Fast Transfer does not mean Fast Transfer at Afternic

[uglydork]

I sold a name on Afternic on 12/1 and I just received a notice today that payment is scheduled for 12/12. The buyer paid immediately when he purchased the name. I received confirmation of that.
I sent emails asking for a payment date and it takes days for them to answer and the dates are always different.
I spoke to a rep on the phone this morning who was just rude.

I finally received an explanation today:
"I apologize for your troubles and the frustration this has caused. Fast transfer sales are an option for customers to have a hand's off experience in the transfer process of the domain however these sales do not mean that you will receive a faster payment."

Why is it called Fast Transfer? Seems blatantly misleading.
Notice that the explanation says nothing about the process being fast, in fact, it says you will not see a faster payment. The name should be changed, its lying.

I can use Escrow.com and get a deal done in 2 days - why so long Afternic? Why would I wait 2 weeks for a hands off approach? I can transfer a name within seconds.

 

[boker]

I have to chime in that maybe I'm lucky, but I get paid through Afternic very quickly. Almost like clockwork. The pattern I see is that perhaps they give the buyer an inspection period or something because I get paid in 72 hours pretty much every time.

Now, on non-fast transfer transactions it can take longer. I sold a name a couple of weeks ago through an Afternic broker and ultimately I ended up waiting for the buyer to create an account at Dynadot (the name could only be pushed). The cool thing I learned on that one was that Afternic has holding accounts with most registrars for pushes. It worked out great.

Anyway, I truly think payment is reliable. I would always give 3 days after transfer confirmation.

I was never paid faster than 11 days and from what people are talking, this looks like a good average. In your case, it could be that they are using an algorithm based on ip location, frequency of sales, registrar(godaddy), but it will not be fare to discriminating based on location, but it's the only logic answer.

 

[Silentptnr]

I was never paid faster than 11 days and from what people are talking, this looks like a good average. In your case, it could be that they are using an algorithm based on ip location, frequency of sales, registrar(godaddy), but it will not be fare to discriminating based on location, but it's the only logic answer.

Because I do my domain investing alone, I never really think of what other people might be experiencing. Nice to have threads like these to keep up on what others are experiencing.

 

[Corey]

If I'm not happy with a service, I don't use their service.

Cheers
Corey

 

[boker]

Because I do my domain investing alone, I never really think of what other people might be experiencing. Nice to have threads like these to keep up on what others are experiencing.

I'm doing it alone as well, but I'm always comparing what I'm doing with what others are doing, to see what I need to change and what not. Also, I'm doing it from an 'accountant' point of view as well, when I'm buying a domain or a bunch of domains, I know the average acquisition price, I know the minim amount I need to have a good ROI, I know how many(on average) are liquid,(wholesale) I'm counting the profit and looses on each tld, on each niche and on some known keywords, average payment time and so on...so I always compare everything with others, to make sure that I'm in the right position.

 

[uglydork]

And now you can see why some of us support dan or epik, and you don't understand why. My average payment with dan is around 17 hours, until the payment hit my account, my average payment time with afternic is 13 days(until the payment hit my paypal, than loose some through currency convertion and another day to hit my account), I don't even talk about godaddy(and looks like dynadot as well). I know, they have lots of buyers, but believe it or not, in my case, using my landing page at dan, brings more customers through whois than the afternic premium network(including godaddy), talking about exactly the same domains listed on both sides. So, dan, epik, escrow can do instant payment check, afternic needs one week(sometimes two), godaddy needs weeks and so on. How is that possible?

I have all my names on DAN - I refuse to use Epik - personal choice

 

[twiki]

I sold a name on Afternic on 12/1 and I just received a notice today that payment is scheduled for 12/12. The buyer paid immediately when he purchased the name. I received confirmation of that.
I sent emails asking for a payment date and it takes days for them to answer and the dates are always different.
I spoke to a rep on the phone this morning who was just rude.

I finally received an explanation today:
"I apologize for your troubles and the frustration this has caused. Fast transfer sales are an option for customers to have a hand's off experience in the transfer process of the domain however these sales do not mean that you will receive a faster payment."

Why is it called Fast Transfer? Seems blatantly misleading.
Notice that the explanation says nothing about the process being fast, in fact, it says you will not see a faster payment. The name should be changed, its lying.

I can use Escrow.com and get a deal done in 2 days - why so long Afternic? Why would I wait 2 weeks for a hands off approach? I can transfer a name within seconds.

It don't see it that misleading. It's fast Transfer (to customer), not fast Payout (to seller). And the advantage is you don't have to get and send domain auth and codes, unlock domains and whatever. It's done automatically as you probably know already.

Each platform has its pros and cons. The most important factor is, howewer, not payout time, but number of sales and average sale value, minus % commision and purchase/reg value = PROFIT. That's what matters most.

Afternic sells my domains for best value AND also provides the best volume, even with their larger commission factored in. With Dan and others I get mostly lowball offers, the $100-200 sorts. (Edit: I also get some better offers as well, less frequent, but it is largely behind Afternic).

So it depends. I have nothing against their 2-3 weeks payout schedule as long as the money keep coming in. But if you don't have a money pool to rely on, I understand it can be frustrating.

Perhaps you should focus on the good part of the situation instead - the sale you've made. And make more of that.

 

[twiki]

It's misleading, but in another way, not regarding fast transfer-fast payment. In my case 90% of the transfers at afternic are fast(sometimes instant, sometimes in 1-2 hours). The misleading part is that i the moment the transfer is done, their system is saying that the payment will be automatically disbursed in the next 7 days. So, not the 7th day, it could be 1,2-5. So, you are waiting all these 7 days and then , the 8th day you start contacting them asking what's wrong. You get an answer on the 10th day(if you are lucky) that you will be announced when the disbursement will take place, usually around 13-14 days after the domain left your account So it's misleading, you will never get paid in the first 7 days, usually it's between day 11 and day 17.

Yeah they should adjust that in their text.

But whoever is used to them is also used to the 2 weeks payout. To me that is of no real importance.

 

[twiki]

It's a matter of principle and trust. If your company sells something to another company and they are saying that your invoice will be paid in the next 7 days, and you get paid constantly 2 weeks latter, you will think twice next time when you deal with them.
Also, it could not be a problem for you, but if your business model it's to flip them fast and repeat, a thing like this can ruin all your business model. The idea is that you can't counton them even on that 13-14 days payout, you never know, it could take even 3 weeks(sometimes, 2 months, as I heard, but never happened to me), so it's not something you can rely on.

I don't disagree, but as a long-time entrepreneur I see the issue from a different angle. To me it looks like not an issue with the model (the model is good) but a management issue.

Instead of fighting the mountains I plan to build a ladder. There are tons of such hurdles in business that you can mitigate. I deal with several on a daily basis. Everyone has a problem with any platform, I do have my own with each.

There's a 3 weeks cashing cycle with this provider. That shouldn't be an issue in any normal business. You should plan around it. Fortunately (it's) it should be easy - put aside some of the profits (not necessarily the biggest part, say $50 or $100 etc) until you have saved and have a cash pool that you can rely on for new purchases. ( Edit: I do understand that many domainers have cash constraints as well, so it is not always that easy )

Yet again, the critical question is whether they bring the most money on the table.

If so, see my point above.

If not, then don't stress too much and list elsewhere - probably the best way to penalize a firm is to no longer be their customer. I doubt anything else will have any impact whatsoever, including this thread.

 

[uglydork]

I was laid off 2 weeks ago unexpectedly right before the holidays and I have an outstanding tax bill from last year I wasn't expecting. I needed this sale to keep me going while I look for work. I resorted to selling my names last week at $99 a piece for money to keep me going while waiting on this "Fast Transfer" payment.
Normally its not an issue

 

[uglydork]

The wording needs to be clear and fast transfer is misleading - the transfer is not fast nor is the payment. If they were clear and concise, I would be fine
Explain about the vast network of resellers - play that card but be clear about the time it will take to be paid. Just be transparent and dont bait people with words like "fast" when it is not

 

[uglydork]

The service should be renamed "Fast Transfer - Slow Payment". Afternic is currently the crappiest marketplace in terms of paying the seller. They're always fast when it comes to grabbing the money from the buyer and the domain from seller but when it comes to paying, they keep verifying the payment for days or weeks no matter it's $500 or $5,000.

The transfer isn't fast either - the buyer just received the name today and I am still waiting for payment. It's been 12 days!

 

[wwwweb]

They can't release payment until they confirm the buyer has taken possession of the domain.

The transfer isn't fast either - the buyer just received the name today and I am still waiting for payment. It's been 12 days!

That is the catch, the buyer has to receive the domain, once they confirm this if it is early enough in the day, your payment can hit within the same day via paypal, or 1-2 days via bank. The key is they have to confirm the transfer is with the buyer. Now you will get paid maybe Wednesday via paypal, or Wed/Thurs via bank. Someone should have auto expressed it so it didn't take 5 days to countdown the transfer.

You have to make sure the status changes to transfer confirmed, otherwise your funds will not move until that step is complete. You might have to make a call to remind the broker to do that, I am sure they get busy with a lot inquiries over there.

 

[Jurgen Wolf]

I will not start using godaddy just to make afternic happy.

The same on GD Auctions, they use the same payout procedure.
I lost ~3 weeks in 2018 awaiting their ACH...
It was my 1st and last sale there.

 

[Michael Ehrhardt]

I sold a name on Afternic on 12/1 and I just received a notice today that payment is scheduled for 12/12. The buyer paid immediately when he purchased the name. I received confirmation of that.
I sent emails asking for a payment date and it takes days for them to answer and the dates are always different.
I spoke to a rep on the phone this morning who was just rude.

I finally received an explanation today:
"I apologize for your troubles and the frustration this has caused. Fast transfer sales are an option for customers to have a hand's off experience in the transfer process of the domain however these sales do not mean that you will receive a faster payment."

Why is it called Fast Transfer? Seems blatantly misleading.
Notice that the explanation says nothing about the process being fast, in fact, it says you will not see a faster payment. The name should be changed, its lying.

I can use Escrow.com and get a deal done in 2 days - why so long Afternic? Why would I wait 2 weeks for a hands off approach? I can transfer a name within seconds.

congrats on the sale

fast transfer has nothing to do with fast payment
i got my money after weeks too but it,s ok

the buyer feel comfortable thats all what is important

 

[uglydork]

Just saw this. Maybe but I am one of the few people who is on Namepros and I was in late today for personal reasons so I think they just did it on their own.

I just got back on myself - I really do appreciate that you took the time to explain. Thank you Joe!

 

[Joe Styler]

A long story, but it's more like a marketing story than one trying to explain issues. The issues can be deal't in a couple of phrases, answering questions like: Why undeveloped and epik can pay in hours and afternic needs 10-15 days or so, they don't deal with the same buyers/sellers/domains? Why it takes 3 days or more to get a reply from afternic support, when at others takes minutes? They are simple question and some simple answers will suffice.

I think I gave a pretty long explanation already. There are pros and cons for anything as people have pointed out already on the thread and you need to decide for yourself. We have a very large reach, lots of customers and lots of sales, we also work with a hundred or so different partners. With that breadth of reach comes added time but more sales. If you only sell on GoDaddy auctions you get paid in hours, but you get less reach than that of Afternic. Although setting up a landing page for GoDaddy auction and selling on the Auctions only would be more apples to apples vs Epik or Dan, but I would guess we have more reach by volume of potential buyers on the auctions site then they would, also we have a wider brand recognition and trust among average end users. They are more likely to know who we are and send their money to someone they know. That is not to say anything bad about either Dan or Epik, they are both good companies with people who want to innovate and push everyone in the industry to continue to improve. I would trust them with my money and have nothing against them. I am just saying GoDaddy has a wider brand reach and I think that helps so apples to apples without an expanded network we do pay in hours, and I would argue sell more.
But Apples to Oranges on Afternic we have a very wide network of partners, over 100. This means much more exposure for your domains. It also means local language and marketing by those companies in China, or India, or Germany, etc. We also have local sales and support agents in Europe and China to help close deals in local time, and local language, on the phone at Afternic etc, etc. You have to decide on your own the benefits of each sales platform and how it meets your individual needs.

 

[JudgeMind]

Who cares? The afternic DLS sells a ton of names, that’s all that matters to me! I won’t “not” list with their network because I have to wait a week to get the funds.

 

[boker]

I think I gave a pretty long explanation already. There are pros and cons for anything as people have pointed out already on the thread and you need to decide for yourself. We have a very large reach, lots of customers and lots of sales, we also work with a hundred or so different partners. With that breadth of reach comes added time but more sales. If you only sell on GoDaddy auctions you get paid in hours, but you get less reach than that of Afternic. Although setting up a landing page for GoDaddy auction and selling on the Auctions only would be more apples to apples vs Epik or Dan, but I would guess we have more reach by volume of potential buyers on the auctions site then they would, also we have a wider brand recognition and trust among average end users. They are more likely to know who we are and send their money to someone they know. That is not to say anything bad about either Dan or Epik, they are both good companies with people who want to innovate and push everyone in the industry to continue to improve. I would trust them with my money and have nothing against them. I am just saying GoDaddy has a wider brand reach and I think that helps so apples to apples without an expanded network we do pay in hours, and I would argue sell more.
But Apples to Oranges on Afternic we have a very wide network of partners, over 100. This means much more exposure for your domains. It also means local language and marketing by those companies in China, or India, or Germany, etc. We also have local sales and support agents in Europe and China to help close deals in local time, and local language, on the phone at Afternic etc, etc. You have to decide on your own the benefits of each sales platform and how it meets your individual needs.

So apples to apples would be a sale through standard network at afternic and a sale at undeveloped or epik, because you don't need all those registrar for a basic sale, no? The only issue is that even if it's a basic sale, without having anything to do with others and it still takes afternic 10-15 days to release the payments. Last year when I had my last sale through godaddy it still took 20 days to get paid, so I didn't felt the progress, now I don't list at godaddy anymore. About the trust issue, if you compare the european market, I don't know if there is any trust difference compared to undeveloped at least. Also, how it;s possible to move a domain in (seconds/minutes/even hours), with whois confirmation of the new owner, but you are saying that you still need to verify it, when the domain is long gone. It will be the same after one minute or one day, you don't need to wait 10 days after the whois change, to disburse the payment.

 

[Joe Styler]

So apples to apples would be a sale through standard network at afternic and a sale at undeveloped or epik, because you don't need all those registrar for a basic sale, no? The only issue is that even if it's a basic sale, without having anything to do with others and it still takes afternic 10-15 days to release the payments. Last year when I had my last sale through godaddy it still took 20 days to get paid, so I didn't felt the progress, now I don't list at godaddy anymore. About the trust issue, if you compare the european market, I don't know if there is any trust difference compared to undeveloped at least. Also, how it;s possible to move a domain in (seconds/minutes/even hours), with whois confirmation of the new owner, but you are saying that you still need to verify it, when the domain is long gone. It will be the same after one minute or one day, you don't need to wait 10 days after the whois change, to disburse the payment.

No apples to apples would be GoDaddy alone vs Epik or Dan alone. On most auction sales we pay out very quickly.

GoDaddy is the parent company of many European brands so we have European brand recognition as well under various names.

On the Afternic standard Network we have 32 reseller partners. That is still apples to oranges. That is different from Epik or Dan. Anytime you add in more companies you have more people and systems and regulations etc to deal with. There is nothing wrong with that, again it is personal preference. With 32 partners you have broader brand recognition as well. End users are going to the companies they know to buy a domain and your domain is showing up there if it is a partner. If it is in the Fast transfer network you have over 100 partners so it is even broader.

 

[Jurgen Wolf]

In 2018 I did SedoMLS sale by the buyer's mistake...
Instead to proceed it directly via Sedo - he checked it at Dynadot and paid there...
Whole process was automatic, I didn't any moves...
Total duration from start to finish (money in my bank) ~1 week.

Apples VS apples?
Or not???

 

[Silentptnr]

If I'm not happy with a service, I don't use their service.

Cheers
Corey

I agree with you.

 

[Domo Sapiens]

Afternic shouldn't be taking domains out of people's accounts without immediately making payment to the seller. ( not just starting the B/S process)
Plain and simple.
If they don't trust the buyer (hence holding the funds forever, even close to 2 weeks)
Don't transfer the domain.
Room is wide open for a 3rd broker/player aside SEDO and Afternic.

And godaddy totally needs to take-over Afternic and change their stone-age culture... (culture clash)

eg:
Sold domain taken out of my godaddy account and transferred to buyer on Sat, Dec 7.
Today Dec 12: Payment: Not Scheduled
What gives?

 

[carob]

I posted earlier in another thread about Afternic offering my domain at far below the listing price I had set
https://www.namepros.com/threads/pr...rt-problems-here.1006373/page-47#post-7345645
Would have been hell trying to get my domain back if it sold at that incorrect price.

 

[boker]

Another afternic fast transfer sale, 10 hours ago, the buyer is using the domain already( I have enabled catch all emails before the sale and they use the email to receive quotes and stuff). So, the transfer was instant, the buyer is using the domain only a few hours after the sale and afternic is still 'checking' the funds for at least 7 days. What's the purpose of checking the funds, when the domain is used already by the new owner...don't handle the domain, if you are not sure about the funds.

 

[karmaco]

GD Afternic has the slowest payout of any other service you can use. Its laughable that a person can see a domain in minutes but the seller has to wait 2 weeks to get paid. Its 2020 and its embarrassing that a giant like GD doesn’t invest more in staying in line with how payments are done all over the world— instantly. One of many reasons, I don’t take my names there.