Since Payoneer launched its domain name escrow service, only domain name sellers have been permitted to set up transactions via Payoneer Escrow. As a buyer, this could be frustrating because I would have to rely on the domain owner to initiate a transaction, and I have found that the less friction there is, the less likely a domain owner will back out of a transaction. The sooner I can get a buyer to agree to a deal, sign the purchase agreement, and start escrow, the more likely a deal will close.
This afternoon, Payoneer Escrow announced a couple of platform updates. Domain name buyers now have the ability to initiate transactions at Payoneer. Since domain buyers may have more experience with Payoneer and/or domain name escrow services, this may make transactions easier to set up and quicker to transact.
In addition to this change, sellers can now communicate the domain name transfer or account change information to the buyer directly via the Payoneer Escrow platform. This is a minor change, but it can be helpful to have all of the information flow through the escrow service.
I have found that some buyers and sellers aren’t all that knowledgable about domain name purchases or sales when they agree to a deal. Escrow services can add some friction to transactions, so it is good to see improvements that help make transactions go more smoothly.
I’ve been using Payoneer Escrow for domain transactions for nearly a year now. I also still use Escrow.com for some transactions.
In general, I find that transactions via Payoneer are more streamlined (fewer manual actions required by parties) which results in smoother and faster transactions. Also, Payoneer’s fees are often lower than Escrow.com’s fees. Best of all, I’ve never had a Buyer or Seller run into issues getting their account “verified” with Payoneer whereas this can sometimes be a frustrating hurdle with Escrow.com.
Both are solid platforms, but Payoneer is more user-friendly, especially if you are buying from, or selling to, someone who has never used an escrow platform.
Competition in this space is good because it drives the players to step up their game.
Thanks Bill,
Your thoughtful Ninja analysis is much appreciated. Best regards,
Brandon
I used Payoneer escrow only one time back in June-July, and it is pretty baaaad. Their agents have no idea what domains are and what a transfer process is.
Payoneer does not send any reminders about the transaction step. Their agents did not even know when a transaction cancels out because of inactivity.
Payoneer does not provide phone numbers for contacting buyer/seller.
Payoneer agents sound like they have no training at all. They did not even know how to check information on a transaction. The guy was asking for my email to send an update on a transaction to me!!! I had to call them 5-6 times to just get them to do something. And every time I had to explain the whole nine yards. Apparently they don’t update transactions with notes or their system does not have that capability.
On the other hand, I have never had any issues with Escrow.com, they are professional, know domain names and the transfer process and act fast.
Show proof of your communication with the agent with Brandon Abbey, and he will make sure everything works out fine.
Hi Viqi,
I would like an opportunity to review your situation so we can make sure something like this does not happen in the future. As you might imagine, our business is rapidly increasing and it is extremely important to review any customer care issue. Please send me an email to brandonab@payoneer.com and I will personally review with our customer care team.
All the best,
Brandon
is there any other service providing escrow?