When I have a domain name with a set price, I don’t want to have to pay a commission to a brokerage or marketplace if the buyer visits my domain name with the intention of buying it. I also don’t generally use Paypal for 4 figure + domain sales, so I needed to have the ability for a buyer to easily start an escrow transaction.
Brandon Abbey emailed me last week to let me know Escrow.com is now offering domain investors the ability to easily create links or buttons that can be implemented on their landing pages to allow buyers to agree to a price and start an escrow transaction. Sellers no longer need to take extra steps to become authorized to do this, as this rollout enables all customers to create these links and buttons for any products.
I reached out to Brandon for details about this, and here’s how it works:
“Visit this page on Escrow.com and sign in or register. You have the option to register as a user or a partner, both registrations will offer the same features. If you are a marketplace or have a large portfolio we suggest registering as a partner. The Escrow.com Customer Service Team will follow up on all partner signups directly. At the top of the screen you will see Buttons, Your Buttons and Bulk Import. For setting up individual Buy Now buttons just choose Button and proceed. Your Buttons will show you everything you have set up and allow you to make any pricing changes. The Bulk Import feature allows you to submit a spreadsheet with all your items and prices. Escrow.com then returns a unique button/link for every single item.”
One thing that marketplaces and brokerages offer that is advantageous to many is that you don’t need any technical expertise or added costs to get started. With the buttons and links from Escrow.com, the domain investor will need to know how to embed the code, and it will also be necessary to create and host the landing page. For some people, this isn’t feasible and the marketplaces and brokerages will still be a better option. For people who want to save on commission and work directly with buyers, this is a good option. That being said, a person could still use the link in an email to a prospect, and they could also use it in domain forum sales threads to make it easier to buy a domain name.
I spoke with Escrow.com CTO Jason Whitlow, and he told me that there are more features coming very soon. For instance, bulk modifications will be included in the next release, allowing people to increase or decrease prices easily. I was also told that Escrow.com will be adding more features to their Broker functions in the first quarter.
There is no additional cost or commission fee to use the buttons, and the only thing needed to get started is an account at Escrow.com.
Within the code that you copy/paste onto your site, they should have the parameters there so you can easily edit the price, the domain name, etc… instead of needing to go through steps for editing a button on their site.
This way I copy/paste code into Excel, download a list of my domains, work up a little formula to edit the code a thousand times, and now I have 1,000 unique codes for all my domains.
Right now it is too much of a hassle to make buttons for a portfolio worth of domains.
If there was a way to change the price within the code, a prospective buyer could easily change the price and set up a transaction with the lower price.
Sure, if they were coding savvy, but if they do then you don’t accept the transaction when you log in to the transaction.
This is definitely good news to all who wish to create their own portfolios, but are limited to high commission venues because there was no magical answer on automation. This tool was the missing piece of the puzzle.
We all know a domain name will sell itself.
Now all it takes WooCommerce and an Escrow.com BIN button. There are no more middle men asking you for transfer codes, updating you on payment status, etc. There is now a domain investor who is capable to charge the same rate and make an even higher return.
Exited to see what Escrow.com has in the future.
Who is paying the Escrow.com fee ? (buyer, seller, split ?)
If I recall another source (BA on NamePros) stating it correctly, it’ll all be up to the seller to fill all details in for 1-click. It would be nice to know for certain if you can make a single button with buyer, seller or split fees as well as bulk.
With a bulk import, it would be a good option to add in a feature where if the price exceeds $X, then the fees are split or the seller will pay in good faith for their business. The same could be said about the buyer as well. Should the price be below $Y, the buyer must pay.
Though, hearing it from the CTO would be the best source, so no facts are misconstrued or lost in translation.
Yes… seller sets that up. I generally split the fee with the buyer when I am selling.
Wow, you are generous. Maybe a little too generous. If the buyer backs out, who still has to pay them? I haven’t looked at that in a while, but something relating to that is there.
the escrow fee is so minimal…
build it in to the pricing on all your domains at the get go and do a 50/50 split on all sales… don’t sweat the small stuff…
~Patricia — DomainBELL
I like this idea it’s nice to see Escrow.com doing this.
Great idea, poor implementation (so far)
Bulk Import is very buggy, it makes me wonder how respectable companies like Escrow.com release features that are untested. Can’t they see how much this hurts their image ?
Hopefully they will fix the errors soon…
Dude, a little heavy handed there, don’t you think? Have you used and benefited from the services of Escrow.com much in your life? They could have begun with a less than 100% perfect implementation of this great idea that causes holographic images of Daffy Duck to sprout out of your monitor for a while and hurl insults at you until they fixed it, and that still couldn’t hurt their “image.”
I am sure it would help them if you share the specific issue you experienced since “buggy” isn’t really helpful. If you’d prefer to share the issue directly with Brandon Abbey, I am sure he would look into it right away – his email is babbey “at” escrow.com
Don’t misunderstand me guys, I do like Escrow.com . Otherwise I wouldn’t mind commenting.
But I’m not gonna be their B-tester. They should have paid employees for this job.
If it was about one or two bugs, I would actually just mention them. The whole Bulk Import thing is completely untested, I’m afraid. Try it for yourselves. Besides, when it fails, there are no helpful messages regarding what went wrong, just a “FAILED !” message.
Side note: good article about the new gTLD’s: http://www.circleid.com/posts/20141217_the_real_facts_about_new_gtlds/
The real game changer is to add leasing/financing feature.
I hope they will prove to be really pro domain investors
I would not want to advertise a lease deal. I would much rather use that as a deal saver.
Reminds me – we still need a comprehensive thread all about leasing. How best to go about it, what should be in a contract, what shouldn’t be in a contract, etc. It may not be your favorite mode, but I think it can be a great way to make money without getting rid of a domain you may not want to just sell off. Also, there should be off the rack contracts you can buy and perhaps just tweak a bit yourself (sorry lawyers), just like with so many other legal concerns. The community really needs this kind of thread.