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.

 

[iAchilles]

How can you ring fence a PayPal transaction, unless you use your own funds of course?

Ring fencing simply means that funds for transactions cannot be used for general operations.

 

[Kuffy]

Ring fencing simply means that funds for transactions cannot be used for general operations.

I understand that, but my point was that I don't believe that you can ring fence a payment if it hasn't been confirmed.The whole point of using an escrow service is that the name isn't released until the service receives a confirmed payment. That's why many of them don't allow credit card payments.

 

[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"​

 

[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.

 

[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

 

[werty]

Hi Jackson,

I sent you an email at around 1:29pm today about a sale stuck because payment hasn't been approved. Funds were wired by buyer last week and should be on the escrow account. I have been a customer for year and have also noticed processing speed much slower than usual. What's going on?

To be fair, as a side note: My complaint is with the speed of buyer's payments getting approved. Once transactions close, I get my funds promptly.

 

[Jackson Elsegood]

Thanks, Werty. I wasn't able to pick your email but reached out via PM.

 

[werty]

replied

 

[werty]

Update: On this particular transaction, it looks like my buyer sent ACH instead of a Wire Transfer. So this is my buyers fault and not escrow.com.

 

[imadoer]

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

It's not one transaction that is annoyong me. Its the last few transactions. Its the way things have changed. Before the company changed I used to be able to get a payment processed with speed. I would call they would speed up the transaction. Now theres such a barrier. You send a wire they want to take a day to accept it and 24hrs to approve it. Same thing with paypal it takes to long to approve it theres no speeding up the process anymore. The new system doesn't work for me. Deals fall apart with too much time. This causes people to loose money. We need better and more efficient service from escrow.com The staff used to go the extra mile for the customers and now they don't.

 

[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.

 

[imadoer]

https://www.namepros.com/threads/bo...r-not-responding-anymore.996843/#post-5954751
this guys deal fell apart maybe because escrow took 2 days to fund the transaction?? we need better service!!!!

 

[werty]

I am looking into Payoneer.com as an alternative.

 

[RegBoss]

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.

 

[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

 

[DropWizard.com]

We're having trouble getting our last transaction paid. Domain has been transferred and on wed night I received an email stating that payment had been approved but they needed banking info.

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

Emails sent wed night and thurs morning have been ignored. Support confirmed to me yesterday that the transaction clearly stated payment by cheque and the emails had been received.

Transaction is somewhere in limbo as there has been no response from the payment dept.

I'm not even going to get into the ridiculous verification process we had to endure on an account we've had since 2003 and had multiple previous transactions. Acct was verified by wed morning.

These are not signs of a company in good standing financially. Our previous transactions have gone through flawlessly and speedily.

Our emails to the payment dept are now 24 and 36 hours old without response.

 

[DropWizard.com]

Ok we just received our closing statement 38 hours after our original query. Not a great response!

Now the fun of waiting to see if they send the check.

 

[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

 

[DropWizard.com]

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

We live in Canada and use a credit union. Wire transfer forms have three spaces for representative banks when you're doing wires. We need at least 6. All the additional info has to go in the information section which GETS IGNORED all too frequently. We had a major xx,xxx sale last year bouncing around North America for 10 days while everyone played dumb. Fortunately the originating bank turned out to have made the mistake and picked up the customers fees otherwise it would have cost us a fortune and no recourse on anyone.

We pay for an overnight fedex. I don't trust the mail either!!!

Anyway check finally arrived and they responded to my email about 6 days after I sent it, only to give me the wrong dates for the transaction closing and the issuing of the check. Colour me unimpressed but at least we got our money.

 

[wwwweb]

WE live in Canada and use a credit union. Wire transfer forms have three spaces for representative banks when you're doing wires. We need at least 6. All the additional info has to go in the information section which GETS IGNORED all too frequently. We had a major xx,xxx sale last year bouncing around North America for 10 days while everyone played dumb. Fortunately the originating bank turned out to have made the mistake and picked up the customers fees otherwise it would have cost us a fortune and no recourse on anyone.

We pay for an overnight fedex. I don't trust the mail either!!!

Anyway check finally arrived and they responded to my email about 6 days after I sent it, only to give me the wrong dates for the transaction closing and the issuing of the check. Colour me unimpressed but at least we got our money.

Quite a story, where do you go from here, if you had to do it all over again?

 

[DropWizard.com]

Quite a story, where do you go from here, if you had to do it all over again?

Cash baby cash

On a more serious note I think we'll just insist on Paypal until I see these problems cleaned up. I remember a few years back when Sedo was having problems and people weren't getting paid for months on sales. They seem to have recovered so hopefully time allows Escrow to work it's problems out. I (hope) most of it is just administrative and not financial.

 

[HoangLx]

@Jackson Elsegood I have 5 transactions via Escrow that have been reviewed for a week. I did email to their support team and payment team. However there's no responses yet. Can you please help me out solving this problem?
Thanks in advance.

 

[wwwweb]

@Jackson Elsegood I have 5 transactions via Escrow that have been reviewed for a week. I did email to their support team and payment team. However there's no responses yet. Can you please help me out solving this problem?
Thanks in advance.

Are you buyers/sellers certified with id verification?