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Is Escrow.com Dying Slow Corporate Death?

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Update: Written statement from Jackson Elsegood, General Manager of Escrow.com added.

Is Escrow.com Dying Slow Corporate Death? Why do I ask?

Escrow.com

Because Escrow.com is losing its charm and relevancy to domain name investors. Of course, they just don’t cater to domain name investors only through Escrow.com website and we account for a fraction of their annual business revenue.

I would like to highlight here before going further that Escrow.com was acquired by online job marketplace Freelancer.com, an Australian company for $7.5 million in cash earlier in 2015.

In a statement provided by Freelancer.com CEO, Matt Barrie stated on the acquisition that it will allow Freelancer.com’s 15 million users to make more secure payments. He also envisioned entering entering the online payments space through this acquisition, however that dream looks obsolete due to regular complaints being reported by various domain name investor users at Namepros.com – a popular domain name forum.

Matt Barrie, CEO - Freelancer purchased Escrow.com

Some of the most happening and overly discussed threads at NamePros are listed below:

And there are plenty more out there complaining about slow closing or transactions, payment processing, terrible customer service and support being provided by Escrow.com team. A namepros member also went to the extent of saying that Escrow.com might be in trouble financially somehow as slow payment processing is not a very good or positive sign while it reflects poorly overall working of the company.

There is also a thread and poll about; Escrow.com Is Now Asking For Photos of Personal Docs, where majority of people have voted against providing their personal documents which means they will definitely be losing or have already lost a lot of business from the community.

Have you had a good or bad experience using Escrow.com? Please share with us in the comments section below.

EDIT:

General Manager of Escrow.com, Jackson Elsegood released a written statement about the current issues and we have published it as it is here:

All of our transactions are reviewed by law by an escrow manager prior to being disbursed. They check that the seller really sent the domain and the buyer has it secured in their account. The speed of this review has been always been a big focus for us, in fact it’s up on my dashboard every hour of every day. Since May of 2016 we’ve taken the time for this review to happen for the majority of transactions from a day or more down to just a few hours. However, there are always parts of the system that I would like to see improved, so if you can PM me the transaction IDs that caused your original comment that will help identify a process we can improve.

Recently, we renegotiated with our banking partners and were able to halve our domestic and international wire disbursement fees, as well as start offering ACH disbursements to US customers for free. As part of that change, we also changed the account that we issue checks from and a small number of customers that had received checks in the past 8 weeks but had not yet cashed them were asked to return or destroy the check from the old account so we could move the remaining balance held in trust. These customers have been offered free expedited disbursement options to get the funds into their accounts, as well as compensation for the cost of sending back the original check.

As a namepros pointed out, Escrow.com is audited on an annual basis by each of our state regulators on at least an annual basis, some review our books much more often. These reviews all feature one key objective in common, to ensure that funds held in trust are completely separated from the operating accounts of the business and are held in non-interest earning trust accounts. Far from financial difficulty, the additional investment in Escrow.com has allowed us to invest heavily in support and engineering to expand our support hours to midnight PST, add new languages and to work on improvements to our systems and infrastructure to make processing faster and safer.

While I understand the frustration around providing ID in transactions, this is something that all money transmitters and escrow companies are required to ask for under US law. I consider the obligation to be compliant with that law to be as important as our obligation to keep our customer’s funds separated from our own.

For what Jackson stated, we believe there are not many internal issues other than proper management and with due course of time, we may see improvement in the whole Escrow.com system. for now, all we could do is hope for the best!

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6 thoughts on “Is Escrow.com Dying Slow Corporate Death?

  1. I submitted my information against my wants this morning. I get an email back that it was declined because they could not read the documents. I sent the documents to 4 of my closest friends to see if they could read them. Every one of them told me they were fine.

    Escrow.com then tells me I need to complete the online form again (not just resubmit the documentation). This how now become a joke.

    1. I submitted my verification documents for 2 of my accounts (wife and self) and they were approved pretty instantly, within an hour so no hassle there whatsoever, however I am still testing them with 2 of my small amount transactions of domain name sales. Lets see how they fair on them.

    2. Another joke is that they ask Chinese members to provide address in Roman/English. They don’t know we use Chinese?

      ——
      Please submit the entirety of your proof of address. Also, make sure that it’s written in Roman/English characters.

      1. That’s a bummer Sam. I didn’t know that Escrow.com’s customer support was so incompetent and useless.

        About time, focus for escrow should shift to DN.com or Payoneer Escrow service or any other platform for that matter?

  2. After speaking with their customer service about verification, I only became more concerned.

    First and foremost, do not submit your private financial information on your bank statement.

    Once I called and told them I objected to giving them my personal financial records within my bank statement, I was told that I could submit a redacted (financial details edited out) copy showing the minimum information required excluding personal financial details. I also only submitted the first page of the statement.

    The bank statement was resubmitted (in color) and it was approved. I do expect that these records will be held in perpetuity so we will all have to reply on their apparently fail safe security to keep those records safe.

    1. Definitely worrisome if they are asking for documents without redacting important and vital information which could harm our financial accounts.

      I am glad it worked out well for you and for others who were able to verify their Escrow accounts. However, as suggested by you, the documents should be kept well safe and secure as the service suggests.

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