NameJet Fees

[Dominic Belley]

I just received an email from Namejet today including this piece of information :

They start with a good news :

Beginning December 14th NameJet will offer the ability to Add Funds to your account via PayPal and Alipay!

Then they hit with a hammer :

Beginning December 14th NameJet will charge a 2.5% Online Administration Fee for all payments made to NameJet via any online method, such as credit card (regardless of what credit card is used), PayPal or Alipay.

Please note that paying for domains via wire transfer will NOT incur this fee.

Very bad news for people buying on Namejet.

 

[Atta]

I was about to write this news

 

[MarkedOne]

 

[WhoaDomain.com]

hmmm NOT GOOD. but are people allowed to pay via Wire? to who? Buyer to seller? then how would Namejet get their commission?

 

[Dominic Belley]

When you buy on Namejet, they act as the escrow, you send the money to them and they release funds to the seller after taking their commission. That stays unchanged.

But the buyer will now have a 2.5% more in fees to pay. It is similar to Flippa or Escrow.com. When you pay by CC you have extra fees. But GoDaddy don't have that.

 

[LucidDomains]

$79 is already too much for backorder and now this.

It will have to be a domain I really really like for me to use them.

 

[WhoaDomain.com]

When you buy on Namejet, they act as the escrow, you send the money to them and they release funds to the seller after taking their commission. That stays unchanged.

But the buyer will now have a 2.5% more in fees to pay. It is similar to Flippa or Escrow.com. When you pay by CC you have extra fees. But GoDaddy don't have that.

aahhh ic ic now i get it. damn i just signed up with them too!! damnit! always late to the party! missed out on free CC payments in the past. oh well. so up to the seller to price his domain to share the load of the extra 2.5% and have it reflect in the pricing for his or her domain?

 

[Dominic Belley]

... so up to the seller to price his domain to share the load of the extra 2.5% and have it reflect in the pricing for his or her domain?

Well not really. The seller only cares about the 15% he will have to pay in commission.

The new 2.5% fees are on the buyer's side. He his the one that has to consider those fees when he is bidding. If he wanted to bid a maximum of $200 on a domain well now he will have to bid only $195 knowing he will have $5 in fees to pay.

 

[SoundsGood]

Sucks. But it's not nearly as bad for buyers as the Namejet/Snapnames drop auction merger. Names have been going for about twice as much with a guaranteed 60 people in any given decent auction.

 

[scrsteven]

In general a surcharge for credit card payments is illegal in 10 states: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas... but there are lawsuits challenging this and the Supreme Court is planning to weigh in on it soon.. http://www.reuters.com/article/us-usa-court-creditcards-idUSKCN11Z1VO

 

[DnEbook]

So before or after you win a name you are charged ........ sounds like the government

 

[anantj]

Saw this last night. Good Thanksgiving gift by NJ. As someone else said, prices are too high already there. Will probably reduce buying there and only buy names that I really really like

 

[DnEbook]

In case anyone is interested, you need to be a verified bidder before you can submit any names for auction, you need to fill out a form, scan it and supply a photo copy of your license, both documents are then attached to a support ticket to be verified.

 

[Hypersot]

Apologies for necroing this thread but I wanted to ask a question regarding the use of paypal with namejet.

I tried to top-up my Namejet account with paypal but I was asked for my credit card so they can charge it before paying for any domain I wanted to buy.

I tried to get help from support but I really couldn't understand what's the reason behind that. I mean, I am giving them money to hold for me for when the time comes when I'll be needing to purchase a domain from them... they will already have the money, why the need for charging a credit card?
If I wanted to use a credit card I'd have done so without the need to move the money to Paypal.. That confused me a bit.

...anyone kind enough to explain the reasoning?

thanks in advance

 

[Dominic Belley]

The credit card is needed if you buy a domain and your funds on Namejet are unsufficient.

 

[Hypersot]

The credit card is needed if you buy a domain and your funds on Namejet are unsufficient.

So, you're saying that, even if I top up my account with a million $ , they should still charge my credit card?

If there are insufficient funds in my account then I should be prohibited from bidding more or buying a domain with a cost higher than what's in my account.... That's called common sense and it's been used by all the other dropcatchers out there who support paypal.

Unless I misunderstood your answer, I'm not sure it answers my question.

 

[LucidDomains]

If there are insufficient funds in my account then I should be prohibited from bidding more or buying a domain with a cost higher than what's in my account....

Not sure how this would work? Imagine if people are in auction and it goes up to $10K+, are people expected to fund their accounts with ~$10K before going into the auction? Would people mind being charged $10K into their accounts and have it refunded it they don't win?

 

[Hypersot]

Not sure how this would work? Imagine if people are in auction and it goes up to $10K+, are people expected to fund their accounts with ~$10K before going into the auction? Would you want people to be charged 10K-20K into their accounts and have it refunded it they don't win?

When a user chooses to use that option (ie. in-house funding via paypal) then ,yes, said user is expected to have the right amount in their account. It's their choice after all.

Do you use Dropcatch.com or Pheenix? Do they charge your credit card when you choose to use the funds in your account?

Dropcatch require you to pay *after* you win the auction. If there are not enough funds then you can conveniently add them and pay your bill.

 

[iziksan]

It is realy sucks... a week ago i won an auction in NJ and i need to pay $640 but day after that i was charged for $655. Then i realized that they add the fees that DB talking about. If you going to buy once or twice a month it is half sucks but if you are planing to buy 10 so it cost you alot of money.... full sucks.

 

[Dominic Belley]

So, you're saying that, even if I top up my account with a million $ , they should still charge my credit card?

When you keep money in your Namejet account, your credit card is just a backup payment method.

If you have $500 on Namejet and you buy a domain for $450, then your Namejet balance will be $50.

If you have $500 on Namejet and you buy a domain for $550, then $500 will be taken from your NJ account and the other $50 will be taken from your credit card.

So if you always load your Namejet account before buying domains, nothing will ever be charged to your credit card.

If there are insufficient funds in my account then I should be prohibited from bidding more or buying a domain with a cost higher than what's in my account.... That's called common sense and it's been used by all the other dropcatchers out there who support paypal.

If there are insufficient funds in your account and you don't want to have money taken from your credit card, you should not bid more than what you can afford. That's called common sense.

 

[LucidDomains]

How many times you think NameJet have had people win an auction that they are unable to pay? Their solution is to weed out those bad apples by forcing everyone to have a backup CC on file, thus protecting all buyers.

I dislike having my CC on file, but I see why they have done it.

 

[Hypersot]

I'm sorry @Dominic Belley but you have absolutely no idea what I'm talking about

@LucidDomains Then Dropcatch.com or Pheenix is full of bad apples then?

Anyway,
judging from your answers, I'm starting to see why NJ works that way.
No need to continue this conversation on honestly, I sincerely thought 'common sense' was 'common' for all.

 

[LucidDomains]

@LucidDomains Then Dropcatch.com or Pheenix is full of bad apples then?

No idea of the level of fraudulent activity without looking at their internal stats.

Anyway,
judging from your answers, I'm starting to see why NJ works that way.
No need to continue this conversation on honestly, I sincerely thought 'common sense' was 'common' for all.

Ouch, a disagreement leads to insults? That actually says more about you than it does about us.

 

[anantj]

No need to continue this conversation on honestly, I sincerely thought 'common sense' was 'common' for all.

Very insulting to reply this way for folks answering YOUR questions. Especially since they are only explaining how NJ works, nothing that they can directly change. Shooting the messenger is really bad form

 

[LucidDomains]

Very insulting to reply this way for folks answering YOUR questions. Especially since they are only explaining how NJ works, nothing that they can directly change. Shooting the messenger is really bad form

A comment probably made out of frustration. It's cool. Everyone gets annoyed at something at some point.