Sedo buyers don't pay

[topdom]

About half of buyers don't pay anymore. Sedo protects them, but doesn't protect sellers. Does the same happen to you? I warned Sedo many times about many things, and they basically said : you don't have to stay here. So maybe it is time to leave.

I suspect this might be a personal thing, like a Sedo employee blocking payments by contacting buyers and saying, your bid was too high, don't pay and nothing will happen; or not sending emails when the seller is me. Or it might be a race thing, although I'm white. Or there is an economic crisis affecting many, but then this must happen to everyone else.

What I'm most paranoid about it is: A domain service gets an inquiry for my domain, and offers fraction of their offer to me at Sedo and acts as a middleman, and when the actual buyer doesn't pay, they don't pay either. In this case Sedo's fault would be not showing their IP, and after cancellation, not showing their email.

 

[Sedo]

Hi


Thanks for the comment, I am sorry to read that you have experienced some failed sales via our marketplace. It is concerning that you think you are being personally targeted by Sedo through your domain sales and I can assure you this is most certainly not the case. Sedo has more than 2 million users globally and sells and transfers thousands of domains each month, we do not target any of these users. As correctly stated by gilescoley, we want to do everything we can to encourage the sale of domains as our company benefits directly from the commission fee.

It is unfortunate but every day there are sales which Sedo has to cancel whether due to the buyer or the seller, this also applies to every other marketplace and is not limited to just Sedo. We have certain security preventions in place to try and fight against this and we try to stop this happening as best we can but we can not prevent this entirely.

After a sale of a domain is reached a legal sales contract is placed in your Sedo account under the Transfer Centre, if a sale breaks down due to the fault of one party, whether it’s the buyer or seller. Sedo will cancel the transfer, but this does not affect the sales agreement in the contract between both parties, you have the legal right to take your own legal action against the other party in order to get them to fulfill the agreement.

All the best
Chris

 

[gilescoley]

You are overreacting here. This happens all the time. If a buyer doesn't pay, Sedo cant do much except ban them and disabled their account.

Why would they not want the sale, they lose out on their commission.

 

[Larion]

SEDO is a very strong brand, as their CEO mentioned recently.
This is correct and most probably their only advantage at the moment.

However, SEDO needs to bring more "Value Add" to the table in order to justify their huge commissions they are collecting on each and every sale. Or they need to lower their commission-rates.

Sooner or later DAN and EPIK (or other newcomers) will outsmart them.

 

[legendarynames]

Sedo has always been a poor service, but if you really think they have something personal against you due to race or whatever then I'm afraid you might have bigger problems than using a bad domain marketplace.

If you want to avoid non payment, switch to a service such as DAN.com where you put the BIN and the buyer has to complete payment upon checkout, not later.

 

[topdom]

Not sure what you mean, but I'm not blaming Sedo there. Only blaming them for showing seller location, and not showing IPs and not taking any useful action against cheaters.

Sedo will have to show IPs eventually. Knowing IPs of visitors, and hiding our location are our fundamental rights, but we also want to keep those rights when parking at Sedo.

 

[TLDMart]

@Sedo curious to understand why sedo doesn’t require at least a 10% + upfront good faith for BIN before locking the name up for a week. Then when they don’t pay, at least there is something. Also wonder why lower cost names, under $750 or a grand don’t require immediate payment for BIN. So far my limited experience has been “buy it maybe” with 2 out of three not paying, waiting on one. Your current system incentivizes not paying while having a week to find funds or try and flip name before buying.

 

[Jurgen Wolf]

IP addresses are treated as personal data according to GDPR.
As German company - Sedo is obliged to follow the EU law without any exceptions.

 

[legendarynames]

Well, I don't dispute you have a point, though "finding a buyer" isn't exactly what they do, because they don't look for a buyer for you (if you explicitly used a broker service, then that would be the case). What they do is provide a platform where you can list your domain, and most of the time the buyer will find you because of your landing page. SEDO doesn't move a needle.

While I don't seek to close deals out of SEDO (gladly I don't used them anymore, but have in the distant past), if a savvy buyer contacts me privately after placing an offer, I'd rather make a deal than insisting we go through SEDO. And no, I don't think it's unethical. SEDO provides a trust layer for closing deals and charge for the service, which is fine, but if your buyer is willing to trust you, good for both.

 

[frank-germany]

Because read Sedo TOS.
6 days are allowed for payment.
If no changes.

5 days
before the first reminder

which is lame


DAN does the first reminder after 24 hours
looks like they split-tested it

 

[Jurgen Wolf]

...Sedo TOS.
6 days are allowed for payment.
If no changes.

Never had issues to cancel such failed transactions on 7th or later day just via comment to my transfer agent.

 

[tonyk2000]

Just checked my acct. history, it shows 1st reminder always on +3 days. 2nd reminder almost always in +3 extra days (with one exception, where it was 5th day). Maybe it also depends on holidays or weekends...

 

[viniproject09]

I agree with gilescoley that Sedo want sale of their sellers . So they going earn good commissions . If the payment from a buyer is fraudulent .You are protected. You need to wait for right buyer. Make sure you show some good statistic of your domain and how buyers can be benefited from your domain.

 

[myfavorite]

I suspect this might be a personal thing,

It's not personal, I have encountered it myself. Just try to bear it when it happens.

The legal action they mentioned will still involve time and money.

 

[topdom]

I know Sedo doesn't target me. Maybe just 1 jealous person there.

I know Sedo is not racist, but half of people, maybe more, are. And when I see the seller is from Nigeria, I can just remember Nigerian scammer stories and decide not to buy, or say, this is a poor country, why make a high offer. Showing countries (wire transfer bank's location) is harmful, it blocks some sales, and some good bids.

One domain may not get paid, but 5 of them in the last 3 months is too many.

I don't complain about commission rates. I care about whether there is a sale or not. If there is a sale, I care whether payment was made. If I'm bidding against a middleman, I may be paying 99 percent commission, and I care about it of course.

If Sedo accept my terms, I would accept to pay 20 percent everytime, maybe even slightly more:

Don't show location until payment is made.
Show IPs of bidders (and visitors).
Show emails of cheaters.
Clean landing pages.
Bonus: forward emails for parked domains.

 

[Larion]

Don't show location until payment is made.
Show IPs of bidders (and visitors).
Show emails of cheaters.
Clean landing pages.
Bonus: forward emails for parked domains.

I agree with this.
SEDO should give more information to domain-sellers.
They still do not understand that they will also make more money by doing so.

 

[Jimmysun]

You are overreacting here. This happens all the time. If a buyer doesn't pay, Sedo cant do much except ban them and disabled their account.

Why would they not want the sale, they lose out on their commission.

Pardon me with an evil thinking: As a registrar when they found a buyer placed a buy it now order for a large amount on a domain name say like XBOX, will the registrar recommend or promote a domain like XCUBE(their own domain) for a cheaper price in an email(looks like not intentionally), so the profit is way more than commission, so the buyer turns into that cheaper one?

 

[topdom]

No, but if it looks like the buyer is serious, and have big pockets, they can try to secure XBOX.COM domain for themselves first, by bidding on it anonymously at another marketplace. Not necessarily a bad thing if a normal person does this, but if a registrar or another marketplace does it , this would be unethical. Real endusers don't care whether their IP is known , and probably they assume it is known to the seller. Basically, I want to know if I'm bidding against a real enduser.

Many people don't visit domains they buy, so this suggests they use a registrar or a marketplace for their domain source. It feels like endusers have full control over what they do when they search for domains at a website, but they may not realize they can get the same domain for a cheaper price, with less effort and time elsewhere, for example by visiting the domain if registered. Is their purpose to hide their IP when they don't visit domains: I don't think so. One of my domains expired and then dropped, and I received an offer and sold it (and I got paranoid, and suspected the registrar where it was registered was intending to make me pay the recovery fee, I still suspect this might be the case).

 

[Larion]

No, but if it looks like the buyer is serious, and have big pockets, they can try to secure XBOX.COM domain for themselves first, by bidding on it anonymously at another marketplace. Not necessarily a bad thing if a normal person does this, but if a registrar or another marketplace does it, this would be unethical. Real endusers don't care whether their IP is known , and probably they assume it is known to the seller.

Are you saying that a marketplace like SEDO can be a "front-runner" ?
Hmm... interesting perspective.

 

[Jurgen Wolf]

Also wonder why lower cost names, under $750 or a grand don’t require immediate payment for BIN.

Because read Sedo TOS.
6 days are allowed for payment.
If no changes.

 

[tonyk2000]

On various occasions, potential buyers for Sedo listed domains I have, emailed me and asked to sell directly "without middleman", but with a discount being Sedo commission. I promptly rejected. Because I need to use secure processing, and I do not want to receive $$$ from unknown sources to lets say paypal account (there were such offers). For example, if there is a problem with the funds - chargebacks or anything, I would not be protected and paypal may even block my account together with sending account. I am writing all this because other Sedo sellers may have different preferences here, so it is understandable that Sedo needs to protect the integrity of their marketplace, they are here to receive commissions... which they also do by not showing buyers details unless technically necessary (such as for invoicing purposes after the sale if finished).

 

[legendarynames]

Regarding DAN...
Just within 1st year I got even more non-payers comparing to what I had on Sedo for many years.

If you have a BIN on DAN, the buyer has to pay upon checkout, or the order won't complete. So the notion of a non-payer in the case of a BIN, doesn't exist.

 

[frank-germany]

QUOTE="Jurgen Wolf, post: 7376017, member: 108298"]According to the archived threads in my Transfer Center - their system sends reminders on 3rd and 6th day automatically.
Never have seen any 5 days.[/QUOTE]

 

[Jurgen Wolf]

Mar/10/19 Payment status
Please be informed that we have contacted the buyer in regards to the outstanding escrow payment that is needed in order to proceed with the transfer. You will be contacted immediately upon receipt of more information.

Thank you for your continued patience.


Mar/07/19 Payment request created for buyer
We have created a payment request for the buyer and requested payment from them. The transfer will commence upon receipt of this payment.


Do you see 3rd day automatic reminder?

 

[frank-germany]

QUOTE="Jurgen Wolf, post: 7376017, member: 108298"]According to the archived threads in my Transfer Center - their system sends reminders on 3rd and 6th day automatically.
Never have seen any 5 days.

Show attachment 127926

Show attachment 127927[/QUOTE]


13th august
sale

5th august I wrote
please send reminder

sedo answer :
the buyer is a long term customer and used to pay in the past

his due day is 5 days after the sale
we will inform you after payment received

thanks for your patience

29th august
payment received