Very important and bad news by Escrow.com

[AbdulBasit.com]

Hello and Assalamo Alaikum,

It looks like Escrow.com is getting worse as the time goes by… After we all heard about Payoneer Escrow getting shut down so I started again Escrow.com which I had stopped due to their poor service.

I started couple of transactions at Escrow.com in a period of one week both for different domain and buyers. One of the transaction got completed on 30th August with last status “Inspection period ended, Buyer accepts merchandise.”

On 3rd September, I receive an email from their Payments department which says the following:

“Dear Seller, Unfortunately we do not support disbursement to accounts under First Century Bank, Payoneer accounts, or any other third party payments service. Please kindly select or add a new disbursement method. Please inform us when your disbursement information has been updated.”

This came as shocking to me. First, they should have at least informed all their clients that they no longer support disbursement to accounts under First Century Bank and/or Payoneer accounts. Secondly, even if they didn’t bother sending emails to every of their concerned client, they could’ve updated somewhere in the middle of transaction whenever they got aware of this new changes at their end. But their so-called great support team didn’t bother to inform and waited for the transaction to get completed.

I’m forced to complete my second transaction with them as the buyer just said yesterday that payment have been already made so I’m waiting for this to be completed as well. I just didn’t wanted to receive funds via wire that’s why I started Escrow.com to receive funds via Payoneer.

Instead of improving their service, they’re getting worse as the time is passing. Now I shall be looking for better alternatives who not only support payment via Payoneer but also other options like PayPal.

I’m sure there are plenty of domainers who likes to receive funds via Payoneer and are using Escrow.com so please make sure to either change your funds disbursement method or start using another better escrow service.

Now I’ve sent an email today for disbursing my funds via wire option which is the only one left for me to choose.

**NOTE** In past, I've received good amount of funds in Payoneer account/card through Escrow.com several times.

It would be great to hear from fellow domainers which escrow service is very reliable, provides great customer support and offers several disbursement methods including at least Payoneer.

 

[MarkMetric]

Most or all of the financial institutions do not support third party payments. its against security protocol.
In case of any fraud it will be difficult to trace the funds.

 

[AbdulBasit.com]

Most or all of the financial institutions do not support third party payments. its against security protocol.
In case of any fraud it will be difficult to trace the funds.

That's fine. The thing is when they're offering it for long time, they should have informed. No update, nothing from them unless the transaction was completed. Just last month I completed a deal of CosmoChem.com for $7000 which they sent funds via Payoneer. If there were any changes, it's their duty to inform.

 

[Embrand]

While all my recent transactions at Escrow.com have been smooth, they could indeed improve their communications. For example, recently they suddenly changed the bank account I needed to wire funds to without informing beforehand.

Although it seems it is still possible to wire funds to their old account, it is confusing that with every transaction they switch between two different banks now.

 

[Furquan]

I don't think any institution like to corporate with their competitor. As long as I knew, Payoneer doesn't let people send money in PayPal nor Paypal allow you to send money to Payoneer.


It has many risks involved on such transaction, government putting lots of pressure on fin institution and services to make them comply with their policies.

 

[kamcreation]

Yes payoneer escrow was really nice, still searching for the perfect alternative, in situations where paypal is not available, payoneer is the best option to receive funds.

So can anyone tell which marketplaces or escrow services allow payment to payoneer account?

 

[frank-germany]

you may use sedo escrow instead
just don't forget to delete the domain from sedo
before starting the escrow

 

[MarkMetric]

That's fine. The thing is when they're offering it for long time, they should have informed. No update, nothing from them unless the transaction was completed. Just last month I completed a deal of CosmoChem.com for $7000 which they sent funds via Payoneer. If there were any changes, it's their duty to inform.

I agree here, if they were providing this service before, they need to inform their customer of the changes.

 

[AbdulBasit.com]

I agree here, if they were providing this service before, they need to inform their customer of the changes.

Absolutely!
Yes, I've received funds in Payoneer several times by Escrow.com so yes they needed to inform.

 

[AbdulBasit.com]

you may use sedo escrow instead
just don't forget to delete the domain from sedo
before starting the escrow

I tried in past for receiving funds in Payoneer but they don't send that way.

 

[meslam479]

undeveloped escrow works great for me

 

[Jurgen Wolf]

Why to not use wire to your domestic bank? This SWIFT disbursement costs $20 at escrow.com
Or they don't send to PK at all?

 

[AbdulBasit.com]

undeveloped escrow works great for me

Do they charge 7 or 8% whatever their commission is for using just escrow service also?
Do they send funds in Payoneer?

 

[AbdulBasit.com]

Why to not use wire to your domestic bank? This SWIFT disbursement costs $20 at escrow.com
Or they don't send to PK at all?

I opt for wire in order to receive funds at my local bank. But sometimes I require funds in Payoneer.
Yes, the funds through wire come swiftly without any issues.

 

[Jurgen Wolf]

Do they charge 7 or 8% whatever their commission is for using just escrow service also?
Do they send funds in Payoneer?

If just escrow ("Import lead" feature) - 5%.
Regarding Payoneer ACH - I don't know.

 

[AbdulBasit.com]

If just escrow ("Import lead" feature) - 5%.
Regarding Payoneer ACH - I don't know.

That's pretty high for any buyer considering the sale amount is big. There are several escrow services... But as far as I can remember, I never tried other than Escrow.com and Payoneer escrow so just wanted to know about other reliable escrow company with minimal fee and also offers to send payment via Payoneer.

Since we (Pakistanis) cannot open PayPal account so one can understand the need and importance of Payoneer.

 

[Jurgen Wolf]

You may ask escrow.domains
They are based in the USA...
So American ACH to Payoneer should work there... if no restrictions by their rules regarding First Century Bank.

 

[AbdulBasit.com]

You may ask escrow.domains
They are based in the USA...
So American ACH to Payoneer should work there... if no restrictions by their rules regarding First Century Bank.

Thank you my friend
I'll ask and update here.

 

[meslam479]

Do they charge 7 or 8% whatever their commission is for using just escrow service also?
Do they send funds in Payoneer?

5% for lead
I do wiring money directly to my bank account and Paypal payments to my Payoneer account so didn't try Payoneer with undeveloped yet.

 

[AbdulBasit.com]

5% for lead
I do wiring money directly to my bank account and Paypal payments to my Payoneer account so didn't try Payoneer with undeveloped yet.

Still 5% is on higher side considering just the escrow fee.

I've contacted both escrow.domains and transpact.com to see if they send fund to Payoneer account.

Will update here accordingly.