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

[Rob Monster]

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.

This is a sponsored post.​

 

[Arch]

No.

Epik no longer offers escrow services after they scammed people like @Kathleen Kalaf and others.

They are also facing a RICO lawsuit regarding their unlicensed escrow services, where they allegedly took a $327,000 payment in May 2022 and never delivered the domain or a refund.

Brad

I would assume then that Epik's Escrow Services is a waste of time and money.

 

[xynames]

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.

 

[jberryhill]

This is the Black's Law definition.

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

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

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

 

[Keith]

The question "Are you licensed anywhere in the US?" should be as simple as a yes or no.

A license is great but consistent service is better.

I’ve done a huge amount of sales via your platform. Sometimes payment reaches me faster than expected. Other times, like right now, it’s nowhere to be found. Hiccups are understandable to a point but when they become the norm, it’s logical that customers will consider alternate avenues.

 

[EbookLover]

We work with the BBB who regularly issue alerts about unlicensed or fake escrow services:
https://www.bbb.org/article/news-re...e-companies-working-together-in-escrow-scheme

The BBB is a fraud organization who engages in extortion and should be shut down or at least have it's non-profit status removed. You can google about them and you can also watch this 8 min video, paying particular attention to the last couple minutes

TO BE CLEAR: I am not defending Epik nor discrediting Escrow.com. However, be careful when mentioning organization you work with in an effort to bolster your own credibility and good reputation. You can easily tarnish your own company's otherwise good reputation. The BBB is a known fraud so to align yourself with them is not really a great idea.

 

[wwwweb]

I hate seeing this, trying to impede compeition is never good for anybody. I think Epik being a registrar is well within it's rights of how they are transacting domains within their registry. If Escrow wants to use the same method, they should buy, or create their own registrar. Everyone should take notice here, as it affects everyone here. It is hard enough getting a buyer to hand over their entire life ID to do a single one off transaction to a company they have never heard of, I can't see how much further they want to push this.

 

[googli]

What was the need of bringing details of a private deal in progress on a public forum? Is it fair and ethical @Matt Barrie?

Hello Rob

Great financial analysis.

While we are talking about financials, why don't you post a copy of Epik's so your customers know what they are getting into?

You sent me a copy a few months ago when you approached me to sell Epik, remember? I'm not sure what account you hold your escrows in given in December 2018 you had less than $50,000 cash between your bank and Paypal accounts. That's not enough to even pay out all those people that you got to buy Masterbucks.

Regards
Matt

 

[Rob Monster]

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!

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.

 

[Rob Monster]

@Rob Monster

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

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:

 

[Rob Monster]

Rob, I received an email request from Masterbucks on July 24 confirming the withdrawal of my $63695.45 net proceeds by wire transfer. The next day we did indeed have a very nice phone conversation to discuss my relationship with Epik. During that call, I told you that I had already requested the wire transfer payout because my accountant prefers it this way. That is why I was surprised to learn that it was later cancelled.

Anyway, the funds were used to purchase the other name instead, and that transaction you handled extremely fast and smoothly. Thank you for that!

So, my only remaining issue is the TrustReviews.com. I see that Epik actually has some very good, although still few, reviews at TrustPilot. What about redirecting sales landers to Epik.com and use TrustPilot like DAN does and this way only pay one TrustPilot fee instead of the $6,000 (I believe) per landing page/domain?

Thanks for confirming the chronology.

I would call it a double success story and am glad it worked out on both transactions. I doubt anyone else would have been as fast. For your next transaction, I will see if we can do it in an hour now that we know your preferences. We completed @bludex in an hour including multi-wire outbound distribution of funds on a Friday afternoon.

As for TrustReviews, we may end up doing your solution. I did talk to them about it. What you might not grasp is that in addition to building a really great domain name asset management platform, we are closing gaps in various aspects of the Internet value chain. I consider the online reviews category to be a broken process.

I won't take this thread off topic, but suffice it to say that there are a lot of aspects of the internet startup economy that are broken and that greatly disadvantage an entrepreneur frrom India, Pakistan, Nigeria or Brazil to succeed, for example. I think we can do a lot to empower a lot more people with tools and services that are affordable.

The playing field is leveled. Lord-willing, I will prove it.

 

[Rob Monster]

Transferwise is being used more and more in this industry and the longest you will wait is the next day.It should be a choice for any country.

Thanks guys.

We are working very hard on the payment supply chain side. Before year-end, you will also have a secure crypto cloud wallet, and the ability to transmit funds peer to peer in seconds.

For calibration, I had to pay @Abdullah Abdullah in Yemen this week. I paid him twice via Western Union. Why because you can't PayPal, wire, ACH and crypto is hard to redeem. See what happened today:

By the way, this communication is done via Telegram. Why? Because Skype does not work there anymore. Telegram voice also doest not work, and VPNs are 100% blocked.

When it comes to payment, every country is different, and moreover every country's situation is changing. However, if someone sells a domain, we will work to make it as easy as possible to redeem proceeds.

And we are making great progress. Transferwise is certainly a big step in the right direction and we'll work to integrate them via API so folks can redeem proceeds right from Masterbucks 24/7 on their own.

Step by step, we are building a better domain escrow service for everyone. Thanks for co-creating.

 

[Rob Monster]

Escrow services for Epik now live here:

https://escrow.epik.com/

It is an easy to remember, stand-alone portal for escrow services with fast, intuitive navigation that works for both registered users and guests. Just fill in the email address.

Transactions are updated in real-time through the Epik dashboard with increasingly levels of process automation for blazing fast closing of transactions.

All done with concierge engagement from start to finish across time zones, geographies and currencies.

 

[Rob Monster]

I have used Epik escrow first time for selling 2 domains recently. One was for $3.5k and another one was for $6k. Now it's been 7 days since first payout request of $3.5k and 5 days since 2nd payout request of $5.7k from Masterbucks but I haven't received any payouts yet. I understand there could be delay for fraud check but when buyer pays via non fraudulent payment systems like Paypal FNF and bank wire it shouldn't take this long to send payout to sellers. I love Rob and his vision but as a registrar Epik need to be more professional. Their live chat support needs more knowledgeable person. Last few times I chatted with their live chat as far as I recall my experience was not good, more recent chat was yesterday when support stuff told me to wait "one sec" and after probably an hour disappeared.

I have currently 381 domains at Epik and at this point I am unsure if I am going to stay with Epik.

You chose PayPal as a redemption method, which is typically a method used for redeeming smaller amounts. For larger amounts, we typically use money transmitters.

If the redemption amount is more than the PayPal balance at that moment then PayPal processes it as an eCheck which takes a week.

I did process it manually for you now. Otherwise it would have gone out on Monday morning as the PayPal balance did rise.

We are working on releasing Masterbucks 2.0 this month. We are also planning to add a tracking tool for showing you the status of your disbursement request.

In the meantime, I do recommend you to verify your account. It will allow you to bypass fraud review. You can do it here:

https://registrar.epik.com/account/verification/

I recommend it as you did not do that step yet and are transacting with escrow transactions where we actually certify the transaction.

In case you are not aware, this means that if you transaction turns out to be fraud, it is Epik that absorbs that loss, not you or your buyer in this case.

As for reducing domains at Epik, I don't advise it. People with small accounts who are unverified are the ones that are the highest security risk.

I believe you are in Bangladesh. We just added a talented country manager there @Siful Moni who is doing great work and helping many Bengalis solve local payment issues as most there are unbanked or underbanked. You should connect with him as you are clearly having some massive success selling domains for high prices -- higher than I would expect for these names.

Just FYI, as you were writing this email, I was spending an hour on a conference call on Sunday with our country manager in India, talking about empowerment strategies as your country's banking system falters.

For those not aware, last week, India's Yes bank failed. People are now capped at monthly withdrawals of just $670 (50K INR). This may happen more often in the coming months.

Rest assured that Epik's Masterbucks is part of the solution to help domainers navigate the storm that we are entering, along with NameLiquidate.com and the forthcoming DomainEquity.

For those who don't know about DomainEquity, here is a preview:

https://www.loom.com/share/7d549a62be354c17953adbdbcdaf17d8

Hope that helps. If you still have payment issues, feel free to PM me but kindly upload your verification documents since you are transacting in material amounts and I don't know you personally.

 

[Mister Funsky]

DigitalTown

Yep, I almost got pulled into that one. I was ready to invest and, thank God, that little voice in the back of my head kept saying 'just step away'.

Too bad it did not come back around a few years later!

 

[Jackson Elsegood]

Hey @Rob Monster
Can you comment on whether Epik is registered as an Escrow Agent anywhere in the US?

Jackson Elsegood

 

[Rob Monster]

Hey @Rob Monster
Can you comment on whether Epik is registered as an Escrow Agent anywhere in the US?

Jackson Elsegood

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

 

[Internet.Domains]

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.

 

[Abdullah Abdullah]

Having read the posts of @Rob Monster in threads related to escrow services etc, I was really expecting someone would actually raise the escrow license question and it is no wonder it came from the leader in this area Escrow.com @Jackson Elsegood . I do see it as a relevant question but I believe the obvious answer is there for all to see.

Domainers like hassle free way to sell and I believe Epik is doing just that, however, the question will still be raised since concerns like licensed and insured are important things to address. Speaking of escrow, what is the difference between what Epik is doing and say @namesilo or godaddy @Joe Styler ? Are these companies licensed escrow providers to collect money and be intermediary between seller and buyer?

Or are they not holding the money but using a third party holding it for them? How about Flippa Escrow? Is it licensed or do they use another payment provider. I do remember they used promisepay aka assembly payments before but not sure now.

 

[Jv1999]

Having read the posts of @Rob Monster in threads related to escrow services etc, I was really expecting someone would actually raise the escrow license question and it is no wonder it came from the leader in this area Escrow.com @Jackson Elsegood . I do see it as a relevant question but I believe the obvious answer is there for all to see.

Domainers like hassle free way to sell and I believe Epik is doing just that, however, the question will still be raised since concerns like licensed and insured are important things to address. Speaking of escrow, what is the difference between what Epik is doing and say @namesilo or godaddy @Joe Styler ? Are these companies licensed escrow providers to collect money and be intermediary between seller and buyer?

Or are they not holding the money but using a third party holding it for them? How about Flippa Escrow? Is it licensed or do they use another payment provider. I do remember they used promisepay aka assembly payments before but not sure now.

tbh, i think that Epik is marketing itself as an escrow service so that it can appeal to that industry, but in reality, it's not an escrow service.

I don't think eBay or Amazon are registered or licensed escrow agents. Yet they host products from sellers.. then take money from buyers... and then deliver the product.

Epik is doing just that. It's a marketplace. You can't undergo its "escrow service" unless the domain is at or transferred to Epik. As soon as the domain arrives at Epik, under YOUR account (and not an ESCROW Epik account), then it's per se, still your property and not in Epik's escrow.

Then when you put the BIN lander page up or go into negotiations with a buyer, the buyer pays the marketplace (Epik), and then the marketplace gives the buyer your product... so it's exactly like eBay and Amazon.

I could be wrong on this if Amazon and eBay are both required to be licensed escrow agents :D

but tbh, I think that's just how it is. Rob is catching heat for his marketing campaign... when in reality, he's just trying to say that his domain marketplace has a 0% commission and payout fee for NP members. And that's it ^_^.

 

[Internet.Domains]

That's too bad Escrow has resorted to these slime ball tactics. Good things could be done by working together than by not, but when your blinded by anger and jealousy good things are rarely achieved.

It's clear by these slime ball weasel tactics that Escrow is headed in the wrong direction.

 

[golan]

This is all courtesy of some self-serving correspondence from Mr. Elsegood at Escrow.com whose full correspondence we have.

This one is an enough reason to not make any business with escrow.com ever again.

 

[anf]

I think we ALL should stop using escrow.com after this. A company that uses such competition methods cannot be trusted.

 

[Rob Monster]

Well I see this as an excellent representation, @Rob Monster will this be the way to promote the service going forward and avoid the word "escrow"? That way no one can detract from the service offering.

I also want to ask Rob do you think eventually registrars will have to have the same ID info retention needed like Escrow.com? I am wondering if eventually lawmakers just see all the money flowing back and forth and decide to impose the same regulations?

Thank you

We are considering that option, though the legal definition of escrow is very generic:

Ballentine's Law Dictionary
A deed; the delivery of an instrument to a third party who is to deliver it to the grantee or promisee upon the fulfillment of some condition, such as the payment of money. See 130 Am. St. Rep. 911, note.


Black's Law Dictionary: 2nd Edition
A scroll; a writing; a deed. Particularly a deed delivered by the grantor into the hands of a third person, to be held by the latter until the happening of a contingency or performance of a condition, and then by him delivered to the grantee. Thomas v. So wards, 25 Wis. 631; Patrick v. McCormick, 10 Neb. 1, 4 N. W. 312; Cagger v. Lansing, 57 Barb. (N. Y.) 427; Davis v. Clark, 58 Kan. 100, 48 Pac. 563; Easton v. Driscoll, 18 R. I. 313, 27 Atl. 445. A grant may be deposited by the grantor with a third person, to be delivered on the performance ofi a condition, and on delivery by the depositary it will take effect. While in the possession of the third person, and subject to condition, it is called an "escrow." Civil Code Cal. § 1057; Civll Code Dak. § 609. The state or condition of a deed which ls conditionally held by a third person, or the possession and retention of a deed by a third person pending a condition; as when an instrument is said to be delivered "in escrow." This use of the term, however, is a perversion of its meaning.

We use the term in the generic sense -- trusted 3rd party. In our case, we buy domains and we sell domains, and sometimes we do so with no profit. We are regulated by ICANN as an accredited registrar and govern ourselves accordingly.

I have said it before, if Escrow.com plans to continue to have the moral high ground as "Domain Escrow", they should become a registrar. Right now, they are a bank without a vault, introducing counter-party risk, procedural delay and expense where none is needed.

 

[Rob Monster]

Survival of the fittest.
This isnt a team sport boys and girls

Thanks for the comment.

While there is some truth to that, I think this category has plenty of upside of multiple players. We are not an aspiring monopolist. There is definite value in being efficient and having low overhead. We'll sacrifice margin if it makes the industry as a whole more successful. This is also why we do interest-free domain loans, domain registrations/transfer at or below cost. It is also why we allow domain investors to use our domain asset management tools for FREE even if 100% of their domains are registered elsewhere.

Specific to clearing buy-sell transactions, the fact is that Epik can do a $1 million escrow transaction and not charge a fee. If the domain is at Epik registrar and the buyer pays via wire, we can do that transaction for free. Let's face it -- it is very hard for anyone to compete with free. However in our case, for a domain that is on Epik, where buyer and seller are known/verifiable, and where funds are non-recourse (i.e. no chargeback risk), it is literally possible to complete that transaction without a fee.

The economic thesis -- fully validated -- is that when someone sells a domain, odds are good they will be buying more domains soon thereafter. That is exactly what we seeing playing out in real life. A NamePros member this week sold a 4L.com domain for $70K in our marketplace at a 9% commission, and a few days later he bought a 3L.com domain using those deposited funds as escrow. These transactions are near frictionless because Epik is the registrar and because we often know all the stakeholders personally.

Our domain name asset management tools are pretty much industry benchmark now across the entire domain life cycle: acquire, build, manage and sell. We are improving daily through organic development and acquisition, in part because we have demanding, sophisticated customers who give us continuous feedback, including a great comment today from @Bob Hawkes about his experience with Epik landers. Incidentally, the $70K 4L.com domain sale referenced above was done through one of those SSL landers.

I believe the evidence should be increasingly apparent to anyone paying attention that Epik is actively working as partners with domain investors to get their inventory sold or leased to retail end-users. Although I believe the PPC parking era is coming to a close, the demand for quality domains is strong. Domain name leasing, financing and sale offers plenty of upside, and with reasonable risk-adjusted returns. The recent example of $0.99 .CO domains is a case in point where folks have seen great ROI already.

 

[Internet.Domains]

Disclosing details of a private conversation.... NOT COOL!