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

 

[TERADOMAIN]

Thanks for sharing

 

[NamesAgent]

This sounds great! Looking forward to utilizing it.

 

[myfavorite]

Thanks for the info.

 

[cillx]

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

 

[FolioTeam]

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

 

[dhyane]

Really great. Very useful for all.

 

[gtldomainer]

Very useful, thanks for sharing.

 

[Matt Barrie]

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

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).

 

[Matt Barrie]

any withdraw fees?

ACH withdrawal is free
US domestic wire is $10
International wire is $20

 

[werty]

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

Great. Definitely an improvement...

 

[AfterBreak]

Thanks for sharing

 

[DeliDomains]

This sound good. Thank you.

 

[Matt Barrie]

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

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.

 

[Matt Barrie]

@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

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

 

[Matt Barrie]

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

They simply go through the ID verification process.

 

[Beezy]

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?

 

[Matt Barrie]

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.

 

[DomainFQ.com]

Thanks for the info

 

[MasterOfMyDomains]

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

 

[Haris]

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

Thanks.

 

[eurorealtor]

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

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

 

[Matt Barrie]

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

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.

 

[john888]

Is this form script code for the button secure? I haven't used form code for quite a while since I use Google forms now.

But, it looks like I can copy someones code onto my site. Change the code price and buy the domain name. Or does the value come from saved data in the Escrow database? If this is the case why pass the parameters in from the form?

<input type="hidden" name="price" value="2300">

I am probably wrong. Any coders out there that can correct my fears.

Thanks.

 

[john888]

Thanks. I have not followed through with an Escrow buy transaction yet and can only see the buy now page showing the Escrow Create an Account with item description page. The item description data comes from my website buy now button form passed parameters. Once buyer creates an account do I the seller get a notification?? I still don't like the button form passing the buy price value. Someone could copy my code and have some fun sending me $2 buyers for a $10,000 domain name.

 

[namemarket]

It looks like you don't need to create a button on escrow.com (I may be wrong) and can simply edit your own or anyone else's html code (which you can get by viewing source on your browser) and change the price, domain name and even sellers email address. Anyone can do this using Notepad, and then copy code to your webpage. Is this a secure way to do it? I did it and changed email address and domain name to example.com but could have been Crypto.com etc. and a price of just $10 (value="10") See below:

<form action="[URL]https://www.escrow.com/checkout[/URL]" method="post"><input type="hidden" name="type" value="domain_name"><input type="hidden" name="non_initiator_email" value="[EMAIL][email protected][/EMAIL]"><input type="hidden" name="non_initiator_id" value="123456"><input type="hidden" name="non_initiator_role" value="seller"><input type="hidden" name="title" value="Example.com domain"><input type="hidden" name="currency" value="USD"><input type="hidden" name="domain" value="Example.com"><input type="hidden" name="price" value="10"><input type="hidden" name="concierge" value="false"><input type="hidden" name="with_content" value="false"><input type="hidden" name="inspection_period" value="1"><input type="hidden" name="fee_payer" value="split"><style>@import url([URL]https://fonts.googleapis.com/css?family=Open+Sans:600);.EscrowButtonPrimary.EscrowButtonPrimary[/URL]{background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAG8AAAALCAMAAABGfiMeAAAAolBMVEUAAAD///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////.....

P.S. End area of escrow pay code was not copied so code should not work if used (I assume)..