GoDaddy now reinforcing 20-25 day payout rule

[alcy]

so I was told today by gd auctions reps that they are now reinforcing the rule where you only get paid 20 days after buyer pays you. versus requesting payment when domain transfers etc.

that's 20 days.. plus possibly 3-5 day processing.

so say buyer pays you oct1st
payment clears oct5th
you begin transfer oct6, domain is in buyer gd accnt on oct8.. .you still wait til oct20-25 to get paid.

maybe @Joe Styler can confirm this.. as well as why this rule was not reinforced before and suddenly is now? were there problems with earlier payouts?? can this be reversed to what it was before?

I see no point in waiting an extra 2 weeks for payment once domain is with buyer... sometimes we need those funds asap.

thanks!

 

[Joe Styler]

We have always said that it can take up to 20 days. Sometimes it takes less time.

 

[noonoo1]

Does this extend to other companies under the godaddy umbrella?

 

[alcy]

We have always said that it can take up to 20 days. Sometimes it takes less time.

sorry for not being clear, I meant to say that all my transactions so far, I was able to email support and say that domain is with buyer and they said "ok, you will be paid in 1-3 days"

it is now no longer so. and you are suddenly reinforcing the rule for all.

I'd like to know why the change. and if it can be reversed. cause some people would like or need their funds asap.

thanks

 

[Joe Styler]

Yes. All of the payouts are quoted as 20 days. Many of them are paid much quicker with many BIN sales being paid by day 5-6 after the sale.

 

[alcy]

Yes. All of the payouts are quoted as 20 days. Many of them are paid much quicker with many BIN sales being paid by day 5-6 after the sale.

maybe you mean premium. I was told today all gd auctions sales will be paid out 20-25 days after buyer pays. and that there will no longer be any exceptions to this rule. and that it will always be reinforced for everyone.

 

[alcy]

so now I have another gd auction sale.. all paid and transfered to buyer.
so I do not beleive this is progress for me (or any seller) or evolution in right direction, for me to have to now sit around for ~2 weeks and count sheep and imagine the money is already in my paypal acocunt. and that I'll need to repeat this same process (of waiting around and counting sheep) for every future sale on auctions.

it also makes me want to have no more sales on gd auctions and maybe have sales elsewhere (I redirect to your landers my typein traffic)

I thought the funds verification period was 5 days after buyer pays. not another dead period of almost 2 weeks later on too... so what exactly is happening to the money and my payment during these now extra 2 weeks or so? people/sellers could use those funds.. and you just keep them around sitting dead doing nothing for 2 weeks??? @Joe Styler

I always thought your 20% commission was well worth it due to the smoothness of the whole process, security of transaction etc... but if you will have me sit and count sheep for 2 weeks after each sale, and after completed transfer, before I can get paid then this is no longer a good deal for me. I hope you can fix this, and make it like before, otherwise, your not going forward and evolving here as company imo.

 

[tonyk2000]

As a side note, I was always wondering why the following happens @ gd :

1) If my premium listing is sold through gd homepage, then the domain is transferred to the buyer immediately. I am paid after about a week which is OK.

2) If the same buyer elected to purchase the same domain through auctions.godaddy.com (in which place premium listings are also offered AND I do not need to separately submit them to auctions), as a BIN listing with the same price, then the buyer needs to wait for a week until the domain is transferred to them. During this week, the system "verifies payment". Moreover, in some cases, due to reasons unknown, the system elects not to push the domain instantly and asks me the seller to push it manually.

Why is this? Why purchasing premium listing through auctions requires 7 days waiting period? And what are exact reasons for the system to sometimes avoid pushing auction-sold domain to the buyer instantly after their payment is finally approved? As I seller, I configured premium listing - and, by doing so, I explicitly authorized GD to push sold domains to buyers through any channels (godaddy homepage, wildwestdomains, godaddy resellers, auctions.godaddy.com) - without any extra actions required from my end.

 

[Joe Styler]

so now I have another gd auction sale.. all paid and transfered to buyer.
so I do not beleive this is progress for me (or any seller) or evolution in right direction, for me to have to now sit around for ~2 weeks and count sheep and imagine the money is already in my paypal acocu*t. and that I'll need to repeat this same process (of waiting around and counting sheep) for every future sale on auctions.

it also makes me want to have no more sales on gd auctions and maybe have sales elsewhere (I redirect to your landers my typein traffic)

I thought the funds verification period was 5 days after buyer pays. not another dead period of almost 2 weeks later on too... so what exactly is happening to the money and my payment during these now extra 2 weeks or so? people/sellers could use those funds.. and you just keep them around sitting dead doing nothing for 2 weeks??? @Joe Styler

I always thought your 20% commission was well worth it due to the smoothness of the whole process, security of transaction etc... but if you will have me sit and count sheep for 2 weeks after each sale, and after completed transfer, before I can get paid then this is no longer a good deal for me. I hope you can fix this, and make it like before, otherwise, your not going forward and evolving here as company imo.

Each sale has different variables, you can contact your account rep with your details of the sale you had and they can give you more info on what happened with the specific sale. There are various types of sales which is why we always have quoted 20 days although many pay out faster than that.

 

[alcy]

Each sale has different variables, you can contact your account rep with your details of the sale you had and they can give you more info on what happened with the specific sale. There are various types of sales which is why we always have quoted 20 days although many pay out faster than that.

like I Said before, all my gd sales thus far were paid out almost imediately after I informed your support of successful transfer. therefore, it didn't seem too "variable" to me before.

furthermore, I was told today that the reason for this is not because of transaction variability but because you have now suddenly out of the blue decided to reinforce the 20-25 day payout rule for all transactions for all people.

ty

 

[Joe Styler]

As a side note, I was always wondering why the following happens @ gd :

1) If my premium listing is sold through gd homepage, then the domain is transferred to the buyer immediately. I am paid after about a week which is OK.

2) If the same buyer elected to purchase the same domain through auctions.godaddy.com (in which place premium listings are also offered AND I do not need to separately submit them to auctions), as a BIN listing with the same price, then the buyer needs to wait for a week until the domain is transferred to them. During this week, the system "verifies payment". Moreover, in some cases, due to reasons unknown, the system elects not to push the domain instantly and asks me the seller to push it manually.

Why is this? Why purchasing premium listing through auctions requires 7 days waiting period? And what are exact reasons for the system to sometimes avoid pushing auction-sold domain to the buyer instantly after their payment is finally approved? As I seller, I configured premium listing - and, by doing so, I explicitly authorized GD to push sold domains to buyers through any channels (godaddy homepage, wildwestdomains, godaddy resellers, auctions.godaddy.com) - without any extra actions required from my end.

Because they are different sales channels. Each channel has its own process and backend instrumentation. It is normally 5 days with auctions and not 7. On either of the two sale processes you describe above your payment date should be the same.

 

[boker]

so now I have another gd auction sale.. all paid and transfered to buyer.
so I do not beleive this is progress for me (or any seller) or evolution in right direction, for me to have to now sit around for ~2 weeks and count sheep and imagine the money is already in my paypal acocu*t. and that I'll need to repeat this same process (of waiting around and counting sheep) for every future sale on auctions.

it also makes me want to have no more sales on gd auctions and maybe have sales elsewhere (I redirect to your landers my typein traffic)

I thought the funds verification period was 5 days after buyer pays. not another dead period of almost 2 weeks later on too... so what exactly is happening to the money and my payment during these now extra 2 weeks or so? people/sellers could use those funds.. and you just keep them around sitting dead doing nothing for 2 weeks??? @Joe Styler

I always thought your 20% commission was well worth it due to the smoothness of the whole process, security of transaction etc... but if you will have me sit and count sheep for 2 weeks after each sale, and after completed transfer, before I can get paid then this is no longer a good deal for me. I hope you can fix this, and make it like before, otherwise, your not going forward and evolving here as company imo.

I have the same thing...sold the domain on 25 september, the verification and transfer were finished by 2 october and I was told that the payment will go through around 15 october, so around 20 days. I think it's the slowest payout time comparing with the other marketplaces and than they ask why peoples try their best to use other places. I have sold domains paid in hours after the firs inquiry through my personal landing pages.

 

[Joe Styler]

I have the same thing...sold the domain on 25 september, the verification and transfer were finished by 2 october and I was told that the payment will go through around 15 october, so around 20 days. I think it's the slowest payout time comparing with the other marketplaces and than they ask why peoples try their best to use other places. I have sold domains paid in hours after the firs inquiry through my personal landing pages.

That is not really apples to apples.
If you are getting paid in 20 days you are likely selling names not registered with us and that need to transfer. So we need to clear the funds internally. We do checks on them to make sure the buyer's funds are good. After 5 days we feel confident with our investigation then we tell you to move the domain to the buyer. If the buyer then defrauds us you are not impacted, ie chargeback or paypal reversal or stolen cc etc we look at those and other risks during that time frame as we incur risk. Once we decide the money is good we need to get the domain. Sometimes it is fast at other times the transfer can take 7 days after we get the codes in, some big registrars will not speed up the 7 day process, so you are now at day 12. We also need the buyer to take the domain. Anyone who sells a lot of domains on their own will know that this is not always easy to do even after a buyer pays a lot of money for a domain. So we need to get it into their account. We do not always have the ability to force the domain to them and we do not like that option anyway as we want the buyer to do the right thing and accept the domain themselves through the right process which protects everyone involved in the sale when they agree to certain agreements by taking possession of the domain. Then we need to pay you. Great, maybe you are in the US and maybe you are not. If it is a Friday afternoon when the domain lands in the buyer's account you can add another 3 days to the payment because the banks aren't going to process those payments on the weekends and our accountants are not processing payments on the weekend. If you are not in the US then we have other things to deal with such as International banking laws, holidays on both ends, etc and a third party to go through. All of this is with no technical or user errors like someone declining the transfer in because this isn't their main job buying domains, and they just saw an email and clicked it.
So sometimes it is going to be 20 days to get paid and sometimes it will not be.
All that being said we are actively working with some compliance things in the mix as well that may help us speed the payments up even further.

 

[DNGear]

 

[boker]

That is not really apples to apples.
If you are getting paid in 20 days you are likely selling names not registered with us and that need to transfer. So we need to clear the funds internally. We do checks on them to make sure the buyer's funds are good. After 5 days we feel confident with our investigation then we tell you to move the domain to the buyer. If the buyer then defrauds us you are not impacted, ie chargeback or paypal reversal or stolen cc etc we look at those and other risks during that time frame as we incur risk. Once we decide the money is good we need to get the domain. Sometimes it is fast at other times the transfer can take 7 days after we get the codes in, some big registrars will not speed up the 7 day process, so you are now at day 12. We also need the buyer to take the domain. Anyone who sells a lot of domains on their own will know that this is not always easy to do even after a buyer pays a lot of money for a domain. So we need to get it into their account. We do not always have the ability to force the domain to them and we do not like that option anyway as we want the buyer to do the right thing and accept the domain themselves through the right process which protects everyone involved in the sale when they agree to certain agreements by taking possession of the domain. Then we need to pay you. Great, maybe you are in the US and maybe you are not. If it is a Friday afternoon when the domain lands in the buyer's account you can add another 3 days to the payment because the banks aren't going to process those payments on the weekends and our accountants are not processing payments on the weekend. If you are not in the US then we have other things to deal with such as International banking laws, holidays on both ends, etc and a third party to go through. All of this is with no technical or user errors like someone declining the transfer in because this isn't their main job buying domains, and they just saw an email and clicked it.
So sometimes it is going to be 20 days to get paid and sometimes it will not be.
All that being said we are actively working with some compliance things in the mix as well that may help us speed the payments up even further.

I understand every step of this, but let's take for example afternic, owned by godaddy, the buyer and seller are from the same countries as in the godaddy transaction, the registrars are the same, godaddy and one other( in this case domain.com) The only big difference is that afternic pays in 8 days or less and godaddy pays in 20-22 days. Also, there were instances were I've sold a domain after 1 week it was hand regged and the buyer wanted to use godddy as registrar, so I've had to wait 2,5 months to receive the money from godaddy, without having any power to decline the transaction if it takes so long. After waiting close to 2 months for the domain to not be under the 60 days lock, I've waited another 2 weeks on top of that to receive the payment. I've tried to decline to sell it anymore, because in this time I had another buyer, but I was told that I will be banned, even do I didn't agree to get paid after 2,5 months.

 

[dr manos]

Show attachment 70105

Yes same here, usually at active sellers many representatives tried for fast payments, oh i miss Vaclav!

Now 5 days for funds processing and 20 days waiting, for what?
Reply was they put a time frame to have time for the transfer but all our transfers are in same day as we can wrap up it from the loosing registrar.
And 20% fee is quite big imo

 

[dr manos]

Yes. All of the payouts are quoted as 20 days. Many of them are paid much quicker with many BIN sales being paid by day 5-6 after the sale.

What is the difference in seller payment if name was BIN or a deal with offers-counteroffers, total nonsense

 

[dr manos]

After the 5-6 calendar days for funds authorization seller has to transfer the name to buyer's godaddy account.
Many sellers do it in same day and of course godaddy can know from first minute that name transferred to godaddy, why to wait 20 days, sedo sends payment next day

 

[alcy]

ridiculous.

 

[Joe Styler]

I understand every step of this, but let's take for example afternic, owned by godaddy, the buyer and seller are from the same countries as in the godaddy transaction, the registrars are the same, godaddy and one other( in this case domain.com) The only big difference is that afternic pays in 8 days or less and godaddy pays in 20-22 days. Also, there were instances were I've sold a domain after 1 week it was hand regged and the buyer wanted to use godddy as registrar, so I've had to wait 2,5 months to receive the money from godaddy, without having any power to decline the transaction if it takes so long. After waiting close to 2 months for the domain to not be under the 60 days lock, I've waited another 2 weeks on top of that to receive the payment. I've tried to decline to sell it anymore, because in this time I had another buyer, but I was told that I will be banned, even do I didn't agree to get paid after 2,5 months.

If you list a domain name with us part of the listing terms say you have the ability to move it to the buyer free and clear, if there is a lock you don't have that ability. The buyer has to wait 60 days to get the domain which is not very fair to them. Many buyer prefer to use GoDaddy because they know the brand and refuse to get a domain name pushed to them at another registrar.