Namesilo's Bad Intentions - Account Funds

[LUP]

I hope for those of you who top up to Namesilo to bid on the marketplace or whatever, please be careful and read carefully their ridicoulus rules.

https://www.namesilo.com/popups/account_fund_terms.php
Retrieving Funds

1. We will only process refunds of account fund balances if your last account funds purchase was more than 60 days prior to your request.
2. We charge a $0.99 fee for all refund transactions. Therefore, if you placed 5 different transactions to fund your account, you could be responsible for the $0.99 fee for each of those 5 transactions. This processing fee will be deducted from each refund transaction.

I just asked for a full refund and they deduct it. I asked if there were paypal fees? In fact, they say there have been no paypal fees since 2019. Then why do they deduct it? then they gave that link.

Even I don't know their ridiculous rules because when i topup is not shown. It turns out that the first time "you tick this "Account Funding Authorization" I accept the account funding terms & conditions
They say, if you don't read it, it's none of our business

Please think again to do a top up there, if you already know the risks, please. Why would they deducted customer funds who willing to top up into their systems and even hold them for up to 60 days.

I'm happy to say that they didn't charge me, but I donated some of my money to them. hope that's useful

From now on I will no longer use any namesilo services. I don't want to get stuck with their ridiculous rules

Be aware!~

 

[Gube]

A reason for this "per deposit" withdrawal fee could be the payment processing fees they have to pay when customers make a deposit.
Registrars, and business in general have two main options to recover the payment processing fee :
- Include it in the items' price
- Charge the customer the deposit/withdrawal fee at the time of the deposit/withdrawal
Here namesilo chose the first option, and so if you ask them a withdrawal, they couldn't recover the payment fees through one of your purchases, so they are asking for $0.99 to recover it, it seems..

Payment processors can be costly, Paypal first.
2.9% + $0.30 can be small but on multiple small transactions, it quickly adds up..

Gube

 

[LUP]

A reason for this "per deposit" withdrawal fee could be the payment processing fees they have to pay when customers make a deposit.
Registrars, and business in general have two main options to recover the payment processing fee :
- Include it in the items' price
- Charge the customer the deposit/withdrawal fee at the time of the deposit/withdrawal
Here namesilo chose the first option, and so if you ask them a withdrawal, they couldn't recover the payment fees through one of your purchases, so they are asking for $0.99 to recover it, it seems..

Payment processors can be costly, Paypal first.
2.9% + $0.30 can be small but on multiple small transactions, it quickly adds up..

Gube

They said no paypal fees since 2019 and my refund was not deducted by paypal fees but by them
When I do a top up, I pay it to paypal, not through a 3rd party. There should be no other costs

 

[Gube]

They said no paypal fees since 2019 and my refund was not deducted by paypal fees but by them
When I do a top up, I pay it to paypal, not through a 3rd party. There should be no other costs

If they were to cancel the original paypal payments from paypal, there shouldn't be any processing fee.
It's just that they have to process your request manually and it takes a bit of time during which they can't work on other tickets and eventually make a profit (as you are asking them a refund, funds you won't spend there).
Other than that, I don't really see a reason for the $0.99 fee then (for paypal to paypal)

 

[LUP]

If they were to cancel the original paypal payments from paypal, there shouldn't be any processing fee.
It's just that they have to process your request manually and it takes a bit of time during which they can't work on other tickets and eventually make a profit (as you are asking them a refund, funds you won't spend there).
Other than that, I don't really see a reason for the $0.99 fee then (for paypal to paypal)

yeah that's for no reason. the only reason is based on their ridiculous rules

They can benefit from funds held for more than 60 days + deductions for each refunds

 

[lambo.com]

no bad intentions

 

[branding]

When did they start doing that? I topped up a couple of hundred not too long ago, didn't win the domain but got a full refund within days.

 

[LUP]

no bad intentions

holding customer funds for 60 days isn't that bad? unless you are happy with it

When did they start doing that? I topped up a couple of hundred not too long ago, didn't win the domain but got a full refund within days.

I also just found out and happened

 

[lambo.com]

holding customer funds for 60 days isn't that bad? unless you are happy with it


I also just found out and happened

Credit on account.

(Good in case you die)

 

[LUP]

Credit on account.

(Good in case you die)

(If you die first)

 

[namesilo]

I hope for those of you who top up to Namesilo to bid on the marketplace or whatever, please be careful and read carefully their ridicoulus rules.

https://www.namesilo.com/popups/account_fund_terms.php
Retrieving Funds

1. We will only process refunds of account fund balances if your last account funds purchase was more than 60 days prior to your request.
2. We charge a $0.99 fee for all refund transactions. Therefore, if you placed 5 different transactions to fund your account, you could be responsible for the $0.99 fee for each of those 5 transactions. This processing fee will be deducted from each refund transaction.

I just asked for a full refund and they deduct it. I asked if there were paypal fees? In fact, they say there have been no paypal fees since 2019. Then why do they deduct it? then they gave that link.

Even I don't know their ridiculous rules because when i topup is not shown. It turns out that the first time "you tick this "Account Funding Authorization" I accept the account funding terms & conditions
They say, if you don't read it, it's none of our business

Please think again to do a top up there, if you already know the risks, please. Why would they deducted customer funds who willing to top up into their systems and even hold them for up to 60 days.

I'm happy to say that they didn't charge me, but I donated some of my money to them. hope that's useful

From now on I will no longer use any namesilo services. I don't want to get stuck with their ridiculous rules

Be aware!~

Sorry to hear about your poor experience with us. But just to clarify, these terms are in there to prevent user abuse:
1. The 60 day rule is in our terms in case users try to abuse our Discount Program, by depositing funds to receive lower prices, and then immediately request a refund on their remaining funds. We normally honour other legitimate refund requests, regardless of deposit date.

2. PayPal does indeed charge transaction fees. You can see here for reference: https://www.theverge.com/2019/9/20/20876570/paypal-refund-fee-policy-change-sellers-controversy
Thank you to the community members that already mentioned this above. But yes, we are charged on every transaction, including refunds and even tiny fees on many transactions start to add up. We incur the initial deposit transaction fees but we cannot then also incur the refund charges. Otherwise, we end up in a situation where we continuously lose more and more money if a user decides to deposit/refund/deposit again/refund again.

 

[tonyk2000]

Not all online businesses do allow withdrawal of accounts funds. Namesilo does this? A good intention, not a bad one. It would then be natural to send back the amount actually received, which would mean deducting the fees paid to their processors both to receive original funds and to send funds back. Applying extra processing fee may be also acceptable imo (manual transaction, human resources, time=money).