debate Flippa new verification process?

[James Rodman]

a friend of mine just told me flippa has a new verification process for bids over $5,000. I havent seen it yet as i havent bid that much on a domain and i think this is a new thing. I was also told you have to pay $500 by credit card and they hold the money for 1 week. What are your guys' opinion on this?I know its for security purposes but to me $500 is maybe a little too much. thats $500 i can't reinvest during the week.

Do you think this will turn off some people?

Hope to hear what other people have to say. thank you.

 

[aditya11117]

a friend of mine just told me flippa has a new verification process for bids over $5,000. I havent seen it yet as i havent bid that much on a domain and i think this is a new thing. I was also told you have to pay $500 by credit card and they hold the money for 1 week. What are your guys' opinion on this?I know its for security purposes but to me $500 is maybe a little too much. thats $500 i can't reinvest during the week.

Do you think this will turn off some people?

Hope to hear what other people have to say. thank you.

I guess you are right James. Flippa got new verification. you need to Verify urself as Buyer if you are Bidding over 5000$. That's sounds Good enough. But 500$ will be taken by flippa for Verification and will be Hold for 1 week and return. I guess 500$ will be too much.

 

[James Rodman]

I guess you are right James. Flippa got new verification. you need to Verify urself as Buyer if you are Bidding over 5000$. That's sounds Good enough. But 500$ will be taken by flippa for Verification and will be Hold for 1 week and return. I guess 500$ will be too much.

ok thanks for confirming.

 

[silentg]

This should turn off those people who are:
Shill bidding
Deadbeats
and time wasters.

 

[James Rodman]

This should turn off those people who are:
Shill bidding
Deadbeats
and time wasters.

i agree with that point.
I was wondering peoples opinions more from the sellers side. lets say a person is somewhat interested in your domain and after they go to bid they see this. dont you think this will just make them move on to another domain? As a seller on there i dont want to lose any buyers because of something as small as this.
One positive however is once they do this you know they are serious and will make the payment if they end up winning it. i see lots of sales on flippa never go through because buyer fails to pay.

 

[D Haynes]

Personally I think it could deter end users. I worry that simply setting up an account with the site is sometimes enough to deter a buyer, then they have to get verified by giving a site they might not have heard of before $500? Thing is... what's the alternative?

 

[James Rodman]

Personally I think it could deter end users. I worry that simply setting up an account with the site is sometimes enough to deter a buyer, then they have to get verified by giving a site they might not have heard of before $500? Thing is... what's the alternative?

Yes very good point.

keep opinions coming everyone

 

[Enfant]

I am very disappointed with that new "verification".
Even huge banks verify millionaires accounts with deposits like.... $2.
What does Flippa think of itself?

The only person that will pay for Flippa services (without the verification) is the the smart investor.
Small investors will be using $500 to register/buy/sell domains while they post on Flippa, big investors will make that amount run and bring profit in one week. As for me, I do that all the time. Even the worse bank in the worse country will bring at least some profit in one week for that amount.

And one more, very human point. What do you think of yourselves guys aka Flippa, when you know that typical domainers (majority!) do really hope to turn $1 to just $xx? And it's not a dream, it's Reality. Do you know that people also need to eat and pay their bills? In many, many countries and for many, many people $500 is an YEARLY income! And there might be domainers coming from that group of people, students, and those who pay few dollars left in their pockets just to market their domain that Flippa DOES NOT EVEN GUARANTEE to SELL!

People are dying in Nepal and here we are, Flippa, better than Bank of America, Citibank, etc. welcome to our "VIP" club. Shame on you!

 

[D Haynes]

I wonder how much Flippa will make in interest on these $500 they have in their bank account for weeks at a time...

 

[James Rodman]

I am very disappointed with that new "verification".
Even huge banks verify millionaires accounts with deposits like.... $2.
What does Flippa think of itself?

The only person that will pay for Flippa services (without the verification) is the the smart investor.
Small investors will be using $500 to register/buy/sell domains while they post on Flippa, big investors will make that amount run and bring profit in one week. As for me, I do that all the time. Even the worse bank in the worse country will bring at least some profit in one week for that amount.

And one more, very human point. What do you think of yourselves guys aka Flippa, when you know that typical domainers (majority!) do really hope to turn $1 to just $xx? And it's not a dream, it's Reality. Do you know that people also need to eat and pay their bills? In many, many countries and for many, many people $500 is an YEARLY income! And there might be domainers coming from that group of people, students, and those who pay few dollars left in their pockets just to market their domain that Flippa DOES NOT EVEN GUARANTEE to SELL!

People are dying in Nepal and here we are, Flippa, better than Bank of America, Citibank, etc. welcome to our "VIP" club. Shame on you!

yes i agree $500 may be a little too much.

All opinions welcome as im looking to see this from both the buyers and sellers perspective since im a seller on there and want to hear peoples thoughts

 

[Enfant]

Even Paypal will hold money for Fraudulent transactions only!
Where are you going to, Filppa?

 

[Archangel]

Not really. A domain is unique ie there aren't 2 of the same domains in existence. If a buyer really wanted a certain domain, he'd stick the coarse.

lets say a person is somewhat interested in your domain and after they go to bid they see this. dont you think this will just make them move on to another domain?

 

[James Rodman]

Not really. A domain is unique ie there aren't 2 of the same domains in existence. If a buyer really wanted a certain domain, he'd stick the coarse.

i meant like 50% interested. wants to buy but still uncertain. obviously if they are very interested they would go through it without any thought.

Sometimes you get buyers that ll say "im gonna watch and see. not sure yet." i meant those buyers. not asking about the timewasters or the very interested buyers. asking about the ones who are 50/50

 

[James Rodman]

Even Paypal will hold money for Fraudulent transactions only!
Where are you going to, Filppa?

no need to get personal. just looking for opinions/thoughts

 

[D Haynes]

i meant like 50% interested. wants to buy but still uncertain. obviously if they are very interested they would go through it without any thought.

Sometimes you get buyers that ll say "im gonna watch and see. not sure yet." i meant those buyers. not asking about the timewasters or the very interested buyers. asking about the ones who are 50/50

Yeah let's say awesomeboats.com is on sale at flippa and amazingboats.com is somewhere else, I think the flippa auction loses out in the eyes of the undecided and un-verified end user.

 

[James Rodman]

Yeah let's say awesomeboats.com is on sale at flippa and amazingboats.com is somewhere else, I think the flippa auction loses out in the eyes of the undecided and un-verified end user.

this verification is for bids over 5k. not sure any of those would go that high lol but i understand your point.

 

[D Haynes]

Also I don't really understand why they need the money for a week. Surely just having it for 5 mins is enough to make sure they have some money in their account ( although it doesn't prove they have over $5000 to spend). I think this is just a deterrent, but I worry it will act as such to genuine buyers too.

 

[James Rodman]

Also I don't really understand why they need the money for a week. Surely just having it for 5 mins is enough to make sure they have some money in their account ( although it doesn't prove they have over $5000 to spend). I think this is just a deterrent, but I worry it will act as such to genuine buyers too.

yes this is what im hoping to hear opinions on. how it will effect buyers on flippa. As a seller, im always looking to see how buyers will react to certain changes.

 

[silentg]

Verification is automatic and it does not take that good. I don't think it will turn away end users.

Namejet has verification for bidding above $2,500. That hasn't stopped people from buying domains.

 

[James Rodman]

Verification is automatic and it does not take that good. I don't think it will turn away end users.

Namejet has verification for bidding above $2,500. That hasn't stopped people from buying domains.

i dont really buy on namejet. how does it work on there? Like how much and how long is money kept.

 

[silentg]

You fill out a form and send a copy of government issued ID.

http://www.namejet.com/Pages/VerifiedBidding.aspx

 

[James Rodman]

You fill out a form and send a copy of government issued ID.

http://www.namejet.com/Pages/VerifiedBidding.aspx

do you think namejet is more for avid domainers or do endusers go on there as well?

 

[Archangel]

It may hurt, but I couldn't fathom the damage being much. I understand the vacillation aspect, but we're talking about a $5k- bid. The amount of ppl with a swayed opinion likely would be too small to even worry about. Most ppl watch with little/no intention on bidding, anyway. Or bidding gets to $500 or so & ppl say "Eh I lost interest." I think you're looking a little too much into this.

 

[Electric-Shadow]

You fill out a form and send a copy of government issued ID.

http://www.namejet.com/Pages/VerifiedBidding.aspx

I find these verification method's very inconvenient as a UK resident. Since gov ID's are not mandatory in the UK & cost money to apply for. The only alternative is a drivers license, which leaves people without one (like me) screwed.

 

[James Rodman]

It may hurt, but I couldn't fathom the damage being much. I understand the vacillation aspect, but we're talking about a $5k- bid. The amount of ppl with a swayed opinion likely would be too small to even worry about. Most ppl watch with little/no intention on bidding, anyway. Or bidding gets to $500 or so & ppl say "Eh I lost interest." I think you're looking a little too much into this.

good point.