After many complaints about incomplete deals, company offers three-tier verification system.
Sedo sells a lot of domains, but many of the domain sales on its site are never completed. A number of people — including readers of Domain Name Wire — have recommended that bidders be authenticated to cut down on bogus bidding.
Today Sedo introduced a three tier system for verification. Here’s how it works:
1. Tier 1 lets you bid on any domain under $10,000. You just have to provide a valid credit card.
2. Tier 2 lets you bid on any domain up to $99,999. It requires you to validate your email address, complete an application, and fax a copy of a government-issued ID and a recent bank or utility statement.
3. Tier 3 lets you bid on any domain. In addition to tier 2 requirements, you must make a $1,000 deposit via wire transfer.
I applaud Sedo for making this change. Now we’ll just have to wait to see if it should have been implemented before the Pizza.com “sale”.