In a news release early today, Escrow.com announced that it will begin offering an enhanced “Domain Concierge Service” to make domain name deals more secure for both parties. The company will take possession of both the funds as well as the domain name. This additional level of service is not a requirement for all transactions, and there is an added cost to use this new service.
Here’s what Escrow.com wrote about its Domain Concierge Service:
Many buyers and sellers prefer the security of an independent third party completing the transfer of the domain on their behalf. Our staff will manage the receipt of both the funds and the domain into Escrow.com’s secure accounts, check the domain against the purchase agreement and complete the transfer to the buyer for security at every stage in the transaction.
Using the Domain Concierge Service is quite a bit more expensive than the standard service. For instance, on a $10,000 deal, the standard service fee is $175.50 while the Domain Concierge Service is $351. On a $1,000 transaction, the standard service fee is $32.50 and the Domain Concierge Service is $100. You can use the Escrow.com fee calculator to see what the cost is based on the transaction amount.
Although the new service is quite a bit more expensive, it is not really cost prohibitive to use. If a buyer or a seller insisted upon using the Domain Concierge Service to transact, I do not believe the fee would be enough to lose a deal. I would likely try to get the counterparty to pay for the difference, if it became a requirement of the deal.
Domain name buyers and sellers can be apprehensive when doing a domain name deal. Some have never bought or sold a domain name in the aftermarket before, and they have concerns about the transactions. This service, which has been available at other venues (such as domain brokerage services like Sedo and Afternic) gives an added level of comfort when a deal is consummated without the assistance of a domain broker.
Would you need to bring the domain to godaddy everytime, I am guess not all registers would be serviced?
No. The article posted by Escrow.com announcing the news says:
“Escrow.com holds accounts with all major registrars and can usually receive your domain via push.”
Do you know where we can see a list of those registrars, Elliot?
Sorry, but I don’t have a list.
Good to hear, as usually in domain holding transactions, always had to bring it to godaddy. If you can it is cheaper to bring it to the push registry, and do it yourself.
With foreign buyers mainly Chinese, for large transactions, this service is very necessary.
This is an excellent new option, exactly what the doctor ordered. Another example of escrow gold, as in Escrow.Gold.
It’s not a good option when the newest offering of customer service reps leaves a lot to be desired.
I would say that employees actually understanding Escrow.com’s own policies and TOS are quite important.
Plus response time has dropped of a cliff.
Dealing with this now with buyer that was sold their “concierge” service and I must say, I am really disappointed.
Their concierge manager left early yesterday (Friday) and escrow is closed all weekend. Seems absurd to call it concierge if you’re not actually going to make the transition easier. Buyer tried paying with a credit card and was declined due to him being a first time buyer. He then paid with a wire transfer, which funded the deal instantly. Now we must wait until Monday to complete the transaction because the buyer thinks I’m trying to scam him by circumventing their concierge.
I understand the additional revenue stream, but as a value added proposition, this has already failed both parties. Not only that, but it further removes our bottom line with increase costs, and forces the responsibility away from sellers who like handling the entire sales process for quality control.
I have a feeling this is being pushed hard and new buyers are going to buy it. The conflict of interest is apparent to those who have tried speaking with customer service and they simply ignore your request to assure the buyer the transaction is still secure without the up-sell.
Like the poster above me, i find the domain concierge service to be hugely disappointing, money wasted.
The concierge has not brought any value, response is very slow more than 24 to 36 hours. The seller and i decided to cut out the concierge and just transfer the domain directly to my account.
Do not waste your money on domain concierge.