Escrow.com is taking way too long processing payments.

[imadoer]

Escrow.com is really taking too long processing payments.The last few deals I have done have taking too long to process and approve payments. This can be nail biting when trying to complete a deal fast. As we know deals fall apart at times and the time frame by escrow can really ruin things. I'm not happy with the new escrow.com the old escrow.com got things done.

 

[Jackson Elsegood]

Hi imadoer,
All of our transactions are reviewed by law by an escrow manager prior to being disbursed. They check that the seller really sent the domain and the buyer has it secured in their account. The speed of this review has been always been a big focus for us, in fact it's up on my dashboard every hour of every day. Since May of 2016 we've taken the time for this review to happen for the majority of transactions from a day or more down to just a few hours. However, there are always parts of the system that I would like to see improved, so if you can PM me the transaction IDs that caused your original comment that will help identify a process we can improve.

Recently, we renegotiated with our banking partners and were able to halve our domestic and international wire disbursement fees, as well as start offering ACH disbursements to US customers for free. As part of that change, we also changed the account that we issue checks from and a small number of customers that had received checks in the past 8 weeks but had not yet cashed them were asked to return or destroy the check from the old account so we could move the remaining balance held in trust. These customers have been offered free expedited disbursement options to get the funds into their accounts, as well as compensation for the cost of sending back the original check.

As iAchilles pointed out, Escrow.com is audited on an annual basis by each of our state regulators on at least an annual basis, some review our books much more often. These reviews all feature one key objective in common, to ensure that funds held in trust are completely separated from the operating accounts of the business and are held in non-interest earning trust accounts. Far from financial difficulty, the additional investment in Escrow.com has allowed us to invest heavily in support and engineering to expand our support hours to midnight PST, add new languages and to work on improvements to our systems and infrastructure to make processing faster and safer.

While I understand the frustration around providing ID in transactions, this is something that all money transmitters and escrow companies are required to ask for under US law. I consider the obligation to be compliant with that law to be as important as our obligation to keep our customer's funds separated from our own.

Jackson Elsegood
General Manager, Escrow.com

 

[creataweb]

Seen these yet? Some info / ideas / etc. in there.

https://www.namepros.com/threads/escrow-com-is-now-asking-for-photos-of-personal-docs.993366/

https://www.namepros.com/threads/alternatives-to-escrow-com.993362/

https://www.namepros.com/threads/what-escrow-service-will-you-use-now.994021/

 

[creataweb]

Last year I had one that took almost 2 months to get paid. I am not using them anymore (and for the reason for all the IDs needed by buyer and seller which will kill many deals.)

 

[iAchilles]

Disclaimer: I'm not stating Escrow are in trouble financially. I'd just like to point out that slow payments is rarely a positive sign. I've seen this a thousand times in many niches. They'd want to get their act together.

I recently got transactions handled very fast with them, but I'm reading too many stories about delays, now ID is required. I won't be using them for any further transactions that I need closed fast.

 

[deez007]

I'm rather keen to give Payoneer's Escrow service a try... haven't tried it yet but will definitely give them a try,

 

[Soofi]

You twisted my words.

I have no clue if Escrow are having solvency issues and I made this abundantly clear. I pointed out that slow payments can in many cases be a red flag for solvency issues. Please edit the article, it's not fair on me or Escrow.com.

This is what I wrote and it is no way twisted my friend as far as I know because "might be" means you are/were not sure:

"A namepros member also went to the extent of saying that Escrow.com might be in trouble financially somehow as slow payment processing is not a very good or positive sign"​

 

[Billy Wagner]

Have you reached out to them to see what the dealeo is?

 

[imadoer]

Have you reached out to them to see what the dealeo is?

it's not just one transaction it's every transaction

 

[Keith]

I agree. They're taking up to 2 weeks to disburse secured funds.

 

[imadoer]

I agree. They're taking up to 2 weeks to disburse secured funds.

not good for me I just sold something for next to nothing because I needed money right away. This sucks

 

[Keith]

not good for me I just sold something for next to nothing because I needed money right away. This sucks

They secured a wire last month. I had to call after 10 days to get funds. Now again they just secured a wire 2-3 days ago. Nothing so far...

 

[Soofi]

Hmmm escrow.com just asked me to mail them back a cheque they said they sent me! lol

They said they would pay me an extra $5 lol This transaction has been going on for like five or six months now, including negotiating.

*scratches head* *rolls eyes*

lol what?

 

[Start]

I wrote in the other threads about how I'm going to try to avoid Escrow.com in the future because of the excessive ID requirements.

But to be fair, I have to say that I have found them just as fast in the past year as previously... after the buyer confirms they got the domain, Escrow.com sent out payments usually within a day, or sometimes 2 days.

I just mention that to add a "datapoint" that they are fast at least in some cases.

 

[Soofi]

Your thread tempted me to gather some data from here and write this

Is Escrow.com Dying Slow Corporate Death?

 

[dollarfield]

That is not surprising and expected after Escrow.com was acquired by Freelancer.com, which does not have impeccable reputation.

 

[imadoer]

Maybe After updating the site the servers got slow. None the less u can contact their support team

Support spins things anymore nothing is getting done in a timely fashion. We need things to be executed pomptly. The only that gets done fast is them getting paid buy us. @Jackson Elsegood we need better service from your company. A lot of us are loyal customers. We are starting to feel like we need to business else where. Please have a meeting with your staff and provide us better service.

 

[domainer111]

lol what?

If I'm owed money and a supplier does not pay me when the clearly they owe me, I say "lol" a lot to stop myself flying into an uncontrollable rage, the sort of rage experienced by web designers trying to float their divs.

It works - most of the time :D

 

[iAchilles]

This is what I wrote and it is no way twisted my friend as far as I know because "might be" means you are/were not sure:

"A namepros member also went to the extent of saying that Escrow.com might be in trouble financially somehow as slow payment processing is not a very good or positive sign"​

Thanks for clearing that up, I breezed over it and thought you presented it as fact. Carry on.

 

[werty]

I agree. The current payment approval process and timing is completely inefficient. Right now I am waiting on approvals that should have already been approved. Sucks. And now they want to add the additional ID forms and address verification which will only make it worse.

 

[wwwweb]

There is people who make a living off trading currency. If Escrow holds funds for a week on many transactions, it can add up to a boatload of money. Also the price of oil that changes daily can add or drop currency a few pennies and on millions of dollars it ads up fast. I am not sure what Escrow does with the money. Perhaps they just go for daily interest in a bank.

Escrow account is not interest bearing, your argument is null & void

 

[Kate]

Considering I requested our payment via check and courier (into canada) there was no need for that.

Any reason why you're not using ACH or wire transfer ? What happens if the check is lost in the mail ?

 

[wwwweb]

Any reason why you're not using ACH or wire transfer ? What happens if the check is lost in the mail ?

Check is sent via fedex I believe

 

[domainer111]

// not sure what's happening with them!

 

[imadoer]

They need to take a long look at their ethos and the way they do things.

they used to do things efficiently and it worked! The service is not the same now