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/

 

[xynames]

Brandon, what we’re saying is that with escrow.com when we notate the escrow for “fees paid by buyer,” ALL fees are paid by buyer. Simple. No differentiation between escrow or funding fees.

The way a typical merchant gets around the legality of “charging someone more” to use credit cards is by declaring that the Product’s price as listed is its “cash discount” price and if credit cards are used the price reverts to its full price.

I don’t buy using escrow.com I only sell so I don’t know what disclaimers or verbiage they are using to justify / legitimize their credit card funding fee.

 

[anantj]

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.

Okay. Thank you for the explanation. Hopefully you can figure out a way for Payoneer Escrow as well

 

[Skyvisum]

@Brandon Abbey ,Why dont you make a note where it says that buyers have limit to $2000 when buying and can only go above this limit with their company account?I am in the middle of a transaction above $2k and buyer was having difficulty signing in and we both had to call in to payoneer escrow to get an explanation which was then made clear . Buyers back out when they cant sign in and think something is wrong with information provided.Please make it known clear that buyer can only use company information to pay above $2k.I am trying to revive another $7k plus deal which may have been caused by this and buyer is long gone because of this.Please make this point very clear.

 

[xynames]

As far as I know the limit is $2000 for credit card payments by buyer. Otherwise it doesn’t matter what kind of Payoneer escrow account buyer has - may enter any escrow for any amount.

However, the type and age of buyer’s account, and location, may affect funding choices. For example the buyer might have to wire the money in - no ACH online funding - even at a $1000. transaction.

 

[xynames]

I opened a Payoneer escrow Sunday. I generally use escrow.com

Buyer was told by Payoneer that must wire funds may not ACH. Buyer went to her bank Monday afternoon to order the wire. Wire was sent out Tuesday morning.

Wednesday buyer was notified by bank that wire had been rejected and returned. I’m not exactly clear yet on what happened but I don’t want to disturb buyer with questions in midst of payment!

Went ahead and just opened a new Payoneer escrow (transaction is between 1000 - 2000) at higher amount to allow for credit card payment fees, and an escrow.com for the same transaction. Left it up to buyer which one she wanted to do - and with escrow.com buyer already clicked to approve terms says will be paying via credit card. So escrow.com it is.

 

[xynames]

Just had a very nice telephone conversation with Brandon @ Payoneer, thanks! for calling me and we went over the issues discussed in this thread over the past few days.

 

[jideofor]

Just had a very nice telephone conversation with Brandon @ Payoneer, thanks! for calling me and we went over the issues discussed in this thread over the past few days.

I told ya.. glad he called.

 

[Skyvisum]

@Brandon Abbey, my buyer just had his payment delayed because of issues with your own receiving bank.Its about time, I receive my own call.Now i have my transaction delayed again by payoneer.Good thing I have an understanding buyer and I used payoneer because of the fees.If its not fixed by tomorrow,have to find an alternative.

 

[Skyvisum]

Might Switch after I'm done because this transaction so far has not been smooth because of payoneer so far no help and all same talk and nothing even after buyer attached payment info,nothing yet to be updated.Not encouraged so back to what wont delay me.

 

[Brandon Abbey]

Hi Skyvisum,

The beneficiary information on their wire was incorrect and the wire was returned to their bank. Our customer service team is working with them for resolution. Best regards,

Brandon

 

[Skyvisum]

@Brandon Abbey ,thanks for your reply which I was expecringe last week to know what the issue was.I kept payobeer several times and no one seems to tell me what the issue was this whole mix up would have been taken care of. Buyer told me this is longer than he expected . Each person I spoke with seems to not know what they are doing once I give them the order number.I expect update like I told him and this is a new week after delaying a transaction that should have been almost completed.I can't continue using payoneer if they can't detect and point out an error in a timely manner .I am sure it would take me forever to get paid next .

 

[kdbbdk1]

Just closed a $X,XXX domain name deal yesterday using payoneer escrow. And oh well it went incredibley fast.

The buyer paid using the CC (it was the weekend but the funds were in by monday morning).

The buyer released the funds and they were in my account in less than 30 minutes.

Thanks @Brandon Abbey for the awesome support. I unfortunately have a couple of transactions still oen with escrow.com, but these will be the last.

 

[xynames]

Trying to find the "correct" Payoneer escrow is not easy the first time.

Google
Payoneer Escrow
and you'll land mostly at
https://www.payoneer.com/escrow-for-marketplaces/
which is for b2b escrow through API transactions.
Try to login off that "escrow looking page" and you'll wind up here:
https://myaccount.payoneer.com/

even here:
https://escrow.payoneer.com/escrow
is not quite the final login.

Somehow, you need to find this:
https://pay.payoneer.com/login
which in the URL, doesn't even have the word "escrow" in it.

 

[xynames]

I opened a Payoneer escrow Sunday. I generally use escrow.com

Buyer was told by Payoneer that must wire funds may not ACH. Buyer went to her bank Monday afternoon to order the wire. Wire was sent out Tuesday morning.

Wednesday buyer was notified by bank that wire had been rejected and returned. I’m not exactly clear yet on what happened but I don’t want to disturb buyer with questions in midst of payment!

Went ahead and just opened a new Payoneer escrow (transaction is between 1000 - 2000) at higher amount to allow for credit card payment fees, and an escrow.com for the same transaction. Left it up to buyer which one she wanted to do - and with escrow.com buyer already clicked to approve terms says will be paying via credit card. So escrow.com it is.

As far as the above, buyer said that she received a payment request email from Payoneer, and merely clicked on the link, and the link took her to a page that had the wiring details on it. Apparently these wiring details were for Payoneer, not Payoneer Escrow. This is why the wire was rejected.

No one knows why the link she clicked on from P. Escrow led her to the wiring instructions for regular P.

 

[anantj]

https://escrow.payoneer.com/

iirc, there used to be a link from the main payoneer.com site (I am not sure though). They should link to it though and of course, SEO needs to be looked at)

 

[ET76]

Which more easier integrated API payment to Payoneer Escrow or Escrow.com ?

 

[xynames]

I closed a Payoneer escrow where Payoneer was actually almost too good...for me, the seller. Once buyer paid and I submitted the transfer/auth code via escrow message
(nice feature - similar to the concierge service at escrow.com but at no cost)
Payoneer declared a 48 hour inspection period, and 48 hours later escrow closed and funds were transferred to me, even though buyer didn't even have the domain yet, due to this issue described here:
https://www.namepros.com/threads/co...aimed-was-icann-had-suspended-domain.1059240/
I ended up pushing the domain to buyer DynaDot to DynaDot after escrow had already closed. Buyer never panicked or even mentioned to me the fact that Payoneer's escrow had already closed, because he trusted me (somehow, even though he didn't really know me) to get him the domain, which of course I did.

But wow, Payoneer is serious as a heart attack about closing escrow once the transfer info has been transmitted to buyer. No dilly dallying!

Compare: to escrow.com which has a loophole that a buyer may take advantage of in a domain sale escrow:
Once you click to state that you have given buyer the domain transfer/auth code, if buyer doesn't click to say that he received anything, no clock ticks (inspection period does not even start until after buyer manually clicks to state that he received the domain) and buyer could conceivably hold up escrow even after receiving the domain until you go in and prove to escrow.com that buyer has received the domain. (Buyer could also take his time doing the transfer and hold up escrow for that, as well, with almost no recourse by seller since no inspection period clock starts until after buyer clicks to acknowledge that he received the domain.)

There used to be a service called agreed.com (escrow.com bought them out) that I really preferred for escrows, because they did not have this two tiered received/approved approval process for the buyer - with agreed.com , like with Payoneer, you supplied the info needed for the buyer to obtain whatever it was that you were selling (domain transfer code, etc.) - you would supply this info directly to agreed.com - and then agreed.com would verify that the info was correct and once it did, then start the inspection clock on the buyer right away.

This loophole at escrow.com - that buyer could play games and conceivably pretend that he hasn't even received the domain, and never start the inspection period, is why I always c : [email protected] with my emails to buyer, including when I supply the domain transfer/auth code. escrow.com has told me that they will force the inspection period to start if seller can prove that domain has transferred, which is why it is important to keep them in the loop as to your complying with all steps of the escrow.

 

[xynames]

Is Payoneer escrow closing?

Have not received a notification email of this yet.

 

[pokainc]

Indeed it is the case sadly.. I contacted them to know for sure.. the domain escrow part (regular and holding version) won't be operational anymore. Deals already in motion are supposed to still be honored.

 

[OmarVG]

The domain Industry is HARD, not just for domainers but services like escrow, auctions, marketplaces too!

Only trusted companies survive, one auction platform is dying slowly after last years Massive corruption scandal, you all know what company is... People stopped bidding there and their monthly sales are so low nowadays!