NameSilo

Payoneer Terminates Escrow Service

Labeled as services in Domain Industry News started by Tom K, Jul 10, 2018.

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  1. kdbbdk1

    kdbbdk1 Established Member

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    What a sad news to start the day with.
     
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  2. pchip

    pchip Established Member ★★★★★★★★★★

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    Where's the official release that they're terminating the service? I haven't seen or received anything yet. Would like to make sure the news is legit before finding an alternative escrow service, yet again.
     
  3. Crysis

    Crysis Established Member

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    https://domaininvesting.com/payoneer-exiting-domain-escrow-business/
    https://www.thedomains.com/2018/07/10/payoneer-shutting-down-escrow-service/
    https://domainnamewire.com/2018/07/10/payoneer-exits-the-escrow-business/

    @Doron Vermaat has also confirmed it.

     
  4. Jurgen Wolf

    Jurgen Wolf Top Member VIP ★★★★★★★★★★

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    This costs 3% with Sedo (min. $60).
     
  5. HotKey

    HotKey Made in Canada VIP

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    from article

    except their https certificate is now invalid. Surprising news not too long after one of their most successful escrow transactions, eth.com.

    ***

    How will current payouts be handled? This is worrisome for anyone with funds tied up. Personnel will start being trimmed on the escrow end..
     
  6. pchip

    pchip Established Member ★★★★★★★★★★

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    This is really unfortunate for sure. I was in the process of creating individual escrow transactions for each of my domains. Now I'll need to find an alternative escrow service yet again.

    I should have known better when they were messing around with the escrow portion of their website a number of weeks back.
     
  7. Haykay2005

    Haykay2005 Active Member VIP

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    No. You do that from from your Dashboard /sales settings
     
  8. Haris

    Haris Best Domainer Of The End-Times VIP

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    You're not alone, Payoneer never sent me their card and without that I could never benefit from their services. And for those who don't want to use escrow.com, there are several options available.
     
  9. Kachi

    Kachi Established Member

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    Is this not 1% Standard fee, or 2% Concierge fee? Seems the cheapest.
     
  10. Jurgen Wolf

    Jurgen Wolf Top Member VIP ★★★★★★★★★★

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    Their card wasn't necessary.
    Just traditional bank account to get your funds.
    But this doesn't matter now.
     
  11. Haris

    Haris Best Domainer Of The End-Times VIP

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    They told me it is necessary
     
  12. Jurgen Wolf

    Jurgen Wolf Top Member VIP ★★★★★★★★★★

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    No.
    Their card was needed only for main Payoneer services.
    Their escrow service by Brandon Abbey - was another dept and another story.
     
  13. alcy

    alcy Active Member VIP

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    above.com is an option i used for a sale...no probs...10% commission...masspayment to paypal..so no extra pp fee... very smooth.. I liked it.

    plus they are also registrar so your sale is moved and locked there .. 4 extra protection...

    so I think ithere are several options around.. really who cares about escrow.com or payoneer... plus gd will always be there..where most sales occur anyway...for most domainers... or for me for sure...its ultra smooth and never failed me... yes i know..20% is heavy fee... but u can always adjust bin accordingly..or just tell yourself that when u make say 1000$ roi on a sale..is that really the right time to get greedy and care for that extra 100 or 200 more u could be pocketing if commission was 10-15% less elsewhere..

    i definitely prefer to sell my names through markets which are also registrars... be it epik...above.com..or gd... for the extra peace of mind.. when domain gets transfered and then locked there.. even if only for 60 days...

    imo
     
    Last edited: Jul 11, 2018
  14. thekiller

    thekiller Active Member VIP

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    Card is needed for normal Payoneer account. For Payoneer escrow you don't need account and could get the funds to the bank.
     
  15. BrandSac

    BrandSac Established Member

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    This is very bad news :(
     
  16. DomainVP

    DomainVP Domain Expert VIP

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    $8500 Transaction
    Escrow.com : $171 + $25 wire fee on the bank side
    PayPal.com : $246

    I'm in the U.S. and I use Escrow or PayPal depending on the situation.

    I have never used Payoneer, but I got the feeling that most non-U.S. domainers used this service.

    If you are not based in the U.S. I can see that escrow is difficult to work with, because of their verification requirements. I recently had a transaction that required a lot of verification from a buyer because they were from Russia. They needed ID, utility bills, additional proofs of address, etc...

    As for a states-based Escrow.com user, I recommend their service. If there are any issues, they will fix it and typically stay on top of transactions from start to finish.

    R.I.P Payoneer Escrow :dead:
     
  17. domainer1966

    domainer1966 Account Auto-Closed

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    Payoneer Escrow got in trouble with its banking relationships and state regulators for not doing proper anti money laundering and identity checks, something that some of us saw as an advantage. They had to close down the business from June 30.
     
  18. equity78

    equity78 Top Member TLDInvestors.com TheDomains Staff PRO Gold Account VIP ★★★★★★★★★★

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    Thanks for that, is there any source data for that?
     
  19. golan

    golan Leo.Domains Gold Account VIP

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    I recall a few months ago when there was an issue with Payoneer risk payment processor, then just like here some just newly regged user posted something like this, some believable-insider-expert-leak... Strange.
     
  20. Skyvisum

    Skyvisum Active Member VIP

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    I'm trying to see if Stripe will cost less and more convenient.For now ,I have to use escrow.com and PayPal depending on transaction amount and how convenient it is for me .Will also try to avoid all the silly fees charged after all the % all the escrow companies mention which all adds up.
     
  21. Brandon Abbey

    Brandon Abbey Secure Transactions - PayoneerEscrow.com Payoneer Staff PRO ICA Member VIP ★★★★★★★★★★

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    Feelings are mutual. We have the highest regard for Above.com and their team.
     
  22. Brandon Abbey

    Brandon Abbey Secure Transactions - PayoneerEscrow.com Payoneer Staff PRO ICA Member VIP ★★★★★★★★★★

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    Even though this account is closed I would like to state this statement is untrue. Thanks,

    Brandon
     
  23. trelgor

    trelgor Established Member

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    What happened?
     
  24. toughdomains

    toughdomains Upgraded Member Gold Account VIP

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    alot of our members requested payoneer and it was on the roadmap for this year. I still feel we need to provide an alternative to escrow.com
     
  25. AfterBreak

    AfterBreak Account Closed

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    Why did it happen?
    I just paid attention to Payoneer Escrow
     

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