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]

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

The main difference is in how we are able to move the domain. With a BIN we can move the domain quicker for a few reasons.

 

[Joe Styler]

Show attachment 70105

This makes sense now that I see the answer. This is a response to a request to expedite payment manually. The sales are already set up to be paid on these kinds of transactions automatically on day 20. So you are asking them to manually go in and make the payment sooner. This can be done, but there is some manual labor involved and several teams need to be doing manual work including teams not under our control such as accounting so we can make sure the money is counted correctly and that there is not a double payment etc. Each one of these requests is time consuming and we try and balance our support to help as many people as we can. If they are getting too many requests like this it is going to impact their and accounting's ability to help other customers in a timely manner and then more people will be upset. The decision was made to benefit the larger group of customers so that everyone can get the help they need in a timely manner.
As I stated previously we are looking into ways to speed up the payments but there are compliance issues to work through.

 

[alcy]

This makes sense now that I see the answer. This is a response to a request to expedite payment manually. The sales are already set up to be paid on these kinds of transactions automatically on day 20. So you are asking them to manually go in and make the payment sooner. This can be done, but there is some manual labor involved and several teams need to be doing manual work including teams not under our control such as accounting so we can make sure the money is counted correctly and that there is not a double payment etc. Each one of these requests is time consuming and we try and balance our support to help as many people as we can. If they are getting too many requests like this it is going to impact their and accounting's ability to help other customers in a timely manner and then more people will be upset. The decision was made to benefit the larger group of customers so that everyone can get the help they need in a timely manner.
As I stated previously we are looking into ways to speed up the payments but there are compliance issues to work through.

so do u know why everyone so far has been more than happy and able to manually expediate my payments upon request? and today I was told no more, and that now they need to stick to rules?

i think i made it pretty clear i was talking about requesting they manually pay and expediate payment btw. which again, they always did gladly before.

 

[dr manos]

The main difference is in how we are able to move the domain. With a BIN we can move the domain quicker for a few reasons.

we move the name to buyer's godaddy account same or next day regardless if was BIN or offer or whatever.
Still insist, total nonsense

 

[boker]

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.

So, bottom line 'free and clear' means that we are not allowed to list domains under the 60 days lock with godaddy? Maybe it's should be clearer than this line, because I can't see it. Also, that means that if you buy a domain from godaddy closeout's, you need to wait 2 months until it can be listed for sale?

 

[Dream Domains]

Hello.

In our opinion, commissions over 10% are too expensive, and even 10% is not cheap.

Payment delays are bad for business.

While we think this is obvious, domain name community is tolerating it. But we predict, this situation will change.

Again, we encourage NamePros to implement 1% commission domain name auctions.

Kind regards,

DomainNameBroker.com

 

[alcy]

This makes sense now that I see the answer. This is a response to a request to expedite payment manually. The sales are already set up to be paid on these kinds of transactions automatically on day 20. So you are asking them to manually go in and make the payment sooner. This can be done, but there is some manual labor involved and several teams need to be doing manual work including teams not under our control such as accounting so we can make sure the money is counted correctly and that there is not a double payment etc. Each one of these requests is time consuming and we try and balance our support to help as many people as we can. If they are getting too many requests like this it is going to impact their and accounting's ability to help other customers in a timely manner and then more people will be upset. The decision was made to benefit the larger group of customers so that everyone can get the help they need in a timely manner.
As I stated previously we are looking into ways to speed up the payments but there are compliance issues to work through.

with all due respect, I highly doubt your plan to make more people happy with this decision is working.. as there are clearly a whole bunch of clients (or all of them) who will not be happy to see their money sitting dead for an extra couple weeks.. and after all your verifications of funds and transfers are done.

I think its an awful idea to keep people's money hostage like this. 5 days to verify is great, even advisable.. but 2 more weeks after that.. of nothing but a dead wait... I find this an outrage when people trust you with their sales, pay 20% commission, and expect timely delivery of funds and conclusion of transaction.... not some ridiculous dead wait of 2 weeks just to save 5 mintues of your manpower and pressing few buttons to release payment before the scheduled date. perhaps you should consider how much time it takes your people to press the "release funds early" button versus a 2 week wait period for the sellers.. if you consider this, you may realize the difference between pressing the button and waiting 2 weeks.

now I'm just super disappointed, when I get really upset, Im closing everything I own at godaddy. of course you will not even notice when I'm gone cause you make billions anyway, but when 1000 people do the same, perhaps you will start to care and stop making silly decisions as company such as holding payments hostage cause you can't press a few buttons.

thanks anyway. bye

 

[Joe Styler]

So, bottom line 'free and clear' means that we are not allowed to list domains under the 60 days lock with godaddy? Maybe it's should be clearer than this line, because I can't see it. Also, that means that if you buy a domain from godaddy closeout's, you need to wait 2 months until it can be listed for sale?

You do not necessarily have to wait 60 days. You can list the names for sale at GoDaddy and then it will be a GoDaddy buyer and it will be an account push and not a transfer which can happen any time. Also if you buy a closeout you can email in and ask for the 60 day lock to be removed and they will review the case and decide. This applies to GoDaddy lock and not ICANN locks like a new reg or transfer in. This community thread explains how to go about it. https://www.godaddy.com/community/D...-override-the-60-day-transfer-lock/td-p/56591

 

[Joe Styler]

with all due respect, I highly doubt your plan to make more people happy with this decision is working.. as there are clearly a whole bunch of clients (or all of them) who will not be happy to see their money sitting dead for an extra couple weeks.. and after all your verifications of funds and transfers are done.

I think its an awful idea to keep people's money hostage like this. 5 days to verify is great, even advisable.. but 2 more weeks after that.. of nothing but a dead wait... I find this an outrage when people trust you with their sales, pay 20% commission, and expect timely delivery of funds and conclusion of transaction.... not some ridiculous dead wait of 2 weeks just to save 5 minutes of your manpower and pressing few buttons to release payment before the scheduled date. perhaps you should consider how much time it takes your people to press the "release funds early" button versus a 2 week wait period for the sellers.. if you consider this, you may realize the difference between pressing the button and waiting 2 weeks.

now I'm just super disappointed, when I get really upset, Im closing everything I own at godaddy. of course you will not even notice when I'm gone cause you make billions anyway, but when 1000 people do the same, perhaps you will start to care and stop making silly decisions as company such as holding payments hostage cause you can't press a few buttons.

thanks anyway. bye

When I started working in the Aftermarket department about 8 or 9 years ago the timeframe for payment was 30 days, no exceptions. Over the years we have moved consistently closer to paying after the sales date. Most of our payments are within 6 days now, transfer in offer counter offer etc names are at 20, Afternic names are also as quick as 5 days. As I stated we are looking into further enhancements in our payment schedule with our compliance team and I am sure as we have dramatically increased the payment times over the past years we will continue to do so in the coming years.

 

[Joe Styler]

The average payout for any Afternic domain sale right now is 8.4 days.

 

[Arca]

The average payout for any Afternic domain sale right now is 8.4 days.

On April 7, 2017, Afternic announced the “NEW Afternic Transaction Assurance platform”.

When you posted this announcement to NamePros, this feature was highlighted: “we are now taking every name into an Afternic holding account and then moving it to the buyer. Once we get control of the domain we can pay you instead of waiting for the buyer to accept the domain or complete the transfer into their account.”

The former is in effect, Aftenic takes domains into a holding account, but the latter is not. Payments are not scheduled until after buyer has received the transfer into their account, and in general, payments under "transaction assurance" are taking much longer than they did under the old transaction system.

Are there any updates about when you will you activate this feature where you pay us immediately after you receive the domain from seller? Will it go live this year?

 

[Joe Styler]

We are still working towards it. That is one of the compliance issues we are working through.