Escrow Just Ruined My Transaction... After So Much Pains Getting Buyer To Pay

[jideofor]

I do not know what the job of an escrow company is if not to secure buyer and seller.

I started a transaction being with the help of a Namepros member here and after so much pains to get the buyer pay, they finally did about 48 hours ago.

I woke up this morning to a devastating email as shown below. I am a Nigerian and so what? Your job is to secure funds to avoid any mishap. This is where Sedo and others are better. After this, depending if my other transaction goes through or not, I will have to close my account at Escrow.

It is unbelievable that Escrow didn't notify me of any rejection even while i was verifying my account some months ago... Then tell me what is your DAMN job?

 

[promo]

Try to control you racism man. The real reason is that they are not licensed in Nigeria. End of story.

I am the broker in this transaction. The issue is that you can go through Tier 1 verification at Escrow.com. Enter your nationality as one of the banned 10 or so countries and it all goes through. They only halted the transaction at the time after the buyer had already sent her payment. How is that for wasting peoples time?

You have a data form that has you put in your country of origin but it does not react when it is feed one of the banned countries.

Luckily I convinced the buyer to go with Payoneer Escrow (No I did not force Escrow.com on Jideofor, it was his suggestion from the start).

 

[xynames]

Spot on dude!... this is already in the works. I know of a few people working on blockchain based payment gateways. So this could become a reality soon

Blockchain is an irreversible method of payment, or it may be used to transfer most anything intangible, photos, information, etc. In that respect in that it is irreversible it may work as a method of payment into an escrow, but it cannot function as an escrow per se because it cannot be "held up" (reversed), except with a reverse identical transaction.

In other words, yes it may help in situations like this to create absolute trust in forms of payment, but still a sort of escrow will be needed.

 

[deez007]

Blockchain is an irreversible method of payment, or it may be used to transfer most anything intangible, photos, information, etc. In that respect in that it is irreversible it may work as a method of payment into an escrow, but it cannot function as an escrow per se because it cannot be "held up" (reversed), except with a reverse identical transaction.

In other words, yes it may help in situations like this to create absolute trust in forms of payment, but still a sort of escrow will be needed.

Basically it can work much like how localbitcoins.com conduct their escrow transactions. Due to the fact that blockchain transactions cost peanuts and are fast, funds need to be simply transfered into a holding account then only once the asset (in this case domain name) has been transfered to the buyer then the buyer can give the thumbs up to release the funds... simple, seemless, safe. The whole process can be competed within 30-90mins most of the time even faster. I have been in discussions with a few guys working on a blockchain based payment gateway... some interesting ideas coming out. Unfortunatley I am not at liberty to discuss fully.

 

[xynames]

There's nothing secret to anything anyone is doing with blockchain. IBM is openly working on stuff too. Blockchain is open source.

https://www.google.com/amp/s/letsta...-companies-using-blockchain-technology-2/amp/

But like I said blockchain may merely be a payment method still an escrow mechanism is needed; blockchain itself may not function as an escrow, and nothing anyone has posted above about blockchain including the localbitcoins example (localbitcoins is the escrow, not blockchain) means anything in the context of a real escrow - which an escrow is a means to ensure that buyer and seller's terms have been met before goods and funds are released from one to the other.

Think of blockchain like low cost instant bank wire transfer, except usable to transfer more than just funds.

 

[imadoer]

Welcome to the club i recently lost $1500 due to escrow taking near 5 days to approve the funds. Im going with payoneer escrow as mush as i can

 

[jideofor]

Hi Tony,
Payoneer Escrow does support broker transactions and you can have multiple brokers if needed. We also support transactions involving Nigerians. I would expect if you asked DomainAgents to settle your transactions through Payoneer they would have no issues doing so. If we can help you in any way just drop me a note - [email protected]
All the best,
Brandon

I have to make something clear... and I wish to thank Brandon Abbey for his inclusive policy in integrating people into any system he stand for or operate.

When I signed up at Escrow.com some in 2014 or thereabout, Nigeria was not included, I had selected Niger (lol) just to be on the system. But luckily, I met Brandon on a thread here on Namepros in 2015 and I complained about the exclusion of Nigeria in their listed country of operations.

He gave me an email ID which I emailed and he had spoken to the person before my email got to her. She did everything to change my country from Niger to Nigeria, which technically meant, at that time, Nigerians can sign up and use Escrow.com. This was before the sales of Escrow.com to Freelancer.

Since Escrow.com was sold, they decided to reverse whatever policy that might have been on ground.

 

[jideofor]

Try to control you racism man. The real reason is that they are not licensed in Nigeria. End of story.

I am the broker in this transaction. The issue is that you can go through Tier 1 verification at Escrow.com. Enter your nationality as one of the banned 10 or so countries and it all goes through. They only halted the transaction at the time after the buyer had already sent her payment. How is that for wasting peoples time?

You have a data form that has you put in your country of origin but it does not react when it is feed one of the banned countries.

Luckily I convinced the buyer to go with Payoneer Escrow (No I did not force Escrow.com on Jideofor, it was his suggestion from the start).

Thanks man, you did an awesome job... all through.

 

[DomainAgents]

This would also help other businesses, lets say domainagents @DomainAgents , to continue operating normally. I, for example, do not even bother anymore even to open occasinal emails from DomainAgents, since, last time I checked, they sent successfully finished negotiations to escrow.com exclusively, as they are paid by escrow.com (or are supposed to be paid).

We support Payoneer as well by request. Just reach out to support if you want to complete a transaction that way. As long as the buyer is also on board, we can do it.

 

[jideofor]

Update:

Jackson Elsegood and Jennifer Kahani have been able to save the deal for this transaction and I wish to express my profound gratitude to them.

I also wanna thank @promo for handling this on my behalf... Dude has been absolutely remarkable. God bless us all!

 

[jideofor]

We have managed to move the transaction to Payoneer and they have be scintillating. They confirmed payment very fast after receiving it. I was thinking it will take some days to confirm but alas, it was super fast and we are in the process of transferring the domain name to the end user.

Thanks to everyone for their contributions.

 

[promo]

So Jackson and Jennifer saved this for you. Thats nice of them.

Here I thought that my calls and my insistence on having Jennifer call them afterwards was the cruncher. But I guess we see things differently.

As I recall the buyer had second thoughts after the escrow.com incident and wanted to cancel. I sent you their email. My exact words were; Sit back and let me handel it. 3 hours later the deal was back on. 24 hours before escrow.com called them and "saved the deal".

 

[jideofor]

Update: Well, I wish to say thank you @promo for successful brokering and Payoneer was a great company to work with to make this happen.

We finalized the whole thing through payoneer after @promo convince the buyer to use Payoneer when they could have backed out of the deal due escrow.com way of handling things, but @promo made sure they didn't back out and it was much faster than what is obtainable at escrow.com.

@Brandon Abbey is a great guy and I recommended someone on Quora to contact him as she intend to buy a domain name from Telepathy. I do hope she comes around.

 

[Brandworthy]

I wonder if there is a way to make this happen? It would eliminate the hassle of finishing up a deal.

Blockchain helps to secure the payment, and a smart contract could be used to determine when the payment should be released, but the missing link here is how to prove that the domain has been transferred. Until there's some way to "prove" this in a trustless system I think we'll still be needing escrow intermeidaries.

I don't see the relevance or application to an escrow situation.

Imagine if both the domain and payment were on a blockchain - i.e. the transfer of both funds and domain can be proven via a trustless system. That would more or less remove the potential for any fraudulent transactions. The payment part is available today, but the domain transfer part is not.

Spot on dude!... this is already in the works. I know of a few people working on blockchain based payment gateways. So this could become a reality soon

I don't think this will truly work until WHOIS is on a blockchain, and even then services such as WHOIS privacy would be a limiting factor.

Due to the fact that blockchain transactions cost peanuts and are fast, funds need to be simply transfered into a holding account then only once the asset (in this case domain name) has been transfered to the buyer then the buyer can give the thumbs up to release the funds... simple, seemless, safe.

What happens if the buyer doesn't give the thumbs up? How, and under what circumstances, could the smart contract be cancelled? In order to work you have to have some sort of programmatic way to confirm that the domain asset has also been transferred.

But like I said blockchain may merely be a payment method still an escrow mechanism is needed; blockchain itself may not function as an escrow, and nothing anyone has posted above about blockchain including the localbitcoins example (localbitcoins is the escrow, not blockchain) means anything in the context of a real escrow - which an escrow is a means to ensure that buyer and seller's terms have been met before goods and funds are released from one to the other.

Hopefully one day smart contracts can do exactly this. But right now the biggest hurdle is determining who owns the underlying asset the payment is for. If domain ownership could be moved onto a blockchain then I believe smart contracts will put Escrow out of business in the domain industry. Best part is that domains, being digital assets, are eminently suitable for a blockchain revolution.

 

[Brandon Abbey]

Update: Well, I wish to say thank you @promo for successful brokering and Payoneer was a great company to work with to make this happen.

We finalized the whole thing through payoneer after @promo convince the buyer to use Payoneer when they could have backed out of the deal due escrow.com way of handling things, but @promo made sure they didn't back out and it was much faster than what is obtainable at escrow.com.

@Brandon Abbey is a great guy and I recommended someone on Quora to contact him as she intend to buy a domain name from Telepathy. I do hope she comes around.

Thank you for the nice comments. It was a pleasure to work with all parties involved to get this transaction completed. We appreciate the opportunity to handle your transactions in the future. Best regards,

Brandon