Escrow.com is now a waste of time for domainers

[PAKB]

On 4th of january My buyer and i (seller) Reached an agreement for a domain name at 1550$ , Buyer paid on 5th of january , Now escrow.com says me that they do not support payments for Pakistan , why didn't they mention it while i was agreeing to An agreement as they already got My address which belongs to Pakistan ?

Buyer has already paid on 5th of January and asking me to push domain to his account while escrow is still sending me emails to add bank account details from other country than Pakistan, How is this possible ?

@Escrow.com Support You guys Have my address which belongs to Pakistan then why did you waste my buyer and my time?

 

[Samer]

Yup.

but People are hesitant to change their old ways

Good luck, wish you success, completing transaction!

Samer

 

[PAKB]

Yup.

but people are hesitant to change their ways

Samer

My buyer is very polite and he might have used dan or epik but i was not known of the fact that escrow will do this after 4-5 days of agreement.

 

[Samer]

My buyer is very polite and he might have used dan or epik but i was not known of the fact that escrow will do this after 4-5 days of agreement.

Ohh. I relate to the point, most my prospective sellers
or buyers prefer Escrow so annoying >.< Still sucks!

i’ll try @Rob Monster @DanSanchezmaybe can have advice how close in this predicament. Good luck again!

Samer

 

[bmugford]

Yup.

People are hesitant to change their old ways

I could see that, but there are limited licensed escrow companies out there that work with pretty much all major registrars.

Sure, their KYC regulations can be a pain in the butt sometimes, but there is no other company that has the brand awareness and credibility of Escrow.com IMO.

Brad

 

[PAKB]

I could see that, but there are limited licensed escrow companies out there that work with pretty much all major registrars.

Sure, their KYC regulations can be a pain in the butt sometimes, but there is no other company that has the brand awareness and credibility of Escrow.com IMO.

Brad

They should have metnioned KYC thing to me during agreement phase , Now after 3 days of buyer payment they are sending me emails to add bank details with same Name as appears on escrow.com from other country than Pakistan.

 

[Internet.Domains]

but there is no other company that has the brand awareness and credibility of Escrow.com

Sorry, the issue of credibility is just not true. There remains many unanswered questions on this thread:

https://www.namepros.com/threads/resolved-domainer-loses-26k-on-a-stolen-domain.1068888/

 

[wwwulff]

Here is list of countries that Escrow.com does not support:

https://www.escrow.com/support/faqs/what-countries-regions-are-not-supported-by-escrowcom

 

[PAKB]

Here is list of countries that Escrow.com does not support:

https://www.escrow.com/support/faqs/what-countries-regions-are-not-supported-by-escrowcom

I agree on this but why didn't they mention it during agreement phase as they got my address which is from country they don't support ?

 

[bmugford]

Sorry, the issue of credibility is just not true. There remains many unanswered questions on this thread:

Well, that is your opinion.

Escrow.com handles a much larger volume of transactions than the other smaller payment providers.
Some issues are going to happen.

It is similar to why GoDaddy seems like they have a lot of issues. With more market share, you will see more issues.

Brad

 

[wwwulff]

waste my time

I agree - Try Epik I hope they can help get the deal done for you

 

[Internet.Domains]

Well, that is your opinion.

Escrow.com handles a much larger volume of transactions than the other smaller payment providers.
Some issues are going to happen.

It is similar to why GoDaddy seems like they have a lot of issues. With more market share, you will see more issues.

Brad

Sure, issues will happen. Its expected, but it's not about an issue happening, it's how you handle the issue. In the thread I noted below, you will find that Escrow.com stuck it to a victim of Identity Theft. Escrow.com knows where the money is. Had it not been for others stepping up there would be plentiful collateral damage to an innocent victim.

https://www.namepros.com/threads/resolved-domainer-loses-26k-on-a-stolen-domain.1068888/

 

[bmugford]

Sure, issues will happen. Its expected, but it's not about an issue happening, it's how you handle the issue. In the thread I noted below, you will find that Escrow.com stuck it to a victim of Identity Theft. Escrow.com knows where the money is. Had it not been for others stepping up there would be plentiful collateral damage to an innocent victim.

https://www.namepros.com/threads/resolved-domainer-loses-26k-on-a-stolen-domain.1068888/

It is in unfortunate situation.

Escrow.com is a payment provider. They are not a marketplace.
There are no title checks with domains like there is real estate.

I am not sure what Escrow.com is supposed to do in that situation.

I would expect a marketplace like Afternic to eat the loss in that situation.
There is a difference between being just a payment provider and being a marketplace.

Brad

 

[Internet.Domains]

is a difference between being just a payment provider

We agree, they are just a payment provider. They are a third party with no relationships beyond payments. To call it an "escrow" for domains can be debated because they never hold title or have custody.

es·crow
/ˈeskrō/
LAW
noun

1. a bond, deed, or other document kept in the custody of a third party and taking effect only when a specified condition has been fulfilled

 

[Samer]

It is in unfortunate situation.

Escrow.com is a payment provider. They are not a marketplace.
There are no title checks with domains like there is real estate.

I am not sure what Escrow.com is supposed to do in that situation.

I would expect a marketplace like Afternic to eat the loss in that situation.
There is a difference between being just a payment provider and being a marketplace.

Brad

luckily Epik.com successfully integrated both.

Worth every $ (even if not much to use epik escrow)
Agree, try epik, PKAB, like them, no going back.
(financing $100 deal, smooth, hope to do $1000 epik deals soon, sure they process many $1500+ everyday

they are a registrar, after all Brad.
one i’d trust much much more with my money, than the “licensed” Escrow.com

Samer

 

[bmugford]

luckily Epik.com successfully integrated both.

Worth every $ (even if not much to use epik escrow)
try epik, like them, no going back.
(financing $100 deal, smooth, hope to do $1000 epik dealssoon, sure they process many $1500+ everyday

they are a registrar, after all Brad.
one i’d trust much much more with my money, than “licensed” Escrow

I only sell domains to end users.

Epik is a small registrar basically. They have a few hundred thousand domains compared to GoDaddy's 60M.

It is usually hard enough to close a deal without trying to pitch a buyer on moving from a well known company to a registrar they have likely never heard of.

That is a deal breaker to me. If there was an option to use it with other major registrars it would be a different story.

Brad

 

[bmugford]

We agree, they are just a payment provider. They are a third party with no relationships beyond payments. To call it an "escrow" for domains can be debated because they never hold title or have custody.

es·crow
/ˈeskrō/
LAW
noun

1. a bond, deed, or other document kept in the custody of a third party and taking effect only when a specified condition has been fulfilled

Well, that is one definition. Here is another -

What Is Escrow?
Escrow is a legal concept describing a financial instrument whereby an asset or escrow money is held by a third party on behalf of two other parties that are in the process of completing a transaction.

They are licensed to operate as an escrow company in 49 states (sorry Alabama).

They hold the money. I would prefer if they held the domain as well, but in this situation how would the result have been different?

They would have released the money and domain by the time anything was discovered.
Then it still becomes who is liable for the loss. It is the same situation.

Brad

 

[Samer]

I only sell domains to end users.

Epik is a small registrar basically. They have a few hundred thousand domains compared to GoDaddy's 60M.

It is usually hard enough to close a deal without trying to pitch a buyer on moving from a well known company to a registrar they have likely never heard of.

That is a deal breaker to me. If there was an option to use it with other major registrars it would be a different story.

Brad

Epik 350k or so!
Godaddy 60M

who do you think cares more about customer, Brad? Who feels more appreciated, provides better service, makes me feel more valued— like Epik co-founder(!), than Godaddy with different owner/ceo (epik same both, so i’m also more sure of the direction, btw Rob has yet to say anything didnt true since joined epik 2017

Certainly not Escrow, and Godaddy? i’m documenting the case study of the fall of 60M godaddy, Brad.

i’ve never seen anyone care less, about their cust...
i realzied that, when the bill for GD .com increased to $17 from $15.

good luck, monthly fees, unless you own 500+ gd DN

Samer

 

[bmugford]

Epik 350k or so!
Godaddy 60M

who do you think cares more about customer, Brad? Who feels more appreciated, provides better service, makes me feel more valued like Epik co-founder, than Godaddy with different owner and ceo (epik same owner, so i’m also more sure of the direction, and Rob has yet to say anything didnt come true since joined epik 2017

Certainly not Escrow, and Godaddy? i’m documenting the case stidy of the fall of 60M godaddy.

i’ve never seen anyone care less, about their cust...
i realzied that, when the bill for GD .com increased to $17 from $15,

good luck monthly fees, unless you own 500+ gd DN

Samer

Not every post should be an opportunity to spam Epik. Thanks for the dislikes BTW.

Brad

 

[Samer]

Not every post should be an opportunity to spam Epik. Thanks for the dislikes BTW.

Brad

”Spamming” isnt saying what or why you believe in a ~350k registrar over the 60M monopoly u (keep) defend

i’ll “spam” epik in this context, every time, and if the post doesnt get removed, proves i’m right Brad. — it’s why we have a thing called “accredited”

dont down epik escrow —>> time will prove who’s right
Game changers over incumbents u keep defending..

Samer

 

[Recons.Com]

@Rob Monster is Epik really just 350K domains in total?

 

[blockhead]

I recently used Escrow for a large transaction.

Deal was agreed to Saturday afternoon, and the funds were in my bank account on Monday.

I am generally pleased with Escrow, personally (as a long time U.S. customer).

Are they perfect? Of course not... but neither is the other "E" (despite all the cheerleaders spamming NP nowadays). Both companies have their issues -- and obviously what's best for me may not be best for you, as there are variables such as location -- but end users are generally already familiar with, and trust, Escrow.

 

[boker]

Well, that is your opinion.

Escrow.com handles a much larger volume of transactions than the other smaller payment providers.
Some issues are going to happen.

It is similar to why GoDaddy seems like they have a lot of issues. With more market share, you will see more issues.

Brad

I don't think that the analogy with godaddy works here. With 27 million revenue and around 80 employees, doesn't seem like a huge company. Even if we are talking just about US, 27M it's not very much. Out of curiosity, did you ever had an end user, from outside US asking to deal only with escrow.com and knowing them? I never had such a request and the wast majority of end users(with the exception of US customers, who know them because of the cars trading) don't know them.

 

[bmugford]

I don't think that the analogy with godaddy works here. With 27 million revenue and around 80 employees, doesn't seem like a huge company. Even if we are talking just about US, 27M it's not very much. Out of curiosity, did you ever had an end user, from outside US asking to deal only with escrow.com and knowing them? I never had such a request and the wast majority of end users(with the exception of US customers, who know them because of the cars trading) don't know them.

I am talking about the volume of payments they process. You are talking about their revenue.
Those are two very different things.

They process a large amount of transactions with low margin.
Large transactions net less than 1% of the sales price in escrow fees.

They have processed several billion in transactions.

Out of curiosity, did you ever had an end user, from outside US asking to deal only with escrow.com and knowing them? I never had such a request and the wast majority of end users(with the exception of US customers, who know them because of the cars trading) don't know them.

Yes, many times. Several of my highest dollar sales were people who already had Escrow.com accounts which they wanted to use.

Brad

 

[boker]

I am talking about the volume of payments they process. You are talking about their net income.
Those are two very different things.

Large transactions net less than 1% of the sales price in escrow fees.
The net income has very little to do with the total amount of payments processed.



Yes, many times. Several of my highest dollar sales were people who already had Escrow.com accounts which they wanted to use.

Brad

Yes, but their revenue says something about how big they are. One of their competitor, checkvault, deals mostly in Australia, they had around 24 millions in revenue( so close to escrow.com) they are not specialized in domains, but still most of end users will not know them.
It could be, somebody from it/online sector could know them who bought other domains before, but most of end users are first time buyers and they don't have a clue who escrow.com is. Also, if you will ask 100 random end users, I can bet that most will choose to deal through marketplaces( afternic, sedo, brandbucket) or through registrars(godaddy, namecheap, namesilo)We are not even talking about chinese buyers.