What Escrow Service Will You Use Now?

[Cdomains]

With the recent changes at Escrow/com asking for extensive ID and other photo verification which domain escrow services are you likely to use in the future, and why?

 

[Jurgen Wolf]

Thanks, I never tried to hide my sales...
Maybe, such privacy-fee was already deprecated at Sedo.

 

[Raymond C]

I think they are talking about when a buyer contacts you directly, through whois for example, and you want to use their escrow service only but you just happen to also have the name listed at their marketplace.

The suggestion to delete the name before using their escrow service is to avoid any problems or confusion during escrow and not a way to "sidestep" paying them a commission.

Since the sale did not originate from their marketplace there is no reason to pay them a commission on the sale.

The fact that you have your name listed on their marketplace as well is just incidental when all you are using is their escrow service.

It happen to me when I sold $20000 name and negotiated directly with buyer. We use Sedo escrow external service about 3%. Before doing this, I deleted the domain listing at Sedo, and then transaction using escrow external service. So far no problems.

 

[pokainc]

it goes both ways too.. Let's say a person lands on your lander and checks with SEDO just because they trust them more and they make a bid on Sedo and you accept... technically they came to your page and sedo got their fee... I don't think it's really a big concern. These type of things happen all the time.

 

[Cdomains]

Let's say a person lands on your lander and checks with SEDO

How many end users outside the domain business know about Sedo, and would check with them?

Sure, they could land on a Sedo parking lander if it is setup, but I don't think many will know to check the Sedo site.

 

[pokainc]

I deal alot with tech people who inquire on my names. They know about Godaddy & Sedo & Afternic. Often after I counter in negotiations.. magically someone puts a bid on that same name trying to see if they can get cheaper.. anyways.. it's besides the point.

 

[Addison]

I think they are talking about when a buyer contacts you directly, through whois for example, and you want to use their escrow service only but you just happen to also have the name listed at their marketplace.

They are, and so am I, and so is Sedo. When that happens, that is a 10-15% fee paid to Sedo if you want to use their escrow services.

@Start explained it well:

It's understandable why Sedo has this rule, because otherwise, people could browse Sedo and find a good domain, lookup the whois, and then contact the person directly... so that's not fair to Sedo to lose out on their higher agreed-upon commissions.

So if someone does get caught, it would also be understandable if there are consequences (a ban, or whatever).

 

[Jurgen Wolf]

~95% of endusers don't know about WHOIS at all.

 

[Jurgen Wolf]

And 95-99% of Sedo users - are just another domainers/investors...
So no sense at all to list the domains there if enduser-sales are preferred for you...

Such listings can be suitable - only if you sell for fixed price and want to promote your domains through Sedo MLS (20%)...

 

[Start]

And 95-99% of Sedo users - are just another domainers/investors...
.

...So basically, that means 95-99% of Sedo buyers know how to lookup whois. That does support why Sedo has their policy the way it is.

It's up to Sedo how they handle the issue, but the general topic is something I've noticed for marketplaces in general, wherever a marketplace helps buyers & sellers come together... like even Etsy.com, how do they ensure they get their proper commission, rather than buyers seeing a seller's name and Googling for their web site.

BrandBucket seems to solve the problem by requiring exclusivity.


Of course, if you get someone just contacting you via whois, you don't know if they found you through Sedo. It would be an interesting question for someone from Sedo to answer... when people with Sedo listings get a direct email, are they okay with the seller still using Sedo for escrow but only paying 3%?

 

[Jurgen Wolf]

And again...
If their bidding system or MLS was not used to originate certain sale - NO any policy that prohibits to delete the domain and to use them in Escrow-mode only.

 

[Jurgen Wolf]

I guess, the deletion is not even needed... just set "Not for sale" flag per certain domain...
And then you may initiate their escrow...

 

[Jurgen Wolf]

...So basically, that means 95-99% of Sedo buyers know how to lookup whois.

Yes, but they don't care about your commission there, it is not their problem...
And many of them don't even know about Sedo's escrow for 3%.

 

[Jurgen Wolf]

I guess, the deletion is not even needed... just set "Not for sale" flag per certain domain...
And then you may initiate their escrow...

Buyer can initiate it as well...

 

[mad409]

escrow.domains advised that any transaction under $3,000.00 no ID doc's were needed...

They are also studying the new statute and will limit it as much as possible. FYI...

 

[Raymond C]

I deal alot with tech people who inquire on my names. They know about Godaddy & Sedo & Afternic. Often after I counter in negotiations.. magically someone puts a bid on that same name trying to see if they can get cheaper.. anyways.. it's besides the point.

The end users even know Namepros wholesale market! My end user client pointed out to me that he can get cheap deals at Namepros.....

 

[Cdomains]

BrandBucket seems to solve the problem by requiring exclusivity.

This used to be OK a couple years back, but now, with so many names for sale there, the chance that a buyer will find your name has gone way, way down.

Is it still a good idea to pay a fee and have your domain stuck there for months?

 

[Kuffy]

I'm surprised that nobody has picked up on my comment about using SegWit in Bitcoin as an escrow function. It's cheaper, more secure, and doesn't require a concierge.

 

[Cdomains]

I'm surprised that nobody has picked up on my comment about using SegWit in Bitcoin as an escrow function. It's cheaper, more secure, and doesn't require a concierge.

Can you elaborate.

What is this and how does it work?

 

[Kuffy]

Can you elaborate.

What is this and how does it work?

Bitcoin has the ability to require multiple signatures for a transaction, and this has been expanded now that SegWit has been enabled. It works by submitting a transaction that needs two out of three signatures to release the transaction for confirmation. The three parties are the buyer, the seller and a trusted arbitrator.. The buyer submits the funds, and once the transaction is verified, then it goes onto the blockchain. However it can't be spent until a transaction with at least two of the signatures releases it. Once the transaction is confirmed, the seller can release the name to the buyer. Once the name has transferred, the buyer contacts the arbitrator ( or the seller) and the release transaction is submitted.

That's a bit of an oversimplification, and I haven't tried it yet, but would like to in the near future.

 

[Cdomains]

Bitcoin has the ability to require multiple signatures for a transaction, and this has been expanded now that SegWit has been enabled. It works by submitting a transaction that needs two out of three signatures to release the transaction for confirmation. The three parties are the buyer, the seller and a trusted arbitrator.. The buyer submits the funds, and once the transaction is verified, then it goes onto the blockchain. However it can't be spent until a transaction with at least two of the signatures releases it. Once the transaction is confirmed, the seller can release the name to the buyer. Once the name has transferred, the buyer contacts the arbitrator ( or the seller) and the release transaction is submitted.

That's a bit of an oversimplification, and I haven't tried it yet, but would like to in the near future.

Sounds very complicated, especially for an end user who is already having to put faith in us as trusted sellers.

The concept of domain names, registrars and domain name transfers is very foreign to most end users.

Doing a transaction this way will only add to the complexity of a domain sale.

There is already a problem with buyers backing out, even at the last minute.

I think it's a bad idea to make things worse by asking buyers to engage in a transaction that most people do not understand or even trust.

Bitcoins are not really accepted by the mainstream yet, or at least not in the way credit card transactions are.

Don't get me wrong, I think the concept of bitcoins is cool, I just don't think it will work in our favor for domain transactions with buyers who are not familiar with it and are already put in a position of having to deal with transferring money to a stranger.

 

[Kuffy]

My idea is to provide multiple choices for buyers. These can range from cash in the coffee shop to Bitcoin escrow. Payoneer may be the best general option. For me, I'm interested in swopping domain names for Bitcoin as a means of diversifying an investment portfolio.

I agree that it's quite complex, and requires a Bitcoin friendly buyer. At this very moment I'm experimenting with the use of a teamspeak channel as a means of negotiating with a buyer, and then continuing to an instant sale. It's just one small niche in the domain sales market, but it's interesting to me as a personal project. If I get this working, then I might start to solicit buyers here.

 

[ResoluteDomains]

My idea is to provide multiple choices for buyers. These can range from cash in the coffee shop to Bitcoin escrow. Payoneer may be the best general option. For me, I'm interested in swopping domain names for Bitcoin as a means of diversifying an investment portfolio.

I agree that it's quite complex, and requires a Bitcoin friendly buyer. At this very moment I'm experimenting with the use of a teamspeak channel as a means of negotiating with a buyer, and then continuing to an instant sale. It's just one small niche in the domain sales market, but it's interesting to me as a personal project. If I get this working, then I might start to solicit buyers here.

I started to apply for Payoneer but they wanted personal identification documents sent to them too. So no way for them either - for me..

 

[daica85]

None of services above, I used Flippa Escrow to receive money selling on Flippa. Need to verify by holding the ID card then selfie. Smooth transaction.

 

[kaspiy]

I have't used any of the mentioned companies before.

 

[RGkiiing]

did my first sedo escrow, well still doing it but i like it, domain should be in sedos account by tomorrow then funds immediately released to me. Hope they accept it tomorrow at least, shouldnt take more than a day for that to get done