out of country.

So eventually I asked escrowto send me payment details and that I could pay the short amount through my card. Few days Silence and no response. I contact them again and next day they send me PayPal invoice of $7.34 ( previous they said $32.34 was short) even though I had told them that I cannot send PayPal anymore.

https://imgur.com/UxpXlsP

So I asked my good friend @AbdulBasit.com for a favour and he helped me pay the short PayPal amount for domain4. I provided escrow his escrow account email (his escrow account and paypal are 100% verified) and also his PayPal email address but next day I receive this email:

------------------------

Hello (my name),

After further review of this transaction, it shows that we receive the funds through a third party - 3rd party: (Abdul's PayPal account) . If this is a company transaction, you may simply add the company name to your escrow account. If not, Kindly confirm if this company's relationship to the transaction by creating their own escrow.com account and undergo our Basic and Company Verification process.

You also need to complete our Personal and Company Verification procedure. Please see this overview of our KYC/Verification procedure. Go to: www.escrow.com/verify Personal : Requires verifying as an 'Individual' - 1.) Uploading a clear, readable, and color copy of your government issued ID. 2.) A clear, readable, and color copy of a utility bill or bank statement that has your name and address on it and reflects what is stated in your Escrow.com profile. COMPANY: Verifying as a 'Company' - (ONLY required if you have a company listed in your Escrow profile) 3.) Uploading a clear, readable, and color copy of the Company's articles of Incorporation. For more information https://www.escrow.com/support/company-verification. Kindly provide us their email address once verified, we can link their account to this transaction in order to proceed.

Your wire also came into our Payments Department $25.00 short. Please reply to this email indicating how you wish to submit the difference so that we can approve the funds for this transaction. You may now have the option to send the shortage amount either Wire Transfer or Credit card (if the amount is below $1000.00)

If you have any questions, don't hesitate to ask away. I'd be happy to help.

Kind regards,

------------------

I told them numerous times (both on email and chat support) that the payment was sent by Abdul Basit who already is verified but then they gave me the copy paste stupid response. Then few days later they email me saying that the PayPal payment has been verified but transaction is still short even though I paid the full invoice of $7.34.

Then they email me saying, that $25 is still short. If this was the case, why would they send me a final invoice of $7.34 stating that's the short amount?

Now they're saying that must be an issue and are checking this again. At the same time the seller of domain4 is really disappointed and wants to cancel the transaction. I too am highly dissatisfied and can't understand what's going on and what to do now.

Are they scamming or what?

 

[AbdulBasit.com]

Thanks for sharing your experience with others so everyone can beware of them. I rarely use them and only in cases where buyer wants to use only escrow.com else I've no interest in chosing them for any escrow transaction.

It's very cheap and unprofessional behavior coming from such company which is losing it's reputation.

I totally agree with their unprofessional behavior which is totally unacceptable and their customer support team has a bunch of useless people who knows like nothing.

Even the verification process have been made very complicated and for a one time buyer or seller, it's just ridiculous to provide so much information which seems unnecessary to me.

I strongly suggest you and others to avoid using them and try out other escrow services like Sedo and Epik. Although both these have some negative points which I might discuss sometime at a later stage but that comes under my personal choice and not linked to such unethical, cheap and unprofessional behavior.

 

[xeroox]

Yea worst verification process ever and their support are not always helpful

 

[johnn]

I am not sure why people like to post "shocking story" in the title:
- Godaddy stole my name
- Escrow is a fraud
- Dynadot is scamming me....etc...

I am sure there is an explanation for everything. I am not defending Escrow or anyone. Just wait to see an explanation from them.

 

[karmaco]

I don’t know why anyone uses them. There are other options. Never heard of this shortage stuff though. I myself had 2 bad experiences there selling and never used them again. Hopefully it gets sorted out but the only way you might get competent attention is @Jackson Elsegood

 

[OnlineDomainShop]

https://www.namepros.com/threads/escrow-com-is-now-a-waste-of-time-for-domainers.1171606/

This was my post from my another Gold namepros account which is now closed , Escrow guys are very dumb , they insisted me to open USD account in other country than Pakistan , I worked hard for 2 months to open an USD business account in Australia , You will be surprised after 2 months of troubles for me they issued funds accidently in my Pak account and told me that they issued funds in Pakistan bank account by mistake. They are trouble makers with copy paste forms and questions.

 

[NetworkPearl]

I am not sure why people like to post "shocking story" in the title:
- Godaddy stole my name
- Escrow is a fraud
- Dynadot is scamming me....etc...

I am sure there is an explanation for everything. I am not defending Escrow or anyone. Just wait to see an explanation from them.

Taking away my extra money when issue is on their side seems like a fraud to me.

 

[Kuffy]

I'm coming to the conclusion that escrow is an unsafe waste of money. If you want one of my domain names, then you pay me and I'll transfer to to you. If you want to use escrow, then find another name. You can do all the research you like into me, and contact me through a number of forums if you feel uncomfortable.

I'm also getting close to only accepting Bitcoin for payments. Maybe I'm being stupid,and losing sales, but if my names are decent, then I still own them as investments.

 

[DN_Hunter]

The shortages might be coming from a currency exchange rate difference. The difference might be when your bank wires the money vs. the time Escrow converts the currency to the sale price in a different currency.

 

[johnn]

Could be an isolated case.
I had a transaction last week with them and the buyer insisted to use Escrow and paid all the fees. I received the full amount with no problem.
It would be interesting to see the explanation from Escrow!

 

[NetworkPearl]

The shortages might be coming from a currency exchange rate difference. The difference might be when your bank wires the money vs. the time Escrow converts the currency to the sale price in a different currency.

Nope I’m paying in USD and have been using the same bank with escrow for years.

plus if there was a shortage then the shortage should have also been with Domain2 which is a good 5 figure purchase.

 

[NetworkPearl]

Could be an isolated case.
I had a transaction last week with them and the buyer insisted to use Escrow and paid all the fees. I received the full amount with no problem.
It would be interesting to see the explanation from Escrow!

Yes but 3 shortages in same month doesn’t make sense to me at all. Plus they give no proof or proper explanations. Their support is a joke.

 

[johnn]

Agreed. If they charged you they should provide a line item with description of the charge along with the amount.

 

[NetworkPearl]

Agreed. If they charged you they should provide a line item with description of the charge along with the amount.

Yes my thread also mentions that first they said Domain3 was short. I sent them detailed wire transfer receipt and they checked again and eventually told me that payment is not short and funds have been secured.

First they say it’s short and then they say it’s not short. This is weird.

 

[Samer]

Escrow.com;
Living off the domain name (still)

Zero innovation; just higher fees

 

[NetworkPearl]

Escrow.com;
Living off the domain name (still)

Zero innovation; just higher fees

Yes I have around $100,000 coming in and out of escrow per month. Sometimes even more.

I give them a good amount of fees.

 

[johnn]

The solution would be just buy names from me. I take cash too and no fees!

 

[xynames]

Are you in the US sending a wire or overseas sending a wire to the US? Overseas wires often have an intermediary who clips his own fee along the way such that what arrives isn’t all of what you sent.

 

[NetworkPearl]

Are you in the US sending a wire or overseas sending a wire to the US? Overseas wires often have an intermediary who clips his own fee along the way such that what arrives isn’t all of what you sent.

nope sending from Oman, as I mentioned I have been using same bank with escrow for years and this never happened before. The $25 payment processing fee is for the intermediary etc.

 

[Kingslayer]

I’ve never had a problem with Escrow.com, I'm a creature of habit, if I'm happy with something and never had a problem, i don't change even if there is a competitor who may do the same thing at a lower price. Once there is a problem though, I'm out.

I can only speak from personal experience, they’ve been at the heart of all my deals outside marketplaces and for a fee way lower than most marketplaces would charge and (as said) not had a problem with them.

I agree, I don’t like their verification process and can see how that as lost people many deals, I would like to see that changed some how for 1 off buyers.

Escrow.com are a big company though, have been involved in some massive deals involving some of the world's biggest companies (not just domains), I’m a big believer in there’s always 2 sides to a story, so interested to hear theirs.

 

[johnn]

Then could it be the exchange rate?

 

[xynames]

nope sending from Oman.

Well then that’s probably all it is. You can’t predict how much fees an intermediary will take out of an overseas wire. But you could try to clarify exactly how much escrow.com claims it received at its end.

It’s not really an “exchange fee” at issue here it’s an intermediary wire fee. I’ve sent lots of wires from the US to outside the US, and received lots of overseas wires and sometimes these intermediary fees are quite unexpected and the dollar amounts you mention are in line with such fees. I actually haven’t been seeing intermediary fees lately on wires sent to me from Europe but maybe they are coming back into play with wires coming from the Middle East.

You can’t blame escrow or call it a fraud if all that is happening is simply that less than the full amount due is landing at their end!

 

[NetworkPearl]

Then could it be the exchange rate?

Nope I send in USD

 

[NetworkPearl]

Well then that’s probably all it is. You can’t predict how much fees an intermediary will take out of an overseas wire. But you could try to clarify exactly how much escrow.com claims it received at its end.

It’s not really an “exchange fee” at issue here it’s an intermediary wire fee. I’ve sent lots of wires from the US to outside the US, and received lots of overseas wires and sometimes these intermediary fees are quite unexpected and the dollar amounts you mention are in line with such fees.

You can’t blame escrow or call it a fraud if all that is happening is simply that less than the full amount due is landing at their end!

That’s not possible, my payment is sent in USD. If there was any intermediary fee issue then Domain3 shouldn’t have been secured. Domain3 and 4 were bought around the same time. Also, As mentioned first escrow said that Domain3 has short payment and then I provided them proof of receipt and days later they secure funds and say payment is not short.

Plus all shortages amount is $32.

 

[xynames]

Sending in the same currency as the recipient bank - in this case USD - has nothing to do with intermediary wire fees.