GoDaddy Fast Transfer & Payment

[nametrekker]

Could domain investors provide pros and cons of selling domains on the most popular domain marketplaces?

Super domain blogger Elliot Silver wrote an article yesterday about the deficiencies of GoDaddy Fast Transfer & Payment as well as suggestions to improve the selling process, and there were many comments by persons complaining about GD's slow payouts.

https://domaininvesting.com/suggestions-to-improve-godaddy-afternic-sale-process/

Apparently, GoDaddy/Afternic transfers the sold domains to the buyers, THEN conducts due diligence on the buyers per potential fraud?

Isn't this putting the horse before the cart? And why 7 days to receive payment for your domain already transferred to the buyer.

Over 90% of my domain sales have been to endusers, and at least 75% of these sales were inbound from brokers repping clients - mainly well-funded startups and Fortune 500 companies.

I also get about 20 sales per year on Sedo.

I'm getting ready to list 4000 domains with landers for sale, and I'd considered Godaddy/Afternic until learning about delayed payments on GD.

Any suggestions or pros and cons of the domain marketplaces? Avg sale per domain in my portfolio has been 11250 USD since 2012.

Thank you

https://domaininvesting.com/suggestions-to-improve-godaddy-afternic-sale-process/

 

[Name Trader]

My last sale on Afternic Fast Transfer took 14 days from the time the domain was taken out of my account, to the point the funds were received 14 days later.

 

[bmugford]

I am an active GoDaddy/Afternic user, and have been for many years.

The main upside is the massive market share of GoDaddy/Afternic. No other company is even close.

Elliot has many good points. Their system has a lot of room for improvement.

I have found the transfer part on "fast transfer" is a lot faster than the payment part.

But, it is not just "fast transfer". When I sell domains via the normal channel either because I am not opted-in for those domains or they are not eligible, the payment can take even longer at times.

Sometimes you will get paid in a few days, other times it can drag on for weeks. I have had transactions in the last few months that took 2-4 weeks to finalize. What happens is I push the domain to Afternic's account, then it just sits in there forever until the buyer accepts it.

The seller's role is done when the domain is removed from their account. At that point payment should be processed IMO. GoDaddy charges a 20% commission, that is more than enough to mitigate any chargeback risks.

There are a lot of common complaints about the Afternic system that should probably be addressed. GoDaddy would probably be smart to use some type of focus group to identify and address these issues.

One additional issue I have is that you can't have multiple payee accounts active at one time, like with GoDaddy. I prefer to have certain parts of my portfolio using different payees. That is not an option with Afternic like with GoDaddy.

Brad

 

[nametrekker]

Brad, This is exactly what I've heard.

Payments should be disbursed right after the domain has been transferred to the Buyer's account/registry.

Brokers from GD have been hired by clients to buy some of my domains. In fact, had a 17 K sale 2 months ago. After one day, I hadn't received payment. My wife is an atty so she contacted the GD broker. Funds were disbursed within 2 hrs,

I'm going to list 3500 on Dan and 525 on GoDaddy with landers and see pros and cons.

The worst things that can happen when selling domains, in this order:

1) having domain transferred to a fraudulent party in some impossible location to bring suit, eg, Uzbekistan, North Korea (lose domain and no money)

2) not getting paid after domain sold

3) waiting 7 days to get paid after the buyer has already secured domain, maybe even put up a site

FAST TRANSFER & PAYMENT sounds like more of a punchline than a perk to benefit the domain seller

Domaining is a tough business - don't need another headache to add to the tension

Everytime you sell a domain on FAST TRANSFER & PAYMENT could just add to stress, rather than make you happy.

My wife will look into legality of holding monies for 7 days AFTER asset has already been transferred to the buyer. I can't think of any marketplace platform (domain, art, estate sale, auto, real estate, collectibles) that engages in this interstate commerce so anti- customer/seller