Frank Schilling Rolls Out Automated Finance System On DomainNameSales.com
Frank has rolled out a what he calls an Automated Finance System DomainNameSales.com which sounds like a lease to own system where buyers make a down payment and monthly payments thereafter which would result if all payments are made with the buyer getting ownership of the domain name.
All on their credit card.
Of course like all such programs, ownership of the domain stays with Name Adminstration pending completion of the final lease payment.
Upon making the last payment the buyer will get ownership of the domain name.
There is no minimum or maximum dollar transaction to use the lease to own program.
The amount of the Down payment that will be required, the length of the lease and therefore ultimately the monthly lease payment will vary from deal to deal.
The Lease to Own program is going to be offered only on Name Administration domains initially, but will be made available to selected domain holders who have opted for DomainNameSales to be their broker in the future.
I reached out To Frank Schilling and asked him for details on the new system:
“”DomainNameSales.com has developed an automated finance system to allow prospective purchasers to spread their costs over time.
We all frequently encounter buyers who are sold on a domain name, love a particular domain but are unable or un-willing to make a large upfront purchase.
Traditionally the options have been to either substantially discount the sale of your domain name, walk away from the sale, or use an outside 3rd party service to assist in the financing.
We have developed a very flexible solution, where the terms of the payment are almost entirely up to the domain broker and owner of the domain.
There are no minimum down payment requirements and the term length is adjustable from 3 months to years in length.
As with all DomainNameSales.com functionality, the entire process is seamless and completely transparent to the domain name owner. The only requirement is that the buyer has a valid credit card to make monthly payments from.
To facilitate the transaction and cover administrative costs, DNS will be charging a financing fee which is amortized into the payment schedule and disclosed to the domain name’s purchaser and seller.
In order to make the process secure and sensible for both the buyer and the seller DomainNameSales.com will allow the buyer use of the domain during the payment period, but will retain ownership of the domain until the repayment terms are met. This allows the buyer use of the domain but also allows for a safe return of the domain to the rightful owner if the terms are not met.”
The program is currently being tested with Frank’s own portfolio and DomainNameSales.com plans on offering payment plans to a small number of larger consistent DomainNameSales.com users in the coming weeks.
“We expect this integrated finance feature to result in a doubling of sales and the creation of more consistent payment streams for our name-owners and parking clients.”
Here is an example of a landing page you might see in the on one of Frank’s domain names (Domain is real, prices are not).