Payment on sold domain - 30 days? Is this standard?

[DomainPhil]

Hello,
I sold my first domain name on www.TDNAM.com on June 6, 2006. Since the transfer went through I assumed the payment would follow... so, I followed up with TDNAM to see when payment would be made.

The response was "Funds are held for 30 days from the day of purchase/sell of a domain on TDNAM. Once this 30 day period has passed the funds will be transferred to the appropriate account."

I understand they need to make sure the transfer was successful and that no challenges are made to the domain name... but I was wondering if this was "standard" for most auction sites? Does anyone have experience with other auction sites and how long before payment is received?

If this is the case, it sure makes sense to sell here at NamePros.com and get paid with PayPal.

Let me know. Thanks,
Ron

 

[NameClerk]

I can't speak for all auction/sales sites but Sedo pays much quicker than that.

Was the domain transferred directly to the buyer or does TDNAM (Godaddy) take temporary control over it? Where is the domain pointed right now?

It's a raw deal if you ask me. I bet the interest adds up to a significant amount on all of those funds that Godaddy holds for 30 days. It's even more significant if Godaddy gets to control the domain's traffic for awhile as well.

 

[DomainPhil]

This is kind of confusing... I know that GoDaddy was the registrar who transferred it for the new owner... but I just checked the domain and it is still showing the Sedo parking page NameServers... of course it isn't parked any longer as I closed that out when it was sold. So, since it was transferred, the nameservers were never changed by the new owner.

Also, just did a Who Is check and everything shows GoDaddy as the registrar but I am still listed as the Admin contact! Strange.

I guess as long as I get paid at 30 days out I now know that is the standard for TDNAM sales... just seems like a long time.

Ron

 

[Tippy]

That is correct, it takes 30 days + another 5-7 to receive your money after selling on TDNAM. The buyer gets control of the name right away as you must transfer it to them on your own and they then confirm to TDNAM that they have the name which starts the 30 day wait period.

So basically the buyer gets his name and TDNAM sits/plays with your money for about a month.

I went back and forth via email and phone with TDNAM telling them that this was BS but in the end I still had to wait. I think if more people contacted them and complained things might change, I also pointed out to them that sedo completes transactions within 5-7 days so there was no real reason for them to hold my $. The last company I worked for used to hold money as well, holding money for 30 days can be sometimes very rewarding... to me it smells fishy, which I also pointed out to them.

I nolonger sell names at TDNAM, I would only consider buying names there.

 

[Phronesis]

So basically the buyer gets his name and TDNAM sits/plays with your money for about a month.

The technical term is "float". How much money do they sit on for 30 days at a time? And I highly doubt it's in a non-interest bearing account or a safe somewhere. Going money market rates are pushing 5%. The longer they hold it, the more the can play the float.

 

[GreenGambler]

That's the only reason they are holding them for 30days IMO, to make more money.

This is a great example of how TDNAM does not care about the buyer or seller all they care about is reaping the profits...

Not very ethical if you ask me.