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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

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  1. NetPark

    NetPark Established Member

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    We know how annoying is a approval process on Escrow.com. Sometimes due to an incorrect or incomplete details of buyer transaction delays up to a few days.

    They stopped sending earnings to the Payoneer accounts a few month ago. Additionally, Escrow.com issued a long list of countries they stopped to support. And today my continuing transaction which was created 2 days ago was cancelled and account was closed completely. And it was in the stage of securing payment which buyer already paid. And it is not possible to log in to look at past transaction.

    I think Escrow.com must to solve problems with financial institutions with trying different ways rather than stop supporting. They choose the easy way than support customers. Who guarantees that tomorrow you will not be listed on the unsupported countries list while million cost transaction is in progress?

    For this reason using marketplaces and ICANN accredited registrars is more suitable and useful for any domain transactions. Especially, using Epik that offers many kinds payment solutions
     
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. Web Trader

    Web Trader Established Member ★★★★★★★★★★

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    Domain swaps too. That alone calls for an Academy Award, folks. A topic that has long been on my mind, and I sometimes try to negotiate a swap when someone won't sell or as part of a cash plus swap buy offer. Just tried recently for a big one even. I'm confident you would love the domain I just tried to do that for more than almost any other one possible in fact.
     
  3. Rob Monster

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

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    It was for 2 ultra-premium .com domains -- a 4 letter for a 3-letter. The registrants were both known to Epik. There was a bit of effort to coordinate the parties, but the result is that both domains landed at Epik and we have 2 happy registrants. Win-win-win.
     
    Last edited: Aug 1, 2019
  4. Mister Funsky

    Mister Funsky Top Contributor VIP

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    EDIT: I took a look at the itinerary and all but one event, the cocktail party, was sold out! Maybe next year...
     
    Last edited: Aug 1, 2019
  5. Rob Monster

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

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    For anyone doing structured payments or leases, here are a few very good reasons why you will want to use Epik.

    1. The domain is secure during the lease.
    Epik is the registrar for the domain during any lease which means the domain is completely secure with no accidental risk of domain hijack by the person that you have given DNS control over your domain. This is not to be underestimated as DNS control is one of the primary ways to prove "Ownership" for a domain that is listed with WHOIS privacy.

    2. You make money in your sleep
    Epik is 24/7. We help customers to succeed with their domain, regardless of whether they own the domain or lease the domain. Your lessee can login at Epik anytime and start using their domain. If they need technical support to change DNS, edit host records, add hosting, get a SSL, or diagnose why something is not working with their site, they contact Epik, not you.

    3. No transaction is too small -- even $5 monthly leases add up.
    Some customers are participating opportunistically in domain promos like Epik's recent $0.99 .CO promo. These are domain that should be sold or leased within a year or the registrant has to contend with a $20 .CO renewal fee. With Epik there is minimum escrow fee. As such, even a $5/month lease is a money-maker. It is a self-serve operation and even all of the re-billing is handled by Epik. It is painless!

    4. No front-loaded fees. No minimum fees.
    The competition wants to charge you a front-loaded escrow fee for managing a transaction with staged payments. At Epik we don't do that. Your commission is charged as you get paid and you can use those funds immediately 24/7. As for the fees, if your buyer flakes out, the domain owner is not left holding the drippy bag! NamePros also pay no minimum fees.

    5. We help you convert leases into exits
    Sometimes customers who are financing a purchase have challenges. Our job is to get transactions done. For larger transactions this sometimes means advising the buyer and making risk assessments as to whether to advise the seller to extend the buyer any accommodation in order to keep a transaction on track to get to the big payday: the exit..

    For folks who are new to leasing and structured payments, there has never been a better time to master this pricing strategy. When someone wants your domains, leases and structured payments allow you to turn your domain expense into positive cashflow rather than waiting years for the next qualified buyer to come along!

    Epik was the very first company to integrate leasing with self-service registrar. I would be surprised if we are not #1 in domain leasing right now. See here for how it all started.

    And here is a helpful how-to:

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

    As a NamePros member you can also be approved to sell your domains at Epik even if your domains are registered elsewhere. And when you make a big sale, we hope you will use your proceeds to fund your transfers to Epik! Why? Because it is past time to move your domain assets to HIGHER GROUND.

    upload_2019-8-4_8-45-55.png

    Acquire. Build. Manage Sell -- all in one place.


    Full Service. All-inclusive. No Nonsense.
     
    Last edited: Aug 4, 2019
  6. kam

    kam Top Member PRO VIP ★★★★★★★★★★

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    Good sharing, Rob. Domainers are wise and they know how to make a choice. I would say Epik is on the right track, have a good balance between user experience and profit maximization. (y)
     
  7. Charley

    Charley Striving To Be The Best VIP ★★★★★★★★★★

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    I want to initiate a buyer-broker-seller transaction. The broker money should be on hold, so that it can be used for a new transaction with a seller.

    For e.g

    1. buyer-broker-seller transaction for xxxxxxxxx.com. Broker money is $50,000

    2. Hold $50,000

    3. Utilise $50,000 to buy a domain wwwwwww.com from another seller.

    Is it possible here?
     
  8. Rob Monster

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

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    Yes, this is possible.

    1. You can have multi-party transactions: buyer, seller, broker, lender, advisor, etc. Each can have unique disbursement instructions.

    2. Proceeds from a sale can also be used to purchase other names, including Afternic and Sedo MLS, for which is enabled for fast-transfer.

    For 1, each transaction is custom so if you can describe it in words, odds are good we can implement to the letter. If you need help drafting agreements, we also can provide templates that name Epik as the registrar and intermediary. Most domain purchases don't need a purchase and sale agreement as it is simply cash and carry. However, for some buyers or sellers, this peace of mind, or indemnification can be helpful. In the absence of that, the buyer and seller are contracting directly with Epik and are simply bound by Epik's published Terms of Service.

    For 2, this is increasingly common as we also do buy-side agency work, are accredited for nearly all domain extensions worth owning, and work well with many of the largest domain brokers. We often see transactions where we know the buyer, seller and broker all personally. Since we are domain industry specialists, that scenario is also becoming more common as more and more folks choose Epik.

    I did notice that our Q2 2019 revenue was up 71% versus Q1. It would appear there is a seismic shift happening in how transactions get cleared, but also where folks are choosing to hold their most valuable domains for future sale or lease.
     
  9. DanSanchez

    DanSanchez Brokerage & Acquisitions Epik.com Staff VIP ★★★★★★★★★★

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    Rob and Epik Escrow just closed a sudden deal on SUNDAY fellas, meaning payment verified and domain delivered on the same day.

    The Escrow service at Epik is truly EPIK! I am very impressed and will be moving my operations to Epik completely. This is the type of revolutionary action that moves us all forward, we all go the extra mile for our clients every day and everyone benefits when the company you hire to work for you does the same.

    Happy Sunday everyone!
     
  10. Rob Monster

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

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    We don't normally announce sales. Happy to see Dan get a sale and consolidate at Epik. I can confirm that it happened quickly -- same day indeed. It is also worth noting that while the buyer paid via PayPal, the seller got paid out in BTC.
     
  11. masonzhang

    masonzhang Established Member

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    It was a great pleasure to work with Rob. I will not hesitate to refer EPIK to the domain buyers. Thank you Rob, you have done a good job so far.
     
  12. bludex

    bludex Established Member ★★★★★★★★★★

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    A great thanks to the fantastic service just experienced by the hands of Rob. We just handled a transaction from agreement on the procedure including Docusign, buyer sending wire and including funds available at Epik in under one hour and that on a Friday evening minutes before the wire desks were closing on West Coast. Size of the transaction: $85000 (name under NDA). From agreement on the price till receipt of funds at Epik just short of two hours. Nobody else can do that!
     
    Last edited: Aug 9, 2019
  13. Rob Monster

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

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    Thanks @bludex -- it was a great outcome for this domain. Since the buyer paid via wire, and the domain was at Epik, the transaction was also done without a fee.

    Most clients don't require a Docusign, but Epik does have a contract template which names Epik registrar in the contract as a stakeholder in the 2 party transactions between buyer and seller. We don't charge extra for routing these agreements.

    As Docusign is not cheap, some folks here are aware, Epik is working on a proprietary Docusign alternative based on Blockchain. The project is called SignDeck.com, a name supplied by another NamePros member.

    The Blockchain digital signature product will also be integrated natively into an upgraded Escrow workflow so that any transaction can then be secured via a Blockchain-based contract where only the buyer and seller see the contract using private keys.

    Step by step, Epik is building an escrow solution that is BETTER, FASTER and CHEAPER.
     
  14. Mister Funsky

    Mister Funsky Top Contributor VIP

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    You GO Rob! Your (Epiks) innovations may save the mid to low level domain investors from a life sentence of mediocre profits or just simply fading away under the strain of renewal fees and 20% plus commissions.
     
  15. Keith

    Keith Top Contributor VIP ★★★★★★★★★★

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    @Rob Monster

    Does epik accept payments in btc and convert to usd on the seller end?
     
  16. oldtimer

    oldtimer Do some good for humanity and the environment VIP ★★★★★★★★★★

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    Even though there are no fees for this kind of services, but you might want to put a system in place incase some people want to voluntarily give a tip if they are happy with how quickly their domain deal has been handled. Many domainers might gladly be willing to give a 1 or 2 percent tip (or more) for domains that are sold in the five figures. IMO
     
  17. Rob Monster

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

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    Yes, we do it all the time -- typical conversion rate for BTC is 2% via the brokers we use for clearing BTC to USD. There are cheaper brokers but we use a Seattle-based BTC broker that we trust to not disappear and can typically get a wire out same day.

    Alternatively, some folks hold sales proceeds at Epik for use with a subsequent purchase, which can also include Afternic MLS, Sedo MLS or private seller. This is also increasingly common.

    Outbound wires can be done in nearly any currency. We use TransferWise or American Express Fx which is far cheaper than conventional banks which tend to bank a large spread on Fx. For example, an outbound wire just now:

    upload_2019-8-9_16-51-59.png
     
  18. Rob Monster

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

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    The ROI for providing commission-free escrow comes from helping sellers to grow their portfolios at Epik. Obviously many people cash out in full, but quite a lot still have domains at other registrars, or want to upgrade their portfolio, e.g. sell a 4-letter .COM and buy a 3-letter .COM. The domainer today who sold a 5-letter .COM for $85K part;y cashed out a bit but also bought a $580 premium .CO for a great price.
     
  19. Embrand

    Embrand Top Contributor VIP ICA Member Gold Account ★★★★★★★★★★

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    Here are my thoughts about Epik and their marketplace.

    First og all, Epik has many cool features for investors: Estibot value for each domain and in total, number of whois lookups and marketplace visits with IP addresses and many ccTLD extensions that make it compelling to consolidate all your domains there.

    Prices are certainly fair if you get the NamePros pricing, and their marketplace commission and often no-fee escrow is great. I love that you can choose between a lot of different payment and rental plans for your domains for sale and add interest as well. And they offer buyers many different payment types, including crypto.

    Rob Monster is incredibly hands-on and often answers within seconds to a PM or email. I know no other registrar CEO that does that. He offers excellent support, as does the rest of the Epik staff. I wonder if there is really three or four Rob Monsters? How can he be all over the place all the time? ;)

    I was one party to a transaction Rob mentioned earlier in this thread worth high five figures. I was the seller, and Rob made sure buyer submitted payment in a timely manner. I was indeed grateful for this. So why didn't I praise Rob in this thread? Because what happened after the transaction had concluded did not impress me.

    I immediately requested a payout by wire transfer because I needed the funds. After two days, it had not arrived and I began to wonder. Then suddenly there is an email from Rob saying that he has cancelled the wire and deposited my funds back into my Epik account... That's like your bank cancelling your wire transfer because they want to keep your money in their system.

    I am sure I could have insisted on getting the payout and receiving it, but as s it happens, I was going to use the funds to purchase a name, and luckily the seller agreed to do the transaction at Epik. But I am still perplexed as to why Rob stopped my wire transfer without even asking me.

    Another red flag is the "five star review" of Epik and "Verified by TrustRatings.com" applied to all landing pages (see laptopcomputers.com as an example). Sorry, but this is just ridiculous. TrustRatings is owned by... Epik ... and the site does not feature a single review. Really, visitors are not that stupid that they will not realize this. If I am going to use the landing pages again, this one needs to go.

    As to the "forever registrations" and "forever hosting", I am sceptical, but since I have no intention of using them, I don't really have a problem with them. And to my surprise it actually seems that quite a few companies offer forever hosting. But of course they don't have to worry about ICANN fees so are more in control of future costs.

    Finally, the whole issue of Rob's belief system. I disagree with many thing and agree with some things, but that is really not going to impact my use of Epik. But I do think it would be great if he would focus on the registrar business in public.

    So, to sum up, there are indeed many great things about Epik and Rob Monster. But there are also a few things that worry me. Oh, and what if Rob sells and leaves Epik one day? Who is going to help us with our transactions as fast and efficiently as he does?
     
    Last edited: Aug 10, 2019
  20. mAd MaX

    mAd MaX Account Closed (Requested)

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    What protection do lessee and the name get in case any misuse of the name by the lessor?

    Misuse means any illegal activities or scam is run on the name.
     
  21. Mister Funsky

    Mister Funsky Top Contributor VIP

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    I understand there is a NDA in place but can you let us know if it is a word, emd, 'brandable', etc?
     
  22. Rob Monster

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

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    This was a brandable domain. Not a word, and a different transaction than @Embrand speaks about.
     
  23. Rob Monster

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

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    Thanks @Embrand.

    We did a good job on your transaction. That is true.

    As for your comments about payout, because of the offshore jurisdiction of buyer and seller being tax havens, I asked for a phone call to discuss method of disbursement. We had that phone call, and within hours of that call, funds were disbursed exactly in line with your instructions.

    So, let's be factual about your transaction. It was a MARKETPLACE transaction and not an Escrow transaction. Since you have raised questions about chronology, you leave me no choice but to to recap with facts, particularly in light of mention of my "belief system", which is simply one of lawful civil liberty.

    So with that as context, I will make the very rare exception of disclosing details of a customer transaction in order to allow readers to objectively evaluate whether or not Epik did a good job in every aspect of the 2 transactions that were completed on your behalf.

    1. On 7/15/19, someone visited your domain name DOTO.COM which was powered by one of Epik's SSL Marketplace landers. After some back and forth, they accepted your counter-offer of $69,995 through the Epik Marketplace.

    2. The buyer, who is domiciled in Cyprus, needs time to arranage funds. I was in regular contact with him from 7/15. His funds clear via wire on 7/24. This is all without a hitch. The marketplace transaction also clears on 7/24.

    3. The funds are now in your account net of marketplace commission. I then asked you via email for a phone call. We had that phone call the next day, on 7/25. This is all documented via emails and you of course know this to be the case.

    4. On 7/26/19, you purchased the domain name ONA.com using proceeds from your sale of DOTO.COM. The seller of ONA.COM is also domiciled offshore.

    5. On 7/26/19, the seller of ONA.com delivered the domain ONA.com to Epik, and proceeds from their sale were wired to their offshore bank account in line with their instructions.

    As should be obvious from the chronology, Epik held funds for 2 days, and during that time completed 2 5-figure transactions. The second was commission free and we did not even charge a wire fee as a courtesy!

    By any objective standard, that is some heroic work as the buyers and sellers across these 2 transactions were operating across different time zones, and all of this was accomplished within a 3 day period. I hope we can agree there!

    Regardless, I congratulate you on your 2 successful Epik transactions. I hope you will continue to hold domains at Epik and use Epik for future marketplace transactions. Repeat customers are often impressed with the speed that we execute.

    As for TrustRatings.com, that is actually a very serious development. There is no open source starting framework, but it is intended to challenge TrustPilot.com. It has a dedicated engineering team moving apace.

    In summary, I appreciate your endorsement of our professionalism in working to close transactions. I would appreciate your acknowledgement that I have factually represented the events as they happened.
     
    Last edited: Aug 10, 2019
  24. Rob Monster

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

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    The topic of human productivity deserves its own thread. I wrote this article. Althought it is off topic, some folks might appreciate it:

    https://www.linkedin.com/pulse/startup-productivity-2018-robert-monster/

    I turned 52 on August 3. My energy level is comparable to that of when I was in my 20's. My wife and I have 5 kids -- 4 are grown now and 1 at home.

    My wife is a successful physician with a very busy medical practice. We work hard. However, we also enjoy life, traveling the world with our youngest daughter.

    In general, people greatly underestimate what they can get done in a day. Lord-willing, I will continue to be productive and make a positive impact on others.

    I am especially appreciative that Epik has amazing people who I trust. If you work with trustworthy people, you don't waste time checking them all the time, and can just empower them to be great.
     
    Last edited: Aug 10, 2019
  25. Mister Funsky

    Mister Funsky Top Contributor VIP

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    Happy belated birthday! I too just had one of those things...clearly good things happened in the month of August a few decades ago...I enjoy others birthdays but mine is not appreciated as much as it was when I was waiting on 16. 18 or 21. My energy level is also that of a much younger man (I can take no credit for this) which baffles some of the 'dinosaur' minded people I grew up with. :xf.smile:

    The article was well written and informative...thanks for bringing it to our attention.

    One day soon I hope to have sale with a number high enough that will require the use of your escrow services...so far your marketplace has seamlessly handled xxx and x,xxx sales for me over the last few years. Thank you!
     

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