news Is Escrow.com Dying Slow Corporate Death? Why do I ask?

[Soofi]

Is Escrow.com Dying Slow Corporate Death? Why do I ask?

Because Escrow.com is losing its charm and relevancy to domain name investors. Of course, they just don’t cater to domain name investors only through Escrow.com website and we account for a fraction of their annual business revenue.

read in detail here..

 

[ResoluteDomains]

Is Escrow.com Dying Slow Corporate Death? Why do I ask?

Because Escrow.com is losing its charm and relevancy to domain name investors. Of course, they just don’t cater to domain name investors only through Escrow.com website and we account for a fraction of their annual business revenue.

read in detail here..

Perhaps its also the US Government's requirements on their business, or maybe its their implementation of said requirements....... either way, I think it is losing its charm. Too many posts with complaints. If it were just one or two people then it would be different but when many come here and post similar experiences and all ask for alternatives, then we need an alternative.

 

[Domains - Wanted]

Sorry to see Escrow.com going to the dogs. For many years they were in a class of their own. Good news is there are a few very promising alternatives around these days, namely Payoneer and Epik

 

[dollarfield]

Ever since freelancer.com acquired them they are on decline.

 

[Soofi]

Perhaps its also the US Government's requirements on their business, or maybe its their implementation of said requirements....... either way, I think it is losing its charm. Too many posts with complaints. If it were just one or two people then it would be different but when many come here and post similar experiences and all ask for alternatives, then we need an alternative.

true. If it was just few odd people complaining, we'd let it slip, however way too many threads erupting each month. A solid alternate is required for escrow services.

 

[Soofi]

Sorry to see Escrow.com going to the dogs. For many years they were in a class of their own. Good news is there are a few very promising alternatives around these days, namely Payoneer and Epik

Agreed. @Brandon Abbey had it going right, however letting him go was a huge mistake by Freelancer team who is running Escrow.com the way they want, poorly IMO

 

[Soofi]

Ever since freelancer.com acquired them they are on decline.

poor management imo

 

[platey]

a domain name investor wants

A good quality reliable fast free escrow service that offers instant and constant communication at any and all points of the transaction

and as with everything else in life if a company doesnt want to provide what the public ( in this case the domain name investpr) then it wont be long before the bigger registrars offer fast free instant escrow as standard

i can see why photos are being asked for and i see that requirement becoming the norm and not going away any time soon

its a bit like grocery delivery in a way

supermarkets could have offeted 1hr delivery from order for decades buy either didnt think to offer the service or chose not to offet the servoce

but as soon as amazon decides to offer one hour grocery delivery suddenly the supermarkets realise they also need to now offer one hour delivery but amazon dont need supermarkets and neither do amazons customers

Athe same with escrow i suppose

many big sales prefer escrow it would appear but there are many up and coming escrow services appearing almost weeky it would seem

 

[Soofi]

You make very valid points and I am sure the scenario will change sooner enough with escrow servic, maybe free of charge at registrar level as an additional feature to garner more business and trust.

Nonetheless, escrow.com needs to smarten up and innovate for continued success.

a domain name investor wants

A good quality reliable fast free escrow service that offers instant and constant communication at any and all points of the transaction

and as with everything else in life if a company doesnt want to provide what the public ( in this case the domain name investpr) then it wont be long before the bigger registrars offer fast free instant escrow as standard

i can see why photos are being asked for and i see that requirement becoming the norm and not going away any time soon

its a bit like grocery delivery in a way

supermarkets could have offeted 1hr delivery from order for decades buy either didnt think to offer the service or chose not to offet the servoce

but as soon as amazon decides to offer one hour grocery delivery suddenly the supermarkets realise they also need to now offer one hour delivery but amazon dont need supermarkets and neither do amazons customers

Athe same with escrow i suppose

many big sales prefer escrow it would appear but there are many up and coming escrow services appearing almost weeky it would seem

 

[Jake2011]

I am an accountant in Australia and I have a lawyer sharing the same office space. If I were to ask him to join me in setting up an Escrow service.

- Tell me how it should work to be safe secure and popular.

- my idea would be to be a true escrow - money deposited into lawyers statutory Trust account / domain transferred into Escrow business name - then we transfer money to seller from us and name to buyer from us. This would stop any quick flicks of domain to hidden recipient. Is this a good idea???

You tell me what you need and we can set it up legitimately.

My main site is nighttax.com.au you can email me from that site and I will answer or you can pm me here.

 

[Lysted]

Escrow service is heavily regulated - at least in US. It is not easy to set up one. Secondly, the service you are talking about already exists at both Escrow.com and Sedo.com. For escrow.com it is called concierge service and sedo.com always had it that way - on receipt of payment, the domain is transferred to sedo by seller and they release the funds to the seller and deliver the name to the buyer.

 

[ResoluteDomains]

I am an accountant in Australia and I have a lawyer sharing the same office space. If I were to ask him to join me in setting up an Escrow service.

- Tell me how it should work to be safe secure and popular.

- my idea would be to be a true escrow - money deposited into lawyers statutory Trust account / domain transferred into Escrow business name - then we transfer money to seller from us and name to buyer from us. This would stop any quick flicks of domain to hidden recipient. Is this a good idea???

You tell me what you need and we can set it up legitimately.

My main site is nighttax.com.au you can email me from that site and I will answer or you can pm me here.

I am wondering if it were that simple then wouldnt more attorneys have jumped on this already? What I mean is, it does sound very very simple when its broken down into its basic steps. But I think that there must be some regulations. I dont know how attorneys are governed even here in my country (USA) but I think that attorneys have restrictions from the ABA on how they can use their escrow accounts. Perhaps that is different by you. Also, escrow, the service itself, is regulated (I THINK) like banks and other lending institutions. Again, this is probably different by you.

Keep us all posted. For now I am going to use Sedo's escrow.

 

[Jake2011]

Thanks for the reply. Escrow is also very heavily regulated in Australia with compulsory audits every year etc. However as an accountant and my friend as a lawyer, we both have the knowledge, qualifications and legal ability to run a legit service. As everyone is complaining it would seem the two options you have mentioned fall short of every ones expectations. So again I simply put the idea out there for input.
- If so many people are complaining
- Tell me what you all want
- If it can be done legally and we can make a dollar doing it (may be a shock but accountants and lawyers rarely work fro free for people who are making money) then we will consider setting it up.
If no one wants it that is ok too. But then maybe they should stop complaining.

 

[Lysted]

Lately people have been complaining about few things

- paypal chargebacks (which is not new)
- escrow.com - extra regulations where they have been asking identification documents from buyers and sellers - which turns of the buyers
- In general, about escrow fees for transactions

Do not think above are avoidable for reasons
- more scammers around, govt regulations, paypal/credit card/escrow companies got to make money too.

 

[Jake2011]

I am wondering if it were that simple then wouldnt more attorneys have jumped on this already? What I mean is, it does sound very very simple when its broken down into its basic steps. But I think that there must be some regulations. I dont know how attorneys are governed even here in my country (USA) but I think that attorneys have restrictions from the ABA on how they can use their escrow accounts. Perhaps that is different by you. Also, escrow, the service itself, is regulated (I THINK) like banks and other lending institutions. Again, this is probably different by you.

Keep us all posted. For now I am going to use Sedo's escrow.

Thanks for the input.

Without writing war and peace most lawyers don't go for it because compared to case law, divorce law, ambulance chasing and many other income revenues a lawyer has the income from Escrow work is chicken feed and no worth chasing. I am semi retired and my friend also we have what is required by law to do this or I would not have suggested it. I am as green a rookie as they come to domain trading but not when it comes to this side of business. I am happy not to do it but I am happy to have a go if everyone really wants and alternative. That is all I am saying.

 

[Lysted]

As you said, the margins in escrow are less - cannot imagine anyone paying more than 6% (half of it goes to credit card) - so you are at 3% profit margin, and with average sale price of domain around $2k, $60 is peanuts. Lawyers are typically used to 30-50% margins in million $ lawsuits. So ...

 

[TerriJ]

Escrow service is heavily regulated - at least in US. It is not easy to set up one. Secondly, the service you are talking about already exists at both Escrow.com and Sedo.com. For escrow.com it is called concierge service and sedo.com always had it that way - on receipt of payment, the domain is transferred to sedo by seller and they release the funds to the seller and deliver the name to the buyer.

Sorry, I'm new to this... but can you use Sedo's Escrow service if you sell a domain elsewhere... like on this forum. Or does the entire sale (from listing onward) need to take place on Sedo's platform?

 

[Lysted]

@TerriJ - yes you can use Sedo.com escrow service even though the domain is not with Sedo. The fees is also less at 3% for wire, around 6.5% for credit card with $60 minimum. It is called

external transfer/escrow service

https://sedo-us1.custhelp.com/app/a...t-is-sedo’s-external-transfer/escrow-service?

Hope it helps.

 

[TerriJ]

@Lysted Thanks for the info!

Think I'll be using this for my bigger sales.

 

[wwwweb]

As you said, the margins in escrow are less - cannot imagine anyone paying more than 6% (half of it goes to credit card) - so you are at 3% profit margin, and with average sale price of domain around $2k, $60 is peanuts. Lawyers are typically used to 30-50% margins in million $ lawsuits. So ...

Escrow charges the buyer if they use credit card separately

 

[ResoluteDomains]

Thanks for the input.

Without writing war and peace most lawyers don't go for it because compared to case law, divorce law, ambulance chasing and many other income revenues a lawyer has the income from Escrow work is chicken feed and no worth chasing. I am semi retired and my friend also we have what is required by law to do this or I would not have suggested it. I am as green a rookie as they come to domain trading but not when it comes to this side of business. I am happy not to do it but I am happy to have a go if everyone really wants and alternative. That is all I am saying.

I am all ears, if you get something going then I will give would certainly give it a run!

 

[poweredbyme]

I am an accountant in Australia and I have a lawyer sharing the same office space. If I were to ask him to join me in setting up an Escrow service.

- Tell me how it should work to be safe secure and popular.

- my idea would be to be a true escrow - money deposited into lawyers statutory Trust account / domain transferred into Escrow business name - then we transfer money to seller from us and name to buyer from us. This would stop any quick flicks of domain to hidden recipient. Is this a good idea???

You tell me what you need and we can set it up legitimately.

My main site is nighttax.com.au you can email me from that site and I will answer or you can pm me here.

Like almost all businesses, a cheap escrow service would be the winner. To sell something cheap you have to keep your costs low. You already know this because you are an accountant. Most probably you know every details of cost accounting. But what would be the biggest fixed and variable costs in escrow business? It looks like you forgot to ask this question to yourself. If you find the correct answers you can make good money from any business including escrow business. Competition is everything. Whatever you sell has to be the cheapest, period.