Labeled as news in Domain Industry News started by Matt Barrie, Aug 7, 2018.
They simply go through the ID verification process.
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?
If you look at the image "Step 2" is labeled verification - if that is necessary based on the payment amount.
Thank you. Will mess with the woocommerce plugin soon.
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.
Thanks for the info
If we have already implemented your API on our website, should we switch to Escrow Pay, and why?
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]).
Thanks for the info.
It seems pretty simple to integrate into WP. I like the Buy it now buttons option. Thanks Matt.
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.
For Wordpress there is a WooCommerce plugin and it's very easy to do. It's been upgraded to use Escrow Pay.
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?
And following on from @brad05's comment, can we charge all escrow charges to the buyer, like we can with the API.
I don't understand the difference between the usual Escrow.com service and Escrow Pay. Please explain.
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 ?
I believe when you create Buy it now button for each domain, you set who pay the fee and the inspection period.
I was just getting ready to revamp my sales website, perfect timing.
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?
Escrow Pay will be integrated into Efty yes. Most likely around September.
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.
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.
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.
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.
We have waived all the minimum fees in the Escrow.com Platform API and Escrow Pay to encourage volume.
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