NamePros Escrow Services?

[Branded Domains]

Hi NP members...
I think NP should introduce its escrow service for easy and safe transaction?

Benefits:-
Easy and fast transaction
Secure transaction(eliminates fake auction)
High value of transaction(we can do transaction more than $1k to $XXXXXX)

what u guys think???

 

[mirul]

Agreed, but only for small transaction < $500 ...

 

[equity78]

Juice probably not worth the squeeze.

Is Namepros getting audited like Escrow.com ? Comply with state and International laws, licensed and bonded ?

Why would they want to compete with advertisers that pay them good money each month in Escrow.com and DN.com ?

Years ago, I pitched and idea like this to @RJ we went over it back in 2005, there are just too many things, too many countries, sellers, currencies, etc...

 

[Branded Domains]

Anymore suggestions????

 

[turnhardtoeasy]

Escrow Services below 500 bucks would be good
hate to pay 25 bucks for 100 -200 bucks transactions over Escrow anyways

but it seems like it wouldn't be profitable for NP

 

[mirul]

Anymore suggestions????

Trade domains (or swapping)...

 

[Branded Domains]

Trade domains (or swapping)...

Domain swapping services free of cost or 5% commission.

 

[DNVantage]

+1 for both, escrow and swapping @ 5% or flat fee.

swapping for tlds like .com/net can be automated if registrar has api for pushing domains to accounts.

 

[domainbartender]

I've been looking for a 3 way escrow service for brokers. Not happy with the existing ones. They either require you to scan your id or don't pay out via Paypal. I would love to have Namepros start its own escrow service, but I know rules and regulations in every country would make it very difficult. I would really really like to see it happen though.

 

[equity78]

Don't get me wrong it would be great as I said I worked on an idea called forum escrow a decade ago, the seller would push the name to RJ and once the buyer paid RJ, he would push the domain. The numbers did not work out, plus you would never have the big outlier transactions take place. Escrow.com may have a lot of smaller sales but they also do $50,000 - $100,000 plus transactions, that never happening on Namepros, so you never get the big transactions. You have to think about things like chargebacks, stolen domains, stolen paypal accounts. Namepros would not be up for taking losses, look if Paypal comes back a month later and says payment was from a stolen account, buyer not giving the domain back, he paid, Namepros now has to do what ? Eat the loss ? How many losses are they going to eat to make $10 ?

 

[DNVantage]

The numbers did not work out

This is not an easy solution but there is scope by having restrictions to start with, like allowing only established members who have good ratings, encouraging buyers to pay by money transfer, by offering lower fees compared to payment by PayPal. NP could outsource this to a third party ( new startup, who might be interested in low fees ) or a long term trusted NP staff who might have interest in offering such services independently but in association/agreement with NP. ( ofcourse, NP not being liable in any case )

Domain swapping is specially easy, as there is no payment involved, except for a flat fee. NP could even increase business accounts by offering one domain swap for free every month or discounted rate for business members.

 

[ninjadomain]

Might work, but would have to be wire only or credits purchased prior using an escrow service. The key is money has to be wired in advance as cc/pp not really safe.

 

[equity78]

This is not an easy solution but there is scope by having restrictions to start with, like allowing only established members who have good ratings, encouraging buyers to pay by money transfer, by offering lower fees compared to payment by PayPal. NP could outsource this to a third party ( new startup, who might be interested in low fees ) or a long term trusted NP staff who might have interest in offering such services independently but in association/agreement with NP. ( ofcourse, NP not being liable in any case )

Domain swapping is specially easy, as there is no payment involved, except for a flat fee. NP could even increase business accounts by offering one domain swap for free every month or discounted rate for business members.

No staff member is putting up with this, for what ? Couldn't pay anyone enough for the round the clock, I paid member swizzlestick and he told me to he pushed the name. I told him I didn't get it and he told me to go F myself.

Or ZZxxZ has been stolen, oh wasn't that sold here on Namepros ? Oh yeah, it was for $188. Well I am the rightful owner my name is Huge Jass from Hollywood Ca, how did member funkynuts sell my name ?

If we are dealing with just trusted members why would escrow be needed ? I know Eric Lyon I will take paypal from him and plenty of other members here.

Providing the service opens one to liability, everyone here wanted to lose their shit about EscrowHill not being licensed in California and Texas, now if Namepros doesn't get licensed it would be the same outrage. There is a reason Escrow.com puts audited, licensed and insured, it inspires trust. I am a mod at Namepros and I can say I wouldn't use Namepros escrow unless they had all the same things as Escrow.com and made it clear no matter what happens they are eating any losses, no one can come back and say well Equity, there was a chargeback we know the transaction was done 60 days ago but, we kind of need the money back or we will close your Namepros account.

No thank you.

 

[ninjadomain]

Probably NP admins could focus on something else to make NP even better! %%-

 

[DNVantage]

No thank you.

@equity78 .... ouch!, was not asking you to provide escrow

Understandable the economics are not favorable for you, but there maybe someone else now or in future who might be interested. I am just tossing the idea around! Does not have to be NP staff member but being so gives them an advantage of offering this service.

Also, the legalities of offering escrow are different in every country. What is tedious in a developed country might be easy in a developing country, plus their cost of operating will be lower, which will reflect in lower fees. Here the main issue is reliability of the person or company offering this service, does not matter where they are located as long as they can be trusted.

Anyway, domain swapping does not have any of the payment issues of escrow.

 

[NameFit]

Escrow charges what they deserve for, licenses, operations, maintenance, legal, probably insurance too etc etc. It is the same headache whether it is smaller transaction or bigger transaction. Here at Namepros, it is mostly smaller amount transactions. Four of $250 transactions is 4 times headache than one $1000 transaction. It all goes with whether the money is. Escrow/Sedo deserve every penny of $50-$65 what they charge. Nobody will take a headache for transfer fee of $10 for a $250 transaction at modest 4% which many will find still high.

 

[equity78]

@equity78 .... ouch!, was not asking you to provide escrow

Understandable the economics are not favorable for you, but there maybe someone else now or in future who might be interested. I am just tossing the idea around! Does not have to be NP staff member but being so gives them an advantage of offering this service.

Also, the legalities of offering escrow are different in every country. What is tedious in a developed country might be easy in a developing country, plus their cost of operating will be lower, which will reflect in lower fees. Here the main issue is reliability of the person or company offering this service, does not matter where they are located as long as they can be trusted.

Anyway, domain swapping does not have any of the payment issues of escrow.

No I know you didn't mean me, I was looking at it from anyone's point of view to run it, you get into other countries cool. So if someone in China is going to do it for Chinese citizens that makes sense, I doubt anyone in the U.S. is going to use the service, any problems would have to be handled in a foreign land and the company is very small so might not have a great support staff. Again people start businesses to make money, I don't see it profitable for anyone. Want low fees use a cryptocurrency for lower fees, but the thing is it is not really about the fees it is about getting paid and no worries. Escrow.com says if something happens we eat the loss, that is the reason why I want to use them, so if some sophisticated con comes along and I sold a domain for $5,000, no one is ever coming back to me saying we need that money back, they eat the loss if they got burned with all their parameters and safety precautions in place. That's why it is important, I don't care about paying a Paypal fee, what I care about is the person paying me might try to con me, then I get scared of thinking what I will do to retaliate which will not be commensurate.

It will be something like:

 

[DNVantage]

what I care about is the person paying me might try to con me

Agree with you on that. That is the primary problem with escrow.

I see scope in escrow at NP for $xxx to $x,xxx transactions. Everyone has different levels of acceptable risk and appetite for profit. For some, who are ok with the risk and have availability of funds, a $xxx transaction would not need escrow, while for some, perhaps from developing and under-developed countries, specially when they are starting off, escrow, even on a $xx transaction would give them a much needed piece of mind.

Does not have to be a certified/established company. A trusted person could offer an informal service, accepting escrow for transaction up to $ amount they are comfortable with, based on their levels of acceptable risk and appetite for profit. One trusted person might offer escrow service for $xx to $xxx transactions, another trusted person for $x,xxx. The escrow provider can decide the restrictions they are comfortable with. Ratings, Payment by PP/Money-Transfer/etc.

I would be happy to pay a nominal % fee for all my transactions > $100. Maybe there are more members interested? We need a poll!

 

[Aamsra]

Thoughtful thread.

Actually, I wasn't thinking about NP escrow but I was just seeing that NP credit may be of use to make the dealing quick and easy.

In this way, members may be facilitated to send/receive money for any deal, they make via any of NP sales sections. Even mods and admins may examine these dealings occurring through NP credits here for reliability.
This is what I said in chat section a few days ago.

Looking forward to know if this feature can be implemented on NP with required level of reliability and surety.

Thanks