Dynadot

Escrow.com launches Escrow Pay

Labeled as news in Domain Industry News started by Matt Barrie, Aug 7, 2018.

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  1. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    Hello everyone - my first post here.

    You've been asking for a slicker and more simple integration of Escrow.com. Today we launched Escrow Pay, which is a streamlined checkout payments system in one line of code.

    Apologies for attaching a press release but I thought some people might appreciate the detail. More information is at http://www.escrow.com/pay

    Myself and the team are happy to answer any questions.

    Regards
    Matt

    --- cut here

    Escrow.com introduces Escrow Pay, secure online payment processing for cars, boats, airplanes, domains & anything of value, in one line of code.

    SAN FRANCISCO, August 6th 2018: Escrow.com, the world’s most secure online payment system from a counterparty risk perspective, today announced the launch of Escrow Pay™ , a streamlined checkout payment system for buying and selling cars, boats, airplanes, domains and anything of value, in one line of code.


    [​IMG]


    With no minimum fee and prices as low as 0.89%, Escrow Pay is the ideal solution for any website, mobile app, online store, classified site or marketplace that needs to take payments for any product or service of value. Escrow.com is ideal for transaction sizes from $100 to $10,000,000 or more.


    Escrow Pay can be implemented with a single line of code and provides an integration of Escrow.com’s payment system for those customers that prefer a quick and easy solution over and above the powerful and fully featured Escrow.com API that was launched in December 2017.


    [​IMG]

    Escrow.com is used to secure a wide range of transaction types​


    Escrow.com protects both the buyer and the seller by acting as a trusted thirty party holding the funds, allowing the goods to be shipped and inspected prior to funds being released. This means that valuable items can ship across state or country lines before the transaction completes, improving liquidity and access to global markets safely. Greater liquidity means sellers can access more buyers and buyers more sellers, resulting in better choice, pricing and transaction completion rates. For sellers, Escrow.com greatly increases trust & safety and reduces fraud and with no chargebacks, ever.

    Escrow.com is perfect for buying and selling cars, boats, airplanes, domain names, IP address blocks, websites, computer equipment, heavy machinery, jewelry, antiques, services, intellectual property and for import/export. The Aurora Space Station, the world’s first luxury space hotel launching in 2021 uses Escrow.com for taking deposits for the $10 million experience.

    Escrow Pay integrations are straight forward. With a single call to the Escrow Pay API, a partner may create a transaction and retrieve a link to the Escrow Pay checkout flow, which the buyer then may use to complete their transaction in a few easy steps. On completing this, the buyer is returned to a page on the partner’s site. This means that an Escrow Pay button can be added to any type of page or application, including shopping cart checkout pages, classified listing pages, domain parking pages, and mobile apps. The Escrow Pay API may be used on its own or in conjunction with the fully featured Escrow Platform API.


    [​IMG]

    Escrow Pay is a streamlined payment system for any website​

    Recent transactions secured by Escrow.com include the sale of the premium domain names crypto.com by famed cryptographer Matt Blaze, and ice.com to the Intercontinental Exchange, the owner of the New York Stock Exchange. Escrow.com is also the payment system powering a wide variety of e-Commerce businesses including Shopify Exchange, Shopify’s marketplace to buy and sell businesses built on the Shopify platform, and Wingform, a marketplace for airplanes.

    http://www.escrow.com/pay
     
    Last edited: Aug 7, 2018
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. werty

    werty Established Member

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    Do buyers need to verify themselves like the traditional escrow transactions? Or can they checkout like a normal store?
     
  3. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    They checkout like a normal store up to $3,000 which is the limit at which ID needs to be requested by payments systems according to the Code for Financial Regulation 103.33 (there are a several other regulations that have similar requirements).

    When a customer pays a normal store, they have already KYCd with their financial institution at the time they set up the credit card account.

    Here's the code for reference:
    https://www.gpo.gov/fdsys/pkg/CFR-2005-title31-vol1/pdf/CFR-2005-title31-vol1-part103.pdf
     
    Last edited: Aug 7, 2018
  4. TERADOMAIN

    TERADOMAIN Active Member VIP

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  5. NamesAgent

    NamesAgent Established Member

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    This sounds great! Looking forward to utilizing it. :)
     
  6. myfavorite

    myfavorite Established Member

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  7. cillx

    cillx Established Member

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    Does this support to shopify store as a payment gateway which sell small items (less than $10 per item)?
     
  8. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    On the Shopify platform itself? We are integrated with Shopify Exchange which is Shopify's store for buying and selling shops. We are working to try to get Escrow adopted more broadly as a default payment method in Shopify. If anyone would like us to be integrated by default into Shopify please post here the request and the use case and we will forward onto the Shopify team to help that effort.
     
  9. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    We just updated our WooCommerce plugin for Wordpress to version 2.0.0 to use Escrow Pay. This is an alternative to Shopify and the most popular ecommerce system in the world (at least, according to WooCommerce).

    Documentation:
    https://www.escrow.com/plugins/woocommerce

    Plugin:
    https://wordpress.org/plugins/woo-escrow-gateway/
     
  10. FolioTeam

    FolioTeam Established Member

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    Is this open to all countries or is it still restricted to select countries like Nigeria?
     
  11. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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  12. dhyane

    dhyane Established Member

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    Really great. Very useful for all.
     
  13. gtldomainer

    gtldomainer Established Member

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    Very useful, thanks for sharing.
     
  14. Josytal

    Josytal Active Member VIP

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    I already have an active account with escrow/com with past transactions totaling almost 100K, do I need another account for escrowpay?
     
  15. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    You can use the same account.

    You can use as either a seller (e.g. using buy it now buttons on landing pages) or a partner (for example brokering transactions in a domain marketplace).
     
  16. Premiums

    Premiums find.ventures

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    any withdraw fees?
     
  17. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    ACH withdrawal is free
    US domestic wire is $10
    International wire is $20
     
  18. werty

    werty Established Member

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    Great. Definitely an improvement...
     
  19. DN_Hunter

    DN_Hunter Active Member VIP ★★★★★★★★★★

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    @Matt Barrie
    Thanks for this product.

    Can you clarify the $3,000 amount to checkout normally (without the customer needing to go through the verification process).

    Is the the $3,000 the amount of the product sold, or the TOTAL cost including Escrow Fee?

    Example -- the Escrow fee on a $3,000 domain name sale by credit card is $189 -- so the total would be $3,189

    If I sell the domain name for $3,000 and then let the buyer pay the full Escrow Fee, they will pay $3,189 -- would that force them to go through the Verification process, or can they check out like a normal Credit Card transaction?

    Regards,
    DN
     
    Last edited: Aug 7, 2018
  20. AfterBreak

    AfterBreak Account Closed

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  21. DeliDomains

    DeliDomains Oswin

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    This sound good. Thank you.
     
  22. alcy

    alcy Active Member VIP

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    your endless verifications are dealbreakers for countless buyers..not worth the few dollars saved doing it on say some marketplace.
     
  23. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    Unfortunately it is the law, and if you are using a marketplace as a payment system, they will certainly have regulatory issues at some point.
     
  24. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    The fee is included in the $3,000 limit.
     
  25. Beezy

    Beezy Active Member VIP

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    So wait how does someone buy a boat or an airplane with a $3000 limit? (not trying to be cheeky, i'm missing something).
     

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