NameSilo

Payoneer Terminates Escrow Service

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

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  1. Tom K

    Tom K Established Member

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    Thanks, Brandon, for setting it straight. So sad that there are people trying to push fake news without any regard for the consequences for businesses with high ethics and the entrepreneurs that rely on those businesses and their services.
     
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  2. stewmath

    stewmath Top Member VIP ★★★★★★★★★★

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    There is nothing mentioned on their website about it, i can still login to my payoneer escrow account etc
     
  3. Crysis

    Crysis Established Member

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    Yes. You can login to your Payoneer Escrow account but you will not be able to create a new transaction.
     
  4. Tom K

    Tom K Established Member

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    According to the email notification, the escrow account will be disabled by Oct 18.
     
  5. learie

    learie Upgraded Member Gold Account Blue Account

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    "Never dam the bridge you once cross" You never know when you will have the use for it again.
     
  6. pchip

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

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    In your situation, if they needed more verification, they should have done it prior to you starting another transaction. Same goes for the buyer. The verification should come first before letting them send money.

    Holding you hostage after the fact is ridiculous, especially considering they didn't just start providing escrow services yesterday.

    I'm going to try Sedo Escrow for larger transactions and then just use Godaddy for everything else. There are far too many negatives from the other escrow services that I'll pay the higher commissions from Godaddy just to avoid them completely.
     
  7. toughdomains

    toughdomains Upgraded Member Gold Account VIP

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    I totally agree verify first. but in both cases of escrow.com and afternic they will accept funds if you are not verified or even if you are partially verified. So you may have verified but they may need additional info later.
    There are no alerts to your accounts that you need to verify or criteria has changed.

    In this case the seller received a $1500 offer on a $2500 buy it now. While seller was considering within 2 days the buyer decided to buy it at full price at $2500 (seller was dealing with a full reg transfer away from enom)..within 5 days the domain was taken out of his account in enom. Called enom and they said when you sign up to afternic you agree to allow your name to be transfered out of your account without aurthorization (if a name is sold for buy now).

    Funds appeared in the afternic account within 10 days minus commish (around $1950 net) and payment methods were not updated so no payment out could be made

    I agree with you in a perfect world we all check all our auction and marketplace payment verifications every 6 months to confirm they are up to date. More importantly this seller updated this buy it now years ago and forgot it was listed with a buy now on afternic and expected more. So you also have to review all the prices at all the markets for all your domains as well. (think if you were sitting on a ton of premium llll.com when the chinese market exploded and had them listed across 5 or 6 sites) Not an easy task when you have a few hundred or few thousand domains across 5 or 6 marketplaces.
     
  8. NameOmnia

    NameOmnia alea iacta est VIP

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    I have done a few transactions with payoneer escrow and I was very very pleased with everything...now there is only sadness on the horizon..

    Hopefully they will add some new features to payoneer? I know that money can already be transferred between accounts but I have no idea how suitable it can be for domains in terms of chargebacks etc.

    Has anyone tried?
     
  9. stevanlieberman

    stevanlieberman Member Escrow.Domains ICA Member Gold Account VIP

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    Payoneer's fees were unsustainably low. It costs money to watch the transactions and make sure there are no issues. Good employees need to be paid as do programmers to make the things that need to happen happen. Stevan
     
  10. Jurgen Wolf

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

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    $40 for international wire payout (SWIFT) is very abnormal.
    I have 15 EUR at Sedo and was 15 USD/EUR with Payoneer.
     
  11. toughdomains

    toughdomains Upgraded Member Gold Account VIP

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    the more i think about it the more btc transactions make great sense. you can transfer btc to wallets in 20 minutes...the network fee right now for 1 btc (about $7460) usd is $1.27. however most names sell for under $3k
    .it would be lessthan $4 to send from buyer to broker and from broker to sellers wallet and it would take a total of an hour for all 3 transactions to confirm. we are currently dealing with a large portfolio holder that wont list with us if we force an escrow service that will delay the transaction so we may remove escrow entirely from our global marketplace
     
  12. keepsmile

    keepsmile Established Member

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    Awful news.

    The Escrow.com became toooooo crazy to use it.
    They broke down several deals already and another one which I prefer to cancel than to have a business with them further.

    Why don't the Payoneer escrow service to increase their fee to keep the service working.
    I'm ready to pay even more than the current Escrow.com fee.
     
  13. FairTrial

    FairTrial Member Transpact Staff

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    Well, there are other escrow services out there to use.

    But Namepros.com has a rule that they cannot be named or mentioned - a significant number of posts in this thread have already been removed by Namepros.com because they mentioned other escrow services, and are therefore against the terms of service of this site. So please do not mention any other escrow serivces in your posts.
     
  14. Support Team

    Support Team Moderator, NamePros Moderator VIP

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    To clarify your statement, it needs "in this thread" at the end of it. This thread is a discussion about Payoneer ending its domain escrow services; advertising/discussing other escrow services do not belong in this particular thread. We have advertising options available for anyone interested in promotion on NamePros.

    There is also another thread where members are discussing alternative escrow providers:

    We hope that helps.
     
  15. kdbbdk1

    kdbbdk1 Established Member

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    I'm in, I don't mind increasing the fees (even doubling them). I'm saying it now... Payoneer was the best escrow service out there.
     
  16. equity78

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

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    That doesn't seem to make much sense to remove escrow entirely. Not everyone wants to deal with Bitcoin or any cryptocurrency. And I am always leary of anyone who has an unusual need for rush payment. We all want to get paid quick but when someone has a problem with the normal speed in which to do business for a large chunk of money, alarms start going off for many.
     

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