Small transactions are now cheaper at Escrow.com.
This will lower the price customers pay for the standard service for any transaction under $775. It will lower the price for transactions using a credit card under $400.
Escrow.com GM told Domain Name Wire that this move was made to compete with PayPal. “This will give people escrow protection without the need to pay $25 on a $300 domain,” he said. “$10 makes it a no-brainer.”
Payoneer, a competing escrow service, also has a $10 minimum.
Why would a domain investor risk failure in a deal negotiated with a first time buyer by using escrow.com with their over the top verification requirements when one can complete the deal with less hassle, less bureaucracy and less attitude from employees by using either Payoneer or escrow.domains?
Escrow.com is a prime example of a buyer (freelancer.com) making a good service much worse because they thought they had a monopoly.
I know when I use Escrow that the buyer would not doubt the legitimacy of the service and for many of the domains that I sell people want to know that they will receive it when they pay their money
Payoneer and escrow.domains also guarantee that the buyer gets the domain before the money is released to the seller.
By using escrow.com some domain investors are increasing their failed transactions with first time buyers.
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Is using escrow.com worth losing 1k and 2k sales of brandable style domains to small businesses of whom escrow.com demands excessive verification from?
I have stopped using escrow,com as my first choice because of their verification process.
I will not put a new buyer (enduser) again through all of hassle.
I now use sedo (outside transaction) and escrow,domains as my primary escrow services.
If I work out a sale, I don’t want the escrow service to blow the deal.
It seems like we are getting a much better deal now. I have used Escrow.com for many years without issue and it is good to see them removing some of the cost from selling portfolio domains. I have also tried Sedo but their prices were far too high and their service did not match.
I just sold my domain for $999 through Sedo & I only need to pay 10% commission on BIN price which also includes Sedo own free effective & secure escrow service without the need for excessive verification. So this is indeed much better than either Escrow.com or Payoneer!
So you paid $100. And the only way to pay 10% is if it’s parked at sedo. So apples and oranges, really
Yes that’s quite true with Sedo Parking but what’s wrong with that? Also more importantly I prefer that payment is received first by Sedo before transferring my domain as some buyers do fail to make their payments sometimes! Again, I like Sedo mobile-friendly Direct Offer pages which I use for my own site as well as viewing their excellent parking statistics.
$1000 transaction Payoneer charges $15 and escrow.com charges $32.50. On a $2 million transaction Payoneer charges $9,900 to escrow.com’s $17,800.
Looks like escrow only goes to $10 fee for transactions up to $150 funded via cc or pp
Maybe they should update their fee calculator also
Payoneer rocks !
This move was to compete with them, not so much PayPal..
If selling domains through GoDaddy Premium Listings or Auctions, there is no need to have an Escrow service as free domain push to GoDaddy account can be done and the only thing is just to pay 20% commissions for these sales.