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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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    They simply go through the ID verification process.
     
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  2. Beezy

    Beezy Active Member VIP

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    So in the photo example in the first post, that buyer has already been verified, and they can do a $5k credit card purchase because they've logged in with their escrow credentials, and now that option is available? Am i getting that right?
     
  3. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    If you look at the image "Step 2" is labeled verification - if that is necessary based on the payment amount.
     
  4. Beezy

    Beezy Active Member VIP

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    :) Thank you. Will mess with the woocommerce plugin soon.
     
  5. rockefeller

    rockefeller Established Member ★★★★★★★★★★

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    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.
     
  6. DomainFQ.com

    DomainFQ.com DomainMarket.ws Gold Account

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  7. stub

    stub Top Member VIP ★★★★★★★★★★

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

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    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
     
  9. Qutest

    Qutest Established Member

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  10. eurorealtor

    eurorealtor Active Member VIP

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

    MasterOfMyDomains Top Member VIP ★★★★★★★★★★

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    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
     
  12. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    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.
     
  13. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    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
     
  14. brad05

    brad05 Established Member

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    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?
     
    Last edited: Aug 8, 2018
  15. stub

    stub Top Member VIP ★★★★★★★★★★

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    And following on from @brad05's comment, can we charge all escrow charges to the buyer, like we can with the API.
     
  16. Haris

    Haris Best Domainer Of The End-Times VIP

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    I don't understand the difference between the usual Escrow.com service and Escrow Pay. Please explain.

    Thanks.
     
  17. mike2100

    mike2100 Established Member

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    does the seller need to verify his id ? when he want's to withdraw his money ?
    also : can he withdraw the money to a friend bank account ? or to paypal ?
     
  18. eurorealtor

    eurorealtor Active Member VIP

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    I believe when you create Buy it now button for each domain, you set who pay the fee and the inspection period.
     

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  19. Grego85

    Grego85 Quality.Domains VIP

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

    namemarket Established Member ★★★★★★★★★★

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    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?
     
    Last edited: Aug 8, 2018
  21. Doron Vermaat

    Doron Vermaat Email [email protected] for the fastest Efty support. Efty Staff PRO Gold Account VIP

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

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    Hi there unfortunately payments is a heavily regulated space in the US and it is State by State. Credit card companies upfront do the KYC in order to get the card, this is why it doesn't happen at the time of sale.

    One set of regulation is here in CFR 103.33 regarding this.
    https://www.gpo.gov/fdsys/granule/CFR-2003-title31-vol1/CFR-2003-title31-vol1-sec103-33

    The good news is that in the API we have waived the minimum fee. This applies to the Escrow.com Platform API and Escrow Pay. The fees are here but remove the minimums in the column. There is also no fee for payout via ACH.

    https://www.escrow.com/fee-calculator

    Regards
    Matt
     
  23. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    Awesome. If any of you need any help please send me your email address privately and one of our integration team will reach out and ensure that you have all the help you need to integrate.
     
  24. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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    Hi there. You will need to verify your ID if you transact $3,000 or more in total (including the Escrow fee). You will only need to do this once obviously, so the best time is to do this up front.

    No the regulation does not allow payout to someone else's bank or paypal accounts. They need to match the name on the account.

    Regards
    Matt
     
  25. Matt Barrie

    Matt Barrie Member Escrow.com Freemarket Gold Account VIP

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

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