Payoneer jumps into domain name escrow business

[SpareDomains]

Global payments company begins catering to the domain name industry.

Global payments company Payoneer is getting into the domain name escrow business with the help of former Escrow.com president Brandon Abbey.

Read more...

http://www.payoneerescrow.com/

http://domainnamewire.com/2016/09/12/payoneer-jumps-domain-name-escrow-business/

 

[ResoluteDomains]

Couple of updates. The armorpayments URL is gone - https://escrow.payoneer.com/blog/bye-bye-app-armorpayments-com-hello-pay-payoneer-com

Euro and GBP are live. Domain Holding transactions are live. Keep those suggestions coming. Thanks

Do we still need to send in photo ID in order to participate in domain name escrow?

 

[Brandon Abbey]

Guess it's time to update your NamePros profile then to make it truly official.

Good to see the Domain Holding option!

I'm going to have to call upon one of the Namepro experts for this one Will git er done.

 

[Brandon Abbey]

Do we still need to send in photo ID in order to participate in domain name escrow?

It is really hard to say. We process over 100,000 new users every month. Most of these we are able to validate by the information provided do not require a photo ID. Some cases tend to be more sensitive and will require additional information, this could be due to incorrect information in the profile. Payoneer has been doing this since 2005 and our analytics are extremely thorough. Our goal is to provide a great customer experience.

 

[Brandon Abbey]

This isn't related to domains but it is pretty exciting for Payoneer Escrow as we continue to establish ourselves as the "go to" escrow service.

http://www.nasdaq.com/press-release...s-service-for-b2b-transactions-20170807-00644

 

[Brandon Abbey]

Five years in a row on Inc 5000 list. This list has been out there for over 30 years and less than 7% of the companies that qualify make it on the list 5 times.

Inc. 5000 2017: The Full List BY THE EDITORS OF INC.
Our annual ranking of the fastest-growing private companies in America.
https://www.inc.com/inc5000/list/2017

1912
Payoneer
200.14%
$174.3m
Financial Services

 

[xynames]

One thing that is an extra hurdle with Payoneer, is the 3% credit card fee.

At present the only option when opening the escrow is whether to accept or not accept credit cards. There should be an additional pull down menu for who pays this 3%. Otherwise, if I want a simple escrow where buyer pays all fees, I must first ascertain in advance whether buyer needs to pay with a credit card, and then, if he will pay with a card, recalculate the escrow so that buyer in effect pays this 3%.

I realize this is for under $2K transactions only, but still, it just creates an unnecessary pre-escrow negotiation between seller and buyer, about whether buyer intends to pay with a credit card, and if so, who pays that fee.

My domain escrows are almost universally: buyer pays all fees, so for me, this credit card deal makes it so that, say, for a thousand dollar escrow, if I want to receive everything, I need to calculate how much buyer must pay for me to receive a net 1000 if pays with credit card, which would be...$1046.39 in order for $1015. to hit the escrow, and cover all fees so that I get my net 1000. A hassle.

And then what if buyer decides after receiving the escrow terms that he doesn't want to pay with credit card. Now I must open a whole new escrow for just the $1015.

Again, suggestion: Payoneer, please add a pulldown menu for selection of WHO pays the credit card fee.

 

[Name Trader]

I asked Payoneer about this, a while ago. They said this is unlikely to change anytime soon. The 3% is the same like any store would pay on purchases with a credit card. So you have to factor that cost in with your pricing (eg: 1000/0.97=1030). If you want to assign the fees, you have to use Escrow.com.

 

[xynames]

Yes "Fred," but as you know, it's a pain and every little step you have to add to the process with a buyer, especially on a deal under $2K, could kill the deal. So if you have to ask the buyer, umm, should I do an escrow for $1015. or $1047., are you paying with bank or credit card, it just adds that much more delay to finalizing the deal.

Another thing I don't like about Payoneer is that if you make a little mistake while filling out the escrow, and then hit the submit button at the end, it wipes everything, saves nothing and sends you back to fill everything out all over again. This has happened to me more than once - where it seems to be accepting everything, as the orange Continue box lights up and prompts you to proceed, but then at the end when you Create & Send, it doesn't like something for some reason, and wipes everything and sends you back to start all over with nothing saved.

A third little issue they have is that in the form where it asks for the domain name it lists it as
http: // www. domain1. tld
which implies that you should follow that format in entering the domain name
but if you enter it in that format with the http:// it rejects it, it apparently wants it entered without the http:// in front. Well, if so, then why prompt you to enter it with the http:// ?

 

[Name Trader]

But they are about half the cost of Escrow.com. Not that I care. Because I charge all fees to the buyer in escrow.com and do the calculation above for any domain which might sell within Payoneer's credit card payment option.I don't notify the buyer that I've raised the price because they might be using a credit card.

 

[xynames]

<<I don't notify the buyer that I've raised the price because they might be using a credit card.>>

I thought of that, but, that just didn't seem right to collect extra for no reason, especially when it's such a small amount. And if they did notice it could ruin the deal, or leave a bad impression, if you say, negotiated it for "net 1000" and then they realize that you're getting more than net 1000.

 

[Name Trader]

Well. I guess you've answered your own question. Just eat the 3%, since it's so small. But it's $210 on Payoneer's maximum credit card payment of $7000. I'd make the buyer pay, just like you would if you were using Escrow.com.

 

[Name Trader]

<<I don't notify the buyer that I've raised the price because they might be using a credit card.>>

I thought of that, but, that just didn't seem right to collect extra for no reason, especially when it's such a small amount. And if they did notice it could ruin the deal, or leave a bad impression, if you say, negotiated it for "net 1000" and then they realize that you're getting more than net 1000.

What they don't know, doesn't hurt them. You never even mention any net figure. You always talk in gross terms to a buyer wanting to use Payoneer. They are still saving money over Escrow.com.

 

[xynames]

I just deal with the buyers straight, maybe I'm being too rigid in even bringing it up to them, this issue of "Will you be paying with credit card?", lol. Just the way I am though, if say net 1000, or net 2000, or net 10000, I stick to it.

 

[Name Trader]

I just deal with the buyers straight, maybe I'm being too rigid in even bringing it up to them, this issue of "Will you be paying with credit card?", lol.

So do I. There is nothing underhand in what I do. If you want to use escrow.com this is the price and you pay the fees. If you want to use payoneer, this is the price. As I've said. They will save money over escrow.com. I always specify the payment method with any price quote. Don't you?

 

[internext]

When I sell the buyer always eats the fees. Its not difficult. Dont pay to sell.(unless you marked it up to accommodate the fees)

 

[xynames]

I always specify the payment method with any price quote. Don't you?

No.

When I am negotiating a sale, and we get to the end where the price is about to be agreed on, I am careful to use the terms "as long as I receive net _____" or just "net ____." so that it is clear that I am agreeing to a certain price irrespective of transactional costs. Then, later, when you discuss payment methods and offer escrow as an option you've already made it clear that you must receive a certain net amount, the implication being that the escrow fees must be paid by buyer. At that point, you may suggest PayPal as an alternative to save them escrow fees. Ya follow? One step at a time, but make sure it is clear that when you agree on a sales price that you are agreeing based on that you receive that amount, net.

That way, the decision on whether to use escrow or PayPal is made by them, or at least...they think it is being made by them, when in reality you have subtly manipulated the end result to where it doesn't matter to you one way or another since all you care is that you receive a certain amount, net.

I have buyers who wire money directly to my bank, use escrow, use PayPal, use bitcoin, etc. I can't anticipate how they will pay. "I get net _____" is all that is finalized before payment terms are discussed.

This "approach" works best when you are agreeing to sell below your asking price. If they come right in and agree on what you want off the bat, then half of escrow costs isn't such a big deal. I've split escrow costs rarely, but I am not opposed to it, if they are paying full asking price.

https://www.namepros.com/threads/buyer-interested-amount-agreed-all-good.1047697/#post-6414360

 

[internext]

@xynames
Maybe you ought to TRY learning from those who have been doing this long and successfully enough to have been here for a significant while.That's the "approach" I took when I was new. Maybe you know better...

 

[Name Trader]

I don't want to accept payments for domains via PayPal. I think there's the difference between us. I want a secure payment method. My usual quote goes something like this. $5000. Payment via Escrow.com with the buyer paying the escrow fees. I don't leave this as a bone of contention to dicker over once a price is agreed. And if they want to use Payoneer after the price has been agreed, then it's perfectly understandable to the buyer, if it's not Escrow.com, then the price will be different because of the differing fee structures of the two companies.

 

[xynames]

@xynames
Maybe you ought to TRY learning from those who have been doing this long and successfully enough to have been here for a significant while.That's the "approach" I took when I was new. Maybe you know better...

Since 2002....


And this isn't WindNSea Beach in La Jolla, "Locals Only!" lol if that's what you're implying. We're all on equal footing in some respects. Each of us has something could teach the other.

 

[internext]

Since 2002....

So you've been a long-term lone wolf? Says 2017 on your profile. OK, Ill bite. Show me your oldest .com? I know and respect Stu. Id bet his are older than yours. I know mine are. Without a doubt

 

[xynames]

Go to my website and look. But if you'd like to discuss this further, just message me please I don't like having my domain URLs posted in a forum. Thank you.

 

[internext]

lol ok

 

[Brandon Abbey]

We have had a lot of discussions regarding charging the buyer credit card fees. What we are dealing with is the legality of doing this. Some states and countries prohibit up charging credit card fees to the buyer. Since we have had this request from many of you I will keep everyone posted on these continued discussions. Happy Holidays to all,

Brandon

 

[anantj]

We have had a lot of discussions regarding charging the buyer credit card fees. What we are dealing with is the legality of doing this. Some states and countries prohibit up charging credit card fees to the buyer. Since we have had this request from many of you I will keep everyone posted on these continued discussions. Happy Holidays to all,

Brandon

How do other services give this option? Namely escrow.com and a few registrars as well (for example Namebright charges a CC fee for prefunding the account, Flippa charges a service fee as well)

 

[Brandon Abbey]

When I was at escrow.com, 2004-2015, there was an upgraded level of support for people paying with credit cards. This primarily included email support over weekends and holidays, so technically the customer was buying an additional service. I am not familiar with their current policies regarding support.