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.

 

[Jurgen Wolf]

Yes, when you live in Germany - you have no problems in cryptoniche.

 

[Jurgen Wolf]

Regarding "no fees"...
This is just temporary event...
As according to EU plans the cryptomarket will be regulated and taxed soon...

 

[anantj]

Ignore. Already posted by others

 

[poweredbyme]

Regarding "no fees"...
This is just temporary event...
As according to EU plans the cryptomarket will be regulated and taxed soon...

It looks like @frank-germany is talking about fees of domain marketplaces. When he receives BTC/ETH, he pays no fees to marketplaces and he converts BTC into fiat money in 1 day.

 

[frank-germany]

It looks like @frank-germany is talking about fees of domain marketplaces. When he receives BTC/ETH, he pays no fees to marketplaces and he converts BTC into fiat money in 1 day.

there are tiny fees like 3,5 or 10 USD when coinbase pays you
but as the bitcoins had risen in value
the same amount showed in my bank account
that I sold the domain for to a fellow Chinese domainer

 

[Jurgen Wolf]

Yes, BTC in China and Japan is very popular.
That's why.

 

[Jurgen Wolf]

And this only works when you know each other...
Incoming enduser will not pay you without escrow regardless of currency.

 

[poweredbyme]

@AbdulBasit.com try marketplaces that send payouts in BTC or account balance. I use namesilo for this purpose. If I withdraw as account balance I use the funds in renewals, new registrations and buying domains from namesilo marketplace, if I withdraw in BTC, I convert it into fiat or spend for hosting or buying domains and websites. BTC is accepted by many sellers. I rarely convert BTC into fiat to buy something online such as hosting.

Another marketplace that know is undeveloped. They claim they send payouts in BTC. I don't know how it works. You can keep your cash in BTC to buy new domains, can sell BTC to receive cash in your currency.

I heard epik accepts BTC but didn't try it, don't know if they send payouts in BTC.

Here on NP forums, we need a thread to be opened to get a list of all the domain marketplaces that send payouts in BTC. It would be very beneficial to the NP community.

 

[Jurgen Wolf]

When dealing with NameSilo, Undeveloped and Epik - loss is 5% or higher...
This is not suitable for 4/5F sales definitely.

 

[Jurgen Wolf]

And NameSilo works only for their own domains, which are registered at NameSilo.

 

[poweredbyme]

And this only works when you know each other...
Incoming enduser will not pay you without escrow regardless of currency.

There are escrow services offered by respected members in bitcoin forums. Their escrow fee is around 1%. Buyer sends BTC to the escrow, the escrow sends BTC to the seller after buyer confirms he/she received the domain. Escrow is not a problem in BTC. BTC is unknown among ordinary endusers. This is the main problem. You need to teach them what it's but it's impossible. BTC is difficult to learn quickly for a newbie. They must be already familiar with BTC.

 

[Jurgen Wolf]

Respected members with various wallets are even on NamePros.
But this doesn't mean that enduser will be ready to buy this way... chances are very low.

 

[Jurgen Wolf]

Previously I asked Sedo regarding BTC...
They answered that no any plans to implement it... Bitcoin is absent even in their roadmap.

 

[Jurgen Wolf]

As according to EU plans the cryptomarket will be regulated and taxed soon...

And this factor also has impact on Sedo's behaviour.

 

[poweredbyme]

And NameSilo works only for their own domains, which are registered at NameSilo.

I transfer the domains to namesilo. It's not a big problem for me. Namesilo is one of the SedoMLS compliant registrars. If the domain is sold at Sedo, you may test if you can receive the payout sent via SEPA to Payoneer bank account. If it's sold at namesilo, you can receive it in BTC or account balance.

Respected members with various wallets are even on NamePros.
But this doesn't mean that enduser will be ready to buy this way... chances are very low.

It depends on how much a person is familiar with BTC. Escrow services in BTC are offered by individuals. This is known by senior BTC users, unknown by newbie BTC users.

Previously I asked Sedo regarding BTC...
They answered that no any plans to implement it... Bitcoin is absent even in their roadmap.

As Sedo is not a registrar, they may be thinking it will be risky for them to send payouts in an irreversible and difficult to track payment method. Marketplaces of registrars have the both the domain and cash in BTC or another currency, so they are more secure for themselves and their clients.

 

[Jurgen Wolf]

Forget word "SEPA"... because it has no any importance.

 

[Jurgen Wolf]

NameSilo is not even able to start the transfer if the domain is below 60 days old.
I already had such cases... No any locks by the corresponding Registry and losing Registrar (domain is fully transferrable) - but NameSilo can't.
The same issue with Dynadot.

And no problems with LogicBoxes registrars like AlpNames.

 

[Jurgen Wolf]

And gain from SedoMLS is ~0, because GoDaddy is NOT covered by their distribution.

Only AfternicDLS can be effective.

And 20% loss for both.

 

[Shahid7]

@Jurgen Wolf
which UAE bank do you recommend?

Mashreq Bank is good and is quite fast too, Emirates NBD on the other hand is not bad also since both are modern banks and the rise of Crypto is seen here too as the govt wants to implement Blockchain for Govt related payments as well

I personally use Masreq.