advice Is anyone else having problems with Name Silo payments?

[Kuffy]

Getting on for a month ago, I sold a name for $4,000 through the Name Silo market place. The name was pushed out of my account fairly quickly, and I requested payment to a UK account within a day of the alleged availability of the funds. I have not received payment, and it is nearly a month. I'm trying to find out why, but Name Silo refuse to provide any payment details. As yet, I don't know if the problem lies with Name Silo, their bank,or an intermediate bank to convert dollars into Sterling. Does anyone know how I can get details of the alleged payment out of Name Silo? All their support will say is that the process is being processed normally and the funds have been released. Should I request the return of the name, as it just seems to be parked at the moment.

This experience has soured me against what I thought was the best registrar, and against the use of US dollars as a payment method. Trump seems hell bent on destroying America and the Dollar, and keeps introducing charges and restrictions. Rigght now, I feel that I just want to get away from any trading, services, or payments that utilise the dollar. Had I been able to use Bitcoin, the deal, including payment, could have been completed in 2 hours.

 

[Jannes]

This experience has soured me against what I thought was the best registrar, and against the use of US dollars as a payment method. Trump seems hell bent on destroying America and the Dollar, and keeps introducing charges and restrictions. Rigght now, I feel that I just want to get away from any trading, services, or payments that utilise the dollar. Had I been able to use Bitcoin, the deal, including payment, could have been completed in 2 hours.

As a Eurozone seller, I hear you. Well, payment is not the issue but pricing is. USD/EUR is now 0.85, a year ago they were almost in parity. This affects me more than marketplace commission disparities, especially if the direction continues. Sure, I can always adjust my prices, but then it's PITA to simultaneously take into account the well-known sweet spots (<2k, <5k, <10k etc USD). $4988 -> $5.5k just doesn't work.

Of course most registrations and renewals are now cheaper for EUR payers, so there's that.

 

[Kuffy]

Thanks for the reply, and I agree that pricing is a problem now that Trump wants to devalue the dollar to escape having to repay US debt at real prices. I've tried listing in Sterling and Bitcoin, but that hasn't been successful. I'm thinking of posting a BIN price at double my previous estimate, and stating that substantial discounts are available for crypto and non dollar payments. Also I want to avoid using the Swift system for payments. Name Silo stated that the delay was caused by the possibility of scammers making chargebacks. If it is going to take a month to confirm a payment, then I don't want to use US based payment services. PayPal is even worse, as a PP payment can be reversed up to six months after payment. Contrast that with Bitcoin, where confirmation takes less than an hour after payment has been added to the blockchain. I gather that payment was sent last Thursday, but they still refuse to provide transaction details, so I have no means of checking the progress, or veracity of that statement. They have stated that payments was authorised three times over the last month, so my optimism is tempered with caution.

I think my experience illustrated the importance of being an active member of a forum such as Name Pros, as I only seemed to get a rational apparently human response after providing a link to this thread. I'm also surprised that Name Silo is not an active member of Name Pros. Contributing to the community should improve brand image for a reputable supplier.

 

[Shimmy]

Most of my payments from them have been slower the last 6 months. Support said it's cause they got a lot of fraud payments and now have to contact buyers to see if it's legit. My slowest took like 3 weeks and then the domain just got returned to me. They said the buyer did a chargeback to them.

 

[Kuffy]

A while ago, I had an offer of $950 for a name. I responded and said I want 2,950. The prospective buyer cane back with an offer of $1,500, and I said OK, I'll run it though the Name Silo market place. The next message was that they had changed their mind, and didn't want the name now. I wondered if the Name Silo bit had put them off. I'm thinking of reviving my old Payoneer account, but I haven't checked to see what their chargeback policy is.

 

[Kuffy]

@namesilo

I've bumped this thread, as I still haven't received payment for a name which used the Name Silo market place for escrow. The sale was effected in mid December, and we are now mid February. NS charged me $300 for this non service. The name sold for $4,000, and NS seem to blame me for the non receipt of funds. I find this recondite, as Swift payments can only be tracked by the sender and not the potential receiver. NS support is unhelpful, and seem to be content to supply misinformation, and refuse to supply a M103 document which is a legal proof of payment, and contains a trace of the transaction. Also there is no record of the payment in my account details.

If you are considering using the Name Silo market place, I would approach listing your names with extreme caution.

 

[namesilo]

We just responded on your other thread as well:
Apologies for the inconvenience and the frustrating experience you've faced on this matter.

We can confirm that the payment for your marketplace sale was sent via wire to the bank details you provided, and we have already shared our bank’s proof of payment with you multiple times. We have also opened a formal trace request with our bank to investigate where the funds are in the SWIFT chain, and we are currently waiting on their response. In cases like this, your own bank is typically best positioned to see incoming SWIFT messages, identify any holds, and advise you on the status of the wire on their side.

We understand you requested an MT103; we have relayed this request to our bank and will forward any documentation they provide as soon as we receive it. Unfortunately, we cannot resend the same payment via an alternative method (such as cryptocurrency) while the original wire is still in transit or under investigation, as that would effectively duplicate the payout.

We remain committed to helping resolve this and will continue working with our bank and providing you with any information we receive. If your bank can share any reference or error details they see on their side, we’ll be happy to use that to press our bank for further clarification.

 

[Kuffy]

Thank you for your response. Unfortunately Swift is not a payment service, but a messaging system that establishes contact between two ( or more ) banks, and they have to initiate payment directly. Details of submission are merely a report of intent. The M103 document is the legal proof or payment, and that can only be obtained by you through your bank.

 

[Kuffy]

@namesilo
I thought I ought to post an update to this issue. It seems that the problem lies within the Swift system, and I'm still not sure exactly what caused the delays. However, Name Silo has paid me, and very generously, they have added a bit extra as compensation for the difficulty. They have also paid me using an alternative to the Swift system. I think this illustrates the importance of using larger reputable registrars that are able to support multiple payment options. I certainly won't be using Swift in the future. I think that Trump has killed it as an international payment method.

 

[Ali Mustafa]

@namesilo
I thought I ought to post an update to this issue. It seems that the problem lies within the Swift system, and I'm still not sure exactly what caused the delays. However, Name Silo has paid me, and very generously, they have added a bit extra as compensation for the difficulty. They have also paid me using an alternative to the Swift system. I think this illustrates the importance of using larger reputable registrars that are able to support multiple payment options. I certainly won't be using Swift in the future. I think that Trump has killed it as an international payment method.

Crypto payouts are definitely convenient these days & fast and usually without the delays that sometimes happen with SWIFT transfers. Glad the issue was eventually resolved. And yes, with all the uncertainty around policies and the dollar lately, many people are leaning toward crypto for international payments.