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]

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.

 

[Optimal Names]

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

 

[TerriJ]

Sedo Escrow... so I can sell a somain outside of Sedo and still use their Escrow services?

I've never used Sedo but I contacted them a week ago about a problem with one of my domain names being listed as "for sale" on their site... they never responded. So I just contacted them again. Not a good sign for me.
But so many of you seem impressed with them. (Kind of confused how it works.)

Is everyone leaving escrow.com because they make the buyer and seller upload ID verification? That doesn't take long. I've done it on other sites before.

 

[creataweb]

Sedo Escrow... so I can sell a somain outside of Sedo and still use their Escrow services?

I've never used Sedo but I contacted them a week ago about a problem with one of my domain names being listed as "for sale" on their site... they never responded. So I just contacted them again. Not a good sign for me.
But so many of you seem impressed with them. (Kind of confused how it works.)

Is everyone leaving escrow.com because they make the buyer and seller upload ID verification? That doesn't take long. I've done it on other sites before.

Never had a prob using Sedo. Always got paid.

 

[TerriJ]

Never had a prob using Sedo. Always got paid.

So the buyer doesn't have to go through the effort of uploading their ID and all that with Sedo correct?

IIRC... Escrow stated they had to do this now to comply with some law... but if that's the case, why is Sedo not doing the same?

 

[creataweb]

So the buyer doesn't have to go through the effort of uploading their ID and all that with Sedo correct?

IIRC... Escrow stated they had to do this now to comply with some law... but if that's the case, why is Sedo not doing the same?

Bought one recently on Sedo, didn't have to upload any docs (and don't remember ever doing so.) Sold on there, same thing, never had to do much besides say how I want to be paid.

 

[Cdomains]

Is everyone leaving escrow.com because they make the buyer and seller upload ID verification? That doesn't take long. I've done it on other sites before.

Yes, we are leaving, and not because of how long it takes to upload the required info, but because we are not happy having our personal ID's and possibly other sensitive personal docs stored on their company servers, when servers are hacked on a regular basis, and identity theft is a major concern.

This is why!!