Dominion.Domains

Payoneer Terminates Escrow Service

Labeled as services in Domain Industry News started by Tom K, Jul 10, 2018 at 11:16 PM.

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  1. Tom K

    Tom K Established Member

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    We just received an email notice moments ago from a representative of Payoneer that “Payoneer is discontinuing our escrow business”. This appears to be effective immediately.

    Read the article

    There is in update in the article that there is a 90-day wind-down period.
     
    Last edited: Jul 10, 2018 at 11:29 PM
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  2. Premiums

    Premiums Auction.FYI VIP

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  3. slader23

    slader23 Always On The Bleeding Edge. VIP

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  4. Argentum

    Argentum Established Member

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    Never used them so dood luck good to them!
     
  5. FlipperC

    FlipperC Established Member

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    Such a shame. Competition is good in the industry.
     
  6. LeapNames

    LeapNames LeapNames.com Gold Account

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  7. Tom K

    Tom K Established Member

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    We can confirm that the notice we received is genuine. We have an agreement with Payoneer for our flagship service, Domain Market Pro. And it came from a contact at Payoneer with very specific details.
     
  8. Ootsa

    Ootsa Upgraded Member Gold Account

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    Just received the same email notification.
    Wonder what triggered the decision?
     
  9. DNabc

    DNabc Established Member ★★★★★★★★★★

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    Very sad to read this :(
     
  10. garptrader

    garptrader Top Member VIP ★★★★★★★★★★

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    Mmm - this weekend I decided to test some BIN pricing for certain $XXX or low $xXxX priced domains. I created a Payonee r Escrow account associated with my EFTY portfolio site. I t might be a while before any buyer would click through but I certainly have NOT received this notification - possibly because I have not processed any transactions through their service.
     
  11. Ootsa

    Ootsa Upgraded Member Gold Account

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    "Payoneer made some inroads into the domain name escrow business. But as others who have tried to tackle the escrow market have learned, it’s a business of thin margins. Scale is required to run an escrow service profitably."

    DNW article
     
  12. Tom K

    Tom K Established Member

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    Thank you for inserting some insights as to the reason(s) why, Andrew. I wonder if the thin margins are related to regulations.
     
  13. DNabc

    DNabc Established Member ★★★★★★★★★★

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    Besides Escrow.com and Epik our options are dwindling and I don't control my customers, some have their preferences and likes/dislikes.
    Many clients don't want to jump so many obstacles to buy domains, especially if we pass the increased costs to them.
    To Escrow.com: If I sell a domain name in USD I DON'T WANT to receive payment as wire transfer to my bank that will convert to euros and charge me so many commissions that I no longer can be bothered with.
     
  14. Adam27

    Adam27 Blockchain.link for Sale or Lease Gold Account VIP

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  15. Addison

    Addison Established Member

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    Please don't let this be true. :'(

    I do not want to have to use Escrow.com again! (n)
     
  16. stub

    stub Top Member VIP ★★★★★★★★★★

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    Damn! Now I've got to revisit my very recent decision never to use Escrow.com ever again because of the arrogant way they treat their customers. Of course they were as sweet with words as before, when I told them, impolitely, there level of intrusion was unacceptable

    What they did was downgrade me to Tier 1 after they received the funds for a big transaction and asked for more proof of identification than I'd already provided to get my Tier 2 status. So I was forced to comply with their demands otherwise they were not going to pay me. Tier 2 gives you unlimited personal transactions.

    Then, an even bigger transaction comes along of twice the size. And they write to me that I have to upgrade Tier 3, otherwise they would not be able to pay me. After some short rude words and reminding them that Tier 2 was already unlimited. They rescinded that request to upgrade to Tier 3 :)

    After that I decided I wasn't ever going to use them again. But with a shrinking pool of escrow services, I'll probably have to revisit that position :(
     
  17. Finest

    Finest Active Member VIP

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    I'm yet to receive any notification. But it's gonna be a great loss as Payoneer is usually my first choice.
     
  18. stub

    stub Top Member VIP ★★★★★★★★★★

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    On the bright side. I won't need to pay a programmer to write the code to trasact with Payoneer using their API. Which was looming in the very near future :)
     
  19. Deepak Bhandari

    Deepak Bhandari Established Member

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  20. Haykay2005

    Haykay2005 Active Member VIP

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    That's not too good. Well,i use undeveloped to close my deals and 9% is not too much for that. Fast and easy
     
    Last edited: Jul 11, 2018 at 7:54 AM
  21. marfol

    marfol Established Member

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  22. DNabc

    DNabc Established Member ★★★★★★★★★★

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    9% is terrible, completely out of the question for simple escrow, this isn't brokerage.
     
  23. golan

    golan Leo.Domains Gold Account VIP

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    Freaking bad news.

    But for a sake of truth, my last experience with them was negative. My buyer had some issue with payment, their support was brick dead for the whole weekend (!), then Brandon stepped in and said there was some issue with the buyer's credit card, although the buyer said to me he didn't get any message about card error, only some "unable to authenticate". Then the support woke up from their weekend hibernation and told me my buyer should provide a screenshot of the error page (!!!). So i nearly lost the deal. Eventually the buyer just trusted me and sent me paypal.

    So if the reason is "it’s a business of thin margins", i would humbly suggest that if you can't hire one offshore support staff for weekends and if the main boss has to dig into small errors himself, then you can turn just any business into dust.
     
  24. domeen

    domeen Active Member VIP

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    I am not sad, Am I the only one who dosen´t feel anything?
     
  25. Finest

    Finest Active Member VIP

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    I agree that 5% is too much for such a service but I don't think Escrow.Com's fees are much lower


    EscrowCom.jpg
     

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