Efty and Escrow.com announced a new payment integration system. Doron Vermaat who most domainers know both as co-founder of Efty and the published of DNGeek.com wrote, “With Escrow Pay, we remove a lot of friction from the escrow process because buyers are now redirected to a wizard on Escrow.com where they can complete an escrow transaction in a few easy steps.”
Full Release:
SAN FRANCISCO, November 27, 2018: Escrow.com, the world’s most secure payment system from a counterparty risk perspective, underpins Efty’s domain sales payments system with new integration.
Escrow.com, the leading provider of secure online escrow payments and online transaction management on the Internet, has struck a new integration deal with Efty, one of the world’s leading domain name landing page and investment service providers.
Efty, which has made a name for itself in the domain name sector with its popular commission-free, domain name sales platform, has integrated the recently introduced Escrow.com Platform application programming interface (API) into its online payment processes for buyers and sellers of domain names using its services.
Escrow.com, which has safely processed over US$3.5 billion in transactions with its secure escrow service, released its API in public beta late last year, giving businesses and individuals the ability to build the functionality of the Escrow.com Platform directly into their online platforms.
Efty has become the latest prominent domain name industry player to adopt the full capabilities of the Escrow.com API. The integration protects both buyers and the sellers on the Efty site, with Escrow.com acting as a trusted third party, holding the funds for big-ticket items, allowing handover of the domain being transacted to occur prior to funds being released.
“Escrow.com has had a longstanding relationship with Efty, and together we have helped people sell and buy thousands of domains over the years,” said Escrow.com General Manager Jackson Elsegood. “With this new integration of the Escrow.com API, Efty is able to tap into the full potential and latest functionality of the entire Escrow.com Platform.”
Efty Head of Product Doron Vermaat said, “the new Escrow.com API allowed us to integrate Escrow Pay into Efty. With Escrow Pay, we remove a lot of friction from the escrow process because buyers are now redirected to a wizard on Escrow.com where they can complete an escrow transaction in a few easy steps.
“At Efty, we’re always looking for the most buyer-friendly workflow possible, and this new integration allows us to deliver on that while ensuring that sellers are protected from counterparty risk with no chargebacks, ever. At the same time, buyers can be assured that their money is safe and secure, held in trust, until they are satisfied they have received what they are paying for,” Mr. Vermaat said.
For more information, contact:
Jackson Elsegood
General Manager
+1 (650) 353 9286
jackson@escrow.com
What is new here?
Escrow has always been integrated into my (2) Efty accounts for the past couple years.
There is no information about this new “Escrow Pay”
Does this bypass the Tier 1, Tier 2, Tier 3, buyer verification process that has been kindof a pain in the butt before?
Hi Vito, thanks for the question. You are correct, we’ve had a integration with Escrow.com already for years but the old set-up wasn’t great mainly because the buyer had to fill out a form on Efty and then they would receive an email from Escrow.com prompting them to sign up and complete the transaction.
The new set-up with Escrow Pay removes friction from the escrow process because buyers are now redirected to a wizard on Escrow.com where they can complete an escrow transaction in a few easy steps right away.
See https://blog.efty.com/2018/11/27/escrow-pay-a-slicker-and-more-simple-integration-of-escrow-com-in-efty/
This means no more (or a lot less), transactions that are initiated but never completed and we also expect a higher closing rate for impulse buys such as domains priced in the $2,000 range because a buyer that clicks the BIN button now is taken to a wizard now where they can sign in and pay for the domain with credit card or PayPal right away without leaving the site.
Very nice Doron.
“This means no more (or a lot less), transactions that are initiated but never completed and we also expect a higher closing rate for impulse buys such as domains priced in the $2,000 range”
This is huge!
So before buyers would need to complete Tier 3 verification process with Escrow.com which involved adding drivers license or passport to Escrow.com’s database for anything over $1500 i believe. May have been $2500. Not 100% sure, but i do remember it was quite a chore that seemed to scare some impulse buyers away.
Now you are saying anything up to 2k can be paid for immediately with a CC/PayPal. That is a great addtion.
Really nice upgrade Doron.
Thanks for the reply and thanks for constantly making a better product/platform for us!
I can confirm that the new Escrow Pay setup at Efty skips buyer verification for transactions under $3k and after filing in the first page of the wizard with the contact details, the wizard skips straight to the payment form where the buyer can choose between wire, credit card or PayPal.
Keep in mind that when you price a domain at $2,995 the transaction value will exceed $3,000 because the escrow fee is included so I recommend you price domains around $2,800 to make sure you stay under the $3,000