news Escrow.com launches Escrow Pay

[Matt Barrie]

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

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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.

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.

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.

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

 

[Matt Barrie]

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

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

 

[alcy]

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

 

[rockefeller]

I recently had @DomainStation implement something like this (this might be it, not sure), you can see an example at http://market.differentinvestments.com/triedit-com/

I've used this simple marketplace for years and gradually had him put new payment methods on there such as the automatic search with the godaddy button etc. I just had my first sale using the escrow.com button last night, payment secured today, worked well.

 

[Matt Barrie]

If we have already implemented your API on our website, should we switch to Escrow Pay, and why?

Hi Stub

It depends on what integration you have done with the API. The Platform API is fully featured and allows you to customise the experience in a flexible way. For example Wingform integrated using the Platform API and the entire process to buy and sell an airplane has been facilited in a highly customised way.

Escrow Pay is a slick checkout to keep customers on your website and provides a more seamless user experience from transaction creation to payment- think of it like when you use Ebay and how it checks out when you buy with Paypal.

If you email Michael Liedtke to discussion your situation more he can assist ([email protected]).

Regards
Matt

 

[DN_Hunter]

@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

 

[Beezy]

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

 

[Matt Barrie]

Is efty all set up for this @Doron Vermaat ?

Still confused, does a buyer of 2500 name need to submit identification? I just logged in, updated my info and am verified tier 1. I can't remember if i submitted documents in the past.
Hoping to hear more positive experiences like @rockefeller posted above. Off to efty, thanks Matt for helping us out

A buyer of a $2500 name would not have to submit ID. Tier 1 is just the name, date of birth and address which is for $3,000 transactions and below. No ID documents are required.

 

[Matt Barrie]

It seems pretty simple to integrate into WP. I like the Buy it now buttons option. Thanks Matt.

For Wordpress there is a WooCommerce plugin and it's very easy to do. It's been upgraded to use Escrow Pay.

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

 

[Doron Vermaat]

Is efty all set up for this @Doron Vermaat ?

Still confused, does a buyer of 2500 name need to submit identification? I just logged in, updated my info and am verified tier 1. I can't remember if i submitted documents in the past.
Hoping to hear more positive experiences like @rockefeller posted above. Off to efty, thanks Matt for helping us out

Escrow Pay will be integrated into Efty yes. Most likely around September.

 

[Matt Barrie]

If you plan going in the lower tiers, competing with Stripe and the likes, I think providing date of birth / address is a deal breaker. Stripe only asks for a CC. But otherwise, congrats

I have one question about the fee:
It writes "With no minimum fee and priced as low as 0.89%". Yet, when I go to the Escrow fee calculator, I get https://www.escrow.com/fee-calculator#USD transction fees with $10 minimum and 3.25% and 6.5%, depending on whether the person pays by CC or wire/check. Can you please explain? Do Escrow API/Escrow pay have different fees than Escrow? How does it work?

We have waived all the minimum fees in the Escrow.com Platform API and Escrow Pay to encourage volume.

 

[eurorealtor]

.This thread is about Escrow Pay not about Nigeria and other nations with high online fraud and scams. P.S. "I am the wife of the deposed Nigerian President and sister of the Oil Minister and I am also related to the Prince. I have 20 million USD I need to get out of Nigeria fast and asking you if I can send these funds direct to your US Bank account. When you get the $20,000,000 USD just wire $19,000,000 back to my account and keep $1,000,000 USD for your kind help. All you need to do is first send your US bank account info and $3,000 by Wire or Bitcoin to show your good faith."

I disagree with you. This thread is for everyone, not just for US members. Nobody force you to do business with other nations.

 

[Matt Barrie]

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

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.

 

[Matt Barrie]

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.

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/

 

[Matt Barrie]

Is this open to all countries or is it still restricted to select countries like Nigeria?

The list is here:

https://www.escrow.com/support/faqs/what-countries-does-escrowcom-support

 

[Beezy]

Thank you. Will mess with the woocommerce plugin soon.

 

[Name Trader]

If we have already implemented your API on our website, should we switch to Escrow Pay, and why?

 

[Qutest]

Thanks for the info.

 

[eurorealtor]

It seems pretty simple to integrate into WP. I like the Buy it now buttons option. Thanks Matt.

 

[Grego85]

I was just getting ready to revamp my sales website, perfect timing.

 

[namemarket]

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

I find it real surprising a US State would require an escrow agent to make the customer jump thru so many difficult time consuming hoops for so long to use escrow. I recently lost a nice 4 figure sale because buyer got weary with the ongoing seemingly never ending verification needs. He did the first few but then threw in the towel never to be seen again after you asked for more and more, domain is still unsold.

P.S. Is there a MINIMUM transaction size? I assume since Shopify uses you there in no minimum? Also, if it's a very small $25 sale I read somewhere there's a min fee of $10 plus another fee for using a CC, meaning buyer must pay $35 plus. Is that correct?

 

[OmarVG]

The Best of luck to Escrow Pay!

 

[john888]

What are the legal challenges of someone selling my domain name for value=100. Buyer is sent to the Escrow web page with my domain name itemized for sale. Buyer a fortune 500 company with lots of lawyers commits to buy my domain name but I do not accept since I did not publish my domain for sale at value=100? Can I prove that the fake code doesn't come from my website but the fake website?

 

[Matt Barrie]

But what stops someone from replacing email in the code with their own email address who may also have escrow.com account under that email, so you then send transaction agreement to the altered email which goes to the 3rd party, who then agrees to the transaction? The price, domain and email should be hidden from view in the public accessible code, imo.

Then they are trying to transact with someone else and not you!

 

[Josytal]

I'd like to hear more end user Escrow Pay with successful transactions before moving from the API?

It works. A buyer just initiated a transaction. (you can check my site - namecape.com - to see the implementation. Click on any of the domains with buy it now option). PM if you need assistance.