Epik Escrow

If you are not using Epik.com for escrow, you are wasting time and money!

Located in Escrow Service Reviews started by Rob Monster, Jan 18, 2019.

Replies:
86
Views:
5,934

  1. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO Gold Account VIP

    Posts:
    405
    Likes Received:
    1,391
    Special Program for NamePros members only: Process your escrow transaction via Epik.com using bank transfer or major crypto, with a domain name registered at Epik.com and we'll waive the escrow fee completely! No escrow fee. No cashout fee. No kidding.

    NamePros members are switching to Epik.com for Domain Name Escrow. Here's why:

    - Lowest Fees: NamePros members pay no minimum fees. For domains registered at Epik.com, escrow is FREE when your buyer pays via bank transfer or major crypto. Otherwise, escrow is as low as 1.5%!

    - Fast closing: Escrow transactions with domains registered at Epik, paid with major crypto or bank deposit can typically be closed within hours. We are open 24 hours a day, 7 days a week.

    - Secure Transactions: Epik.com is the only full-service escrow agent that is also a full-service accredited registrar. Transfer in and out within minutes. If a transaction is cancelled, your domain is not in limbo-land!

    - Flexible payment solutions: Pay or get paid via wire transfer, ACH, major crypto, credit card, PayPal, Transferwise or Western Union. We support all major currencies, domain swaps and scheduled payments.

    There has never been a better time to move your domains to Epik.com and to choose our integrated solutions for domain marketplace and escrow services.

    To get started on your escrow transaction, simply go here:

    https://www.epik.com/services/escrow/

    To discuss your portfolio or escrow transaction, contact us at [email protected], visit us Epik.com or phone us at +1.425-366-8810 or US toll-free at +1.888-894-9026.

    upload_2019-1-18_8-38-1.png


    This is a sponsored post.
     
    Last edited by a moderator: Jan 23, 2019
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. xynames

    xynames XYNames.com PRO VIP

    Posts:
    2,581
    Likes Received:
    4,193
    As far as the
    << For domains registered at Epik.com, escrow is FREE when your buyer pays via bank transfer or major crypto.>>
    I think it’s a good deal. Just want to point out though that in order to take advantage of this zero transaction cost escrow for NP members:

    1. Domain must be registered at or transferred in to Epik (not such a problem really but if the domain is not already there, that’s an extra potentially time consuming step before you may start the escrow process with the buyer).

    2. Besides that incoming payment from buyer must be via bank transfer (I assume this includes ACH) or crypto, outgoing transfer of domain must be to Epik (so, if he doesn’t already have one, you must convince buyer to open an Epik account, which is another step in the process before you may open a fee free escrow).

    3. I understand that outgoing payment to seller must be via ACH and will be fee free / conversion fee free too for NP members (I see no problem with this step in process).

    Now, according to what I understand Epik will facilitate the above process to remove any 60 day registrar locks to allow in/out transfer of the domain. But still, at the end of the day to take advantage of that fee free escrow you must explain all of the above and get buyer on board with the process.

    Will buyer go along with all this to save himself the escrow fees that he would have to pay (in all my escrow.com transactions I have buyer pay all fees)?
    YES, if:
    -He’s not planning to pay with for example, credit card and
    -it’s worth it to him dollar wise to go along with this Epik account creation / transfer process (or he is already with Epik).

    In my estimation, given my Epik fees calculations
    https://www.namepros.com/threads/i-...-com-help-please.1059035/page-14#post-7071820
    I think all this would be best for higher dollar ($2000+) escrow transactions. On higher dollar transactions buyers are less likely to pay with credit card, and more likely to be willing to jump through some hoops to save escrow fees. If the amount to be saved is enough, really might be worth it to the buyer.

    On a very low dollar transaction doing it this way might be worth it too.

    But in all cases it is going to take some buyer education and cooperation to make the fee free transaction happen. If you explain that this is all for the buyer’s benefit to save him fees, he might go for it. But - it could also backfire and make him more aware that he is in fact paying all fees, or even ruin the deal if it gives buyer too much time to think about everything and back out.

    This risk, however slight, of losing the buyer due to prolonging the process is why I think this fee free escrow is best suited to higher dollar deals, which tend to take a bit of time to negotiate and set up anyway, and where the buyer may be less likely to pay with credit card and more likely to see the cost benefit to him. On a high escrow cost transaction - reducing fees to zero might even be a positive negotiation chip to use during pricing discussions.
     
    Last edited: Jan 23, 2019
  3. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO Gold Account VIP

    Posts:
    405
    Likes Received:
    1,391
    As @xynames explains, Epik.com is now the obvious choice for the large transactions. I agree.

    For the small transactions, sub $5000, which are often done via credit card or PayPal, it is possible that other options are comparable.

    The point here is to empower customers who do get a large domain sale to be able to use proceeds from their sale to fund their Epik account tax-free and commission-free for future registrations and transfers.

    As more customers hold their high value domains at Epik, their domains will be held securely in an accredited registrar that can instantly complete a risk-free and commission-free escrow on a 24/7 basis.

    By way of parallel, people routinely $15-25 to have documents notarized. However, if they go to their local full-service bank, they will do it for free. Same here. We consider risk-free escrow to be a customer benefit.

    Regards,
    Rob
     
  4. omelet

    omelet Active Member VIP

    Posts:
    2,317
    Likes Received:
    1,297
  5. Jackson Elsegood

    Jackson Elsegood Escrow.com Escrow.com ICA Member VIP

    Posts:
    130
    Likes Received:
    325
    Hey @Rob Monster
    Can you comment on whether Epik is registered as an Escrow Agent anywhere in the US?

    Jackson Elsegood
     
  6. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO Gold Account VIP

    Posts:
    405
    Likes Received:
    1,391
    Jackson,

    Welcome. I was expecting you.

    We are a domain marketplace and accredited regsitrar. We clear transactions between trusted parties. The buyer funds their Epik account. The seller deposits their domain. The seller is selling to Epik. The buyer is buying from Epik. The close is simultaneous. The buyer and seller complete legally binding transactions subject to Epik Terms of Service, and yet they can still be anonymous vis-a-vis each other.

    As for Escrow.com, because you are not a domain registrar, you introduce counterparty risk where none is needed. We both saw it in the case of Gab.com, where thankfully things got worked out amicably between all of the 5 parties involved: domain lender, registrant, domain buyer, registrar and escrow agent. That is 5 counterparties. That was at least 2 too many. If you want do domain escrow, I suggest you buy a registrar.

    Thanks
    Rob
     
  7. Jackson Elsegood

    Jackson Elsegood Escrow.com Escrow.com ICA Member VIP

    Posts:
    130
    Likes Received:
    325
    Thanks for the explanation, Rob.

    If you are not registered as an Escrow Agent in any of the US states (including your home state of Washington where this is a requirement) how can you describe Epik as an escrow service? and how can customers know that you are not using the funds in their Epik accounts to invest in your own business, or at risk on the stock market?

    Jackson
     
  8. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO Gold Account VIP

    Posts:
    405
    Likes Received:
    1,391
    Jackson,

    With all due respect to your company's brand and history, there is a strict legal definition of escrow. It is here:

    https://thelawdictionary.org/escrow/

    This is the Black's Law definition.

    I am very familiar with your firm's efforts to dispatch various state agencies to investigate compliance against your definition of escrow however, the valid definition is simply to function as trusted third party.

    I am also quite sure that our approach of serving as registrar is structurally superior to the model that Escrow.com uses for domain escrow.

    Our job is to serve as a trusted third party to safeguard the interests of buyer and seller in a fiscally responsible way and to manage disputes as they arise. We have been doing this flawlessly for years.

    Looking ahead, our goal is to be a leading global registrar. We have earned a reputation for protecting registrants while providing an industrial strength domain platform with an exemplary level of service.

    I recognize that Escrow.com has an established brand. For someone buying a car, jewelry, or some other asset that could physically disappear, I agree they should use Escrow.com. For domains, not so much.

    Again, if I were you, if you want to do domain escrow, I would acquire a capable registrar. However, if you prefer to sell buggy whips to domainers, I am pretty sure that is going to be an uphill battle from now on.

    Happy to discuss at NamesCon assuming you are there! In case not aware, I did try to reach out to you guys in recent months, most recently on December 12. Unfortunately, we did not manage to connect.
     
  9. Internet.Domains

    Internet.Domains Active Member VIP

    Posts:
    1,082
    Likes Received:
    2,621
    Due to the fact that domains have been identified, by courts, as a "contactural right" vs. "Personal property" there is no need for frivolous licensing that offers no consumer protection.

    Since courts have ruled internet domains are a "contractural right" it is best to exchange those rights with an accredited firm, such as a registrar.
     
  10. carob

    carob Active Member VIP

    Posts:
    3,089
    Likes Received:
    3,729
    Hi Rob

    Please could you clarify what you mean when you say "tax-free" ?
     
  11. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO Gold Account VIP

    Posts:
    405
    Likes Received:
    1,391
    Ea
    Proceeds can be held in the form of in-store-credit until redeemed. Redemption to cash is a taxable event, however trading domains for domains is a like-for-like exchange for which there should be no taxable event. Depending on your jurisdiction, you should consult with your tax advisor, but we have yet to see a challenge.

    The analogy is a farmer who harvests potatoes and re-plants some of them as seed potatoes. The seed potatoes were harvest but not sold for proceeds to a food processor. Rather they were used to grow more potatoes. The same is the case here. The precedent is very established.

    In the US, the practice is typically referred to as a Section 1031 like for like exchange.
     
  12. 4pm

    4pm user VIP

    Posts:
    3,001
    Likes Received:
    1,996
    Rob,

    if i keep the funds with Epik after the transaction is over can i transfer them later (say in a couple of months) to my banking / paypal account OR i can only use them for domain-related spendings at Epik?

    thanks
     
    Last edited: Jan 24, 2019
  13. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO Gold Account VIP

    Posts:
    405
    Likes Received:
    1,391
    If redeemed to cash, your national tax code likely applies. You can also redeem to crypto, but there again, if you redeem crypto to cash, national tax law applies. Consult with a tax advisor but in the meantime, in all known cases, domain proceeds used to fund domain registrations, transfers and renewals can all be done at-cost at Epik using tax-free proceeds from an escrow sale.
     
  14. Addison

    Addison Active Member VIP

    Posts:
    774
    Likes Received:
    1,680
    Rob,

    Your efforts to innovate and move the industry forward are exemplary. Seriously, please don't stop.

    Superb work!
     
  15. CJ6

    CJ6 My favorite movies are too offensive now. Whimps. VIP

    Posts:
    2,550
    Likes Received:
    2,800
    Thanks for this, Rob.

    Now to wait for a large sale....
    .
    .
    .
    .
    Come On Large Sale!
    .
    .
    .
    .
    .
    .
    I am waiting...
    .
    .
    .
    .
    .
    Dammit. Not fast enough.
    .
    .
    .
    .
    .
    😢




    Edit: most of my domains are already at epik. I still need a large sale.
     
    Last edited: Jan 24, 2019
  16. jberryhill

    jberryhill Top Member John Berryhill, Ph.d., Esq. VIP ★★★★★★★★★★

    Posts:
    1,901
    Likes Received:
    2,307
    Who cares what the "Black's Law definition" is? The definition in the state of Washington is here:

    https://app.leg.wa.gov/RCW/default.aspx?cite=18.44.011

    So, to be clear. You are saying that Epik is a "Qualified Intermediary" for purposes of IRS Section 1031. Correct?

    https://en.wikipedia.org/wiki/Qualified_intermediary
     
  17. cooljub

    cooljub Established Member

    Posts:
    380
    Likes Received:
    488
    Mr. Bond.
     
  18. Keith

    Keith Top Member VIP ★★★★★★★★★★

    Posts:
    8,087
    Likes Received:
    7,399
    @Rob Monster

    I’ve done 6 figures in sales this year via escrow.com involving payment plans. Without the option for payments, these deals wouldn’t have taken place.

    Does epik offer this type of structure or must transactions be handled in one lump sum?
     
  19. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO Gold Account VIP

    Posts:
    405
    Likes Received:
    1,391
    Keith - I think we were the first registrar to offer payment plans for domains natively in the interface. See here:

    https://www.epik.com/support/knowledgebase/selling-and-leasing-domains-on-epik/

    We do a lot of structured payment plans with flexible structures. Here is a sample screen shot from the interface for setting up a payment plan:

    upload_2019-1-24_16-23-54.png

    Perhaps of interest, the original post where we introduced domain leasing:

    https://epik.com/blog/leasing-domains-how-we-do-it-at-epik-and-how-you-can-too.html

    The leasing platform evolved over time to allow custom terms for various scenarios depending on the customer requirements. It is highly tailorable. You can do it yourself on Epik or a staff member can do it.
     
  20. Keith

    Keith Top Member VIP ★★★★★★★★★★

    Posts:
    8,087
    Likes Received:
    7,399
    Thanks, this is good to know!
     
  21. Jackson Elsegood

    Jackson Elsegood Escrow.com Escrow.com ICA Member VIP

    Posts:
    130
    Likes Received:
    325
    Rob,
    What you are saying is that you don't believe Epik needs to be licensed as an escrow agent in order to provide escrow services?

    We can argue over the dictionary definition but the risks to your customers are very clear. Regulators require a license to be an escrow agent and regular audits for a reason: you are holding onto other people's money. Without oversight Epik could be using those funds to invest, pay salaries or anything else. If Epik goes bankrupt and stored funds are being used as working capital how will people get their money back?

    So far you haven't addressed any of the most basic questions for the services you are offering:
    1. Is Epik licensed as an Escrow Agent?
    2. How can you show that the customers' funds that Epik holds aren't being used elsewhere?
    3. To John's point (@jberryhill); are you saying that Epik is a "Qualified Intermediary" for purposes of IRS Section 1031?
    Jackson Elsegood
     
  22. Internet.Domains

    Internet.Domains Active Member VIP

    Posts:
    1,082
    Likes Received:
    2,621
    Jackson - Escrow licensing and regulation is for "personal property" or "real property" and does not pertain to domains as they are "contractural property."

    https://app.leg.wa.gov/RCW/default.aspx?cite=18.44.021
     
    Last edited: Jan 25, 2019
  23. CJ6

    CJ6 My favorite movies are too offensive now. Whimps. VIP

    Posts:
    2,550
    Likes Received:
    2,800
    The payment option is pretty nice. I had a buyer last year pickup a CBD domain with 12 months financing. He finished paying it off in the 10th month.

    The only thing I'd change is the option for a person to rent and monthly finance. Basically, adding a 3rd option at the same time. (Buy now, monthly finance, lease options all available at the same time.) Also, more text for a description. 250 characters are currently allowed. I could use more.
     
    Last edited: Jan 25, 2019
  24. Jackson Elsegood

    Jackson Elsegood Escrow.com Escrow.com ICA Member VIP

    Posts:
    130
    Likes Received:
    325
    The funds are the personal property in question here.
     
  25. Internet.Domains

    Internet.Domains Active Member VIP

    Posts:
    1,082
    Likes Received:
    2,621
    Before going further, if you feel the funds are the "Personal Property" that needs licensing, would you agree that domains are contractural property?
     

Want to reply or ask your own question?

It only takes a minute to sign up – and it's free!

Share This Page

  1. NamePros uses cookies and similar technologies. By using this site, you are agreeing to our privacy policy, terms, and use of cookies.
    Dismiss Notice
Loading...