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.