Escrow.com is out with a press release today that announces their new service,”Domain Concierge”
Escrow.com’s staff will securely hold the seller’s domain name until full payment is received, then transfer the domain to the buyer’s nominated registrar account. This additional step removes any uncertainty about whether the domain has been sent and the need for an inspection period.
Jackson Elsegood said “Many buyers and sellers have told us that they prefer the security of an independent third party completing the transfer of the domain on their behalf,”. “We are glad we are now able to offer that service to our customers.”
For more information on the Domain Concierge Service or to calculate the fee for a Domain Concierge transaction on Escrow.com, both buyers and sellers can visit https://escrow.com/services/domain-concierge
blah blah blah. and there we go selling stuff that no one cares, pretending that there are many requests for the feature.
offer Domain Lease, since you have purchased Agreed.com more than a year ago! that would be something good.
@Jose,
1. Escrow.com DOES offer domain leasing. A “Domain Holding” transaction can be arranged as either a purchase or a lease. Go to the home page, click once, and you’ll see 2 different lease contracts.
2. People DID request this “Domain Concierge” feature. I literally went up to Jackson Elsegood at NamesCon and specifically asked for this type of transaction. 1 month turnaround. Man, are they fast! I wish all companies in this industry were so responsive to customers’ needs.
Why did I ask for Escrow.com to hold the domain name? Because earlier in 2016, a large transaction fell apart due to the LACK of this feature. I was the buyer’s broker. Negotiations spanned weeks. Everything was arranged and agreed to using Escrow.com. Then the seller – the CFO of a large company – got cold feet. He refused to pay unless the domain was held by Escrow.com or transferred to him in advance of payment. Since Escrow.com didn’t offer this “Domain Concierge” feature at the time, there was nothing we could do but dismantle the transaction. Ultimately we proceeded WITHOUT the protection of an escrow service. But that’s hardly ideal.
So, you see, sometimes this “Domain Concierge” transaction makes all the difference. In a minority of cases, it’s critical. At any rate, it’s just an extra option. And who complains about more options?
Bravo, Escrow.com!
I hear you. people have been asking for Lease option for long without any success. And they have bought Agreed.com supposedly to bring a better service for clients and increase their offer. but up until now the option for lease that you refer is a joke. it was not meant for that but only for multiple installments. it is not the same thing.
Well, the company just underwent a management change. As part of Freelancer.com, Escrow.com has access to scads of developers – on staff and off. They seem pretty responsive to customer feedback. So if domainers can spell out the features they’d like to see and explain the rationale, there’s a good chance the company will iterate its way upward.
this is something i would use with higher level transactions however i wonder if it will slow down the process or not. one thing i liked about escrow is that i didn’t have to wait for an employee to start the transfer, etc.
one thing that worries me is that at times buyers will agree to a transaction but never send payment. i would hope that the chain of events works like buyer sends payment, escrow verifies payment, seller transfers domain and then escrow gives buyer domain. if the transfer and buyer payment happen at the same time there are going to be domains stuck with escrow.com when a buyer fails to pay.
At least it is optional you don’t have to use it. I know many have said over the years it was the one thing they liked about Sedo, so I think for those that want it, it makes a lot of sense to offer as an option.
Good news. Just do as Sedo’s escrow service does for outside buyers and sellers. After the payment is fully made by the buyer, the seller should be instructed to transfer the domain name.
to transfer the domain name to Escrow.com, NOT TO THE BUYER.
Sounds like a valuable new service. Simply offers the buyer/seller another option and some additional oversight. Concierge fee appears to be roughly twice the standard fee.
Fees out of wack but good product. On the other hand, escrow will not be needed for much longer. Watch out for this space where godaddy and all other major registars innovate and eliminate the need for eacrow service.
currently godaddy is a rip off for this kind of service. their domain buy service is expensive and if its over $5000 even more so. their fee for a $5000 sale (paid by buyer( is $1000!! insane.
All my transactions with Escrow.com went smoothly.
But that was when Brandon Abbey, a very fine man, ran the show.
Let’s see how the new team performs
Escrow.com has lost nearly half of the employees who worked with Brandon Abbey when he was there too. That’s a big chunk of a strong successful team.
@Donna
Brandon and his team there were excellent. They resolved a few matters for me, personally.
You can’t replace a great team and expect the same level of success.
I think its a great feature to have.
Its good to have more options!
what abou escrow introducing paypay payments TO sellers globally ,not onl for us sellers
This is a great new feature. It’s a new example of escrow gold.
Like yearsssssssss overdue, but better late than never in this case.
I agree. This is a good feature.
I recall one transaction last year with a fairly large transaction. I transferred the domain to the buyer’s registrar, but he failed to acknowledge receiving it, as he had gone on a “sailing vacation”, which was indeed true, but it delayed the transfer of funds.
I don’t know if it is just me, but everytime a buyer agrees to escrow, they are either traveling,or on a sudden vacation when it comes time to pay.
Mobile Devices? Happens more often than not
@Ryan
It’s the “free” economy. Music, books, info, movies, – all free.
So people naturally expect your premium domains to be free, your legal services to be free, your software development services to be free. It’s the “sharing” economy.
But if you’re very affluent, you employ lawyers, collectors, a consigliere, and “persuaders”, and everyone pays — especially before going on vacation. If they neglected to pay prior to their trips, their vacations will be “rudely” interrupted.