Epik Escrow Review & Questions

[Domains - Wanted]

Sold a domain using Epik Escrow. I'd transferred-in the domain to Epik prior to the transaction, so the sale went through and funds were credited to my Masterbucks account immediately. So far so good.

Next, I initiated withdrawal to PayPal on Sunday, May 28th and received email confirmation and funds were debited from my Masterbucks account instantly. I expected to receive equally instant deposit into my PayPal account or next day at the outside. No joy! It has been 4 days and no money credited to my PayPal.

Don't know if this is an isolated case or maybe I missed some small print somewhere and this is par for the course - a standard delay with payouts by Epik? Has anybody here had any experience selling through Epik and withdrawing funds to PayPal? How long did you wait for the money?

@robepik

 

[Rob Monster]

Thanks, that was swift. Since you're in the US (I think?), is it also possible to request for ACH the same way?

Yes, also possible to request ACH.

 

[creataweb]

I just sold a name thru Epik and so far & I like the speed and low fee for payout. Since it was my first sale thru there I will assume I have the same hold time (which someone did email me about later on after my payout request.)

I requested a check and am looking forward to doing this more often if it goes smoothly

 

[korganian]

I have sold lots of domains through Epik. I love how I can have money in my account within one minute of agreeing to a price with the buyer. All I have to do in tell them to go to Epik.com and search for the domain and buy it. They then get an email right away to set up their user name and password to access the domain. I have sold domains this way to buyers all over the world and never had any problems at all.

 

[creataweb]

Hmm I'm on day 6 now and support doesn't have an answer for me about my money still.

 

[Rob Monster]

Hmm I'm on day 6 now and support doesn't have an answer for me about my money still.

Greetings form London.

A 6 day wait for an escrow transaction sounds unlikely. PM me or Email at [email protected] your support case number and will look into it for you.

 

[creataweb]

Looks like the money is almost on the way, thanks for the help @ Jessica & Rob

 

[Rob Monster]

Looks like the money is almost on the way, thanks for the help @ Jessica & Rob

Paper checks are pretty rare these days -- they usually get run once per week unless someone requests a rush. Fine to do them though. The request did go to accounting on 3/12 and would have been processed normally, just not on the weekend.

 

[creataweb]

The customer service is excellent and I'm going to be posting most of my names on their MP for sale.

 

[Jv1999]

ANOTHER WIN FOR ME USING EPIK!

I just sold a $1600 domain and did nothing, not even park! I just listed it in their AWESOME marketplace omg :D.

I'm going to post in domain sales thread about this :D.

EPIK IS DEFINITELY great. And the "commission" is only 5%. I just requested a withdrawal.

I had the domain at Namebright and it didn't sail. But all I did was transfer it to Epik and within like 5 months of transferring it there, it sold!

If u are going to join, pls use my ref link!

 

[Rob Monster]

@Jv1999 - Congrats on your sale earlier this morning. As soon as operations does their fraud check on your buyer, your redemption request will be processed. The buyer is a first-time buyer at Epik using a cc but looks legit.

 

[AlexGreen]

does epik file 1099 form, after it wires the payout to the seller?

does epik require a tax ID to wire the payout ?

 

[Rob Monster]

It depends on jurisdiction of the seller. We don't like taxes either but operate within the bounds of the law. So, it just depends on the domicile of the seller. If someone has specific questions, it is best to PM or email me, rather than discuss in a public forum and we'll advise accordingly.

We can also release proceeds in cryptos subject to availability. We are sometimes low on cryptos but later today we'll do a promotion to run through this Friday that will provide customers with a 5% deposit bonus for funding their account in BTC or ETH.

 

[hui2000]

I just purchased one domain todays morning at epik.com using the domain loan service which i tried out applying for last week using my domain/s as collateral. I noticed it was available in my dashboard within a few minutes, am so far happy with the service and looking to transfer 80% of all my names to epik.
thanks @Rob Monster Great service and hustle free

 

[Wali Dahot]

I just purchased one domain todays morning at epik.com using the domain loan service which i tried out applying for last week using my domain/s as collateral. I noticed it was available in my dashboard within a few minutes, am so far happy with the service and looking to transfer 80% of all my names to epik.
thanks @Rob Monster Great service and hustle free

Did you purcahsed a domain while loaning out another domain? Or you got $ in account credit by applying for a loan and than purchased a domain by that account credits?

 

[hui2000]

Did you purcahsed a domain while loaning out another domain? Or you got $ in account credit by applying for a loan and than purchased a domain by that account credits?

I first applied for the loan and after approval, used some partition to purchase the domain as the rest for my transfers as am moving most names now to epik

 

[Yousaf Saeed]

Hi, Rob, i sold one of my websites at $26k; the website domain and files got transferred to the buyer. the buyer approved the fund's release twice; and then after his second email to Epik, the funds were released to my master bucks account.

And then i initiated wire transfer withdrawal, and its the second day, my transaction is still in "Pending" status. Can anyone let me know how long it will take for me to get my funds from epik?

--
I've sold a money-making website; the buyer is so happy to have it; and he continuously told epik to release my funds but still not update...

 

[Gube]

And then i initiated wire transfer withdrawal, and its the second day, my transaction is still in "Pending" status. Can anyone let me know how long it will take for me to get my funds from epik?

Is your Epik account verified ? If it's the case, it shouldn't take long even though it could be a larger than usual sum.
You can go through the verification otherwise wait for a reply during the US daytime

 

[Yousaf Saeed]

Update: My withdrawal status is now changed to "Accept".

 

[Rob Monster]

Update: My withdrawal status is now changed to "Accept".

Congrats on your sale.

- Transaction started on Feb 18
- Wire arrived on Feb 19
- Domain received at Epik on Feb 22
- Funds disbursed to Masterbucks on Feb 22 as immediately usable funds
- Funds redeemed to Pakistan bank on Feb 23
- Account verification completed on Feb 23
- Disbursed via Amex FX to Pakistan on Feb 24 in the very early AM

That timing is actually not horrible. We have been faster. I sincerely doubt anyone else would be faster considering the domain arrived on Monday, and you were paid out the next day!

Now, for context, here is how we approach risk when it comes to disbursement:

- Both the buyer and seller are new to Epik. Buyer from Korea. Seller from Pakistan. Epik has no staff in either of these markets. If there is a legal problem, enforcement will require hiring outside counsel.

- The domain itself has low collateral value. It is impressive that someone paid $26K for it. That is the way it is with brandables. Nice work but if there was a problem later, we would likely never recover $26K.

- You have no other domains at Epik, nor does your buyer. We are delighted to welcome you both at Epik, but again, if there is a problem we have no recourse.

- Ultimately, it was my decision last night to sign off on full disbursement to your bank in Pakistan. Amex FX will handle the rest, and Jessica in our team will be in contact with you.

I suggest next time to be a little patient. Better yet, develop a relationship with some of the Epik staff so that the seller due diligence can be expedited. I had no idea that you were a NP since 2014. Great!

 

[boker]

You have no other domains at Epik, nor does your buyer. We are delighted to welcome you both at Epik, but again, if there is a problem we have no recourse.

What do you mean by 'no recourse'? For example, if I have domains at epik(50-100-500) and the buyer is doing a chargeback or there are other issues, that will affect in any way my other domains at epik?

 

[Rob Monster]

What do you mean by 'no recourse'? For example, if I have domains at epik(50-100-500) and the buyer is doing a chargeback or there are other issues, that will affect in any way my other domains at epik?

Someone who is engaging in willful fraud is a lot less likely to have a domain portfolio at the place where they perpetrate a fraud. Commitment to a vendor relationship is a "signal". We use it as part of our risk-assessment model as a heuristic indicator of whether to do light or heavy due diligence.

In this case, we looked up the prior owner of the domain and confirmed that the email of the seller matches the email of the historical registrant since 2017. The government ID matches that domain. This does not mean that it could not be identity theft by a relative engaging in a clever fraud.

So, at the end of the day, it is a risk assessment that is governed by our published terms of service. We are insured against the big stuff, but $26K is big enough to matter but not big enough to file a claim if we got it wrong. So, at the end of the day, we make a risk assessment and we hope for the best.

 

[blogspotter]

Epik Escrow is the real deal.. I had two transactions both were smooth. I will always use escrow as long as the other party (buyer or seller) agrees.
A1 service

 

[Yousaf Saeed]

Great service and very friendly staff at Epik escrow! It was my first time to trade through epik which is why i was a little nervous but now after the such smooth and fast service by epik; i'm a very big fan of them. Highly recommend epik service.

I'll definitely be recommending epik to my friends and will definitly have more transactions through them.

Once again i will say; very friendly and very responsive staff!

Thankyou Epik!

 

[Yousaf Saeed]

Congrats on your sale.

- Transaction started on Feb 18
- Wire arrived on Feb 19
- Domain received at Epik on Feb 22
- Funds disbursed to Masterbucks on Feb 22 as immediately usable funds
- Funds redeemed to Pakistan bank on Feb 23
- Account verification completed on Feb 23
- Disbursed via Amex FX to Pakistan on Feb 24 in the very early AM

That timing is actually not horrible. We have been faster. I sincerely doubt anyone else would be faster considering the domain arrived on Monday, and you were paid out the next day!

Now, for context, here is how we approach risk when it comes to disbursement:

- Both the buyer and seller are new to Epik. Buyer from Korea. Seller from Pakistan. Epik has no staff in either of these markets. If there is a legal problem, enforcement will require hiring outside counsel.

- The domain itself has low collateral value. It is impressive that someone paid $26K for it. That is the way it is with brandables. Nice work but if there was a problem later, we would likely never recover $26K.

- You have no other domains at Epik, nor does your buyer. We are delighted to welcome you both at Epik, but again, if there is a problem we have no recourse.

- Ultimately, it was my decision last night to sign off on full disbursement to your bank in Pakistan. Amex FX will handle the rest, and Jessica in our team will be in contact with you.

I suggest next time to be a little patient. Better yet, develop a relationship with some of the Epik staff so that the seller due diligence can be expedited. I had no idea that you were a NP since 2014. Great!

Someone who is engaging in willful fraud is a lot less likely to have a domain portfolio at the place where they perpetrate a fraud. Commitment to a vendor relationship is a "signal". We use it as part of our risk-assessment model as a heuristic indicator of whether to do light or heavy due diligence.

In this case, we looked up the prior owner of the domain and confirmed that the email of the seller matches the email of the historical registrant since 2017. The government ID matches that domain. This does not mean that it could not be identity theft by a relative engaging in a clever fraud.

So, at the end of the day, it is a risk assessment that is governed by our published terms of service. We are insured against the big stuff, but $26K is big enough to matter but not big enough to file a claim if we got it wrong. So, at the end of the day, we make a risk assessment and we hope for the best.

It's worth mentioning here; the domain didn't had low collateral value, because, it is a established website that has history of making around (+)/(-) $1k/month on an average by AdSense. So, this was a win win situation for both the buyer and the seller because the buyer got the website that makes over $1k per month in profits and seller got 3 years of its annual revenue at sale price.

 

[Yousaf Saeed]

Someone who is engaging in willful fraud is a lot less likely to have a domain portfolio at the place where they perpetrate a fraud. Commitment to a vendor relationship is a "signal". We use it as part of our risk-assessment model as a heuristic indicator of whether to do light or heavy due diligence.

In this case, we looked up the prior owner of the domain and confirmed that the email of the seller matches the email of the historical registrant since 2017. The government ID matches that domain. This does not mean that it could not be identity theft by a relative engaging in clever fraud.

So, at the end of the day, it is a risk assessment that is governed by our published terms of service. We are insured against the big stuff, but $26K is big enough to matter but not big enough to file a claim if we got it wrong. So, at the end of the day, we make a risk assessment and we hope for the best.

Lastly, i completely agree and understand the situation in the office of Epik for handling the transaction as both the buyer and seller were from different countries and Epik had to safeguard not just the buyer and seller; but also themselves from any of the fraudsters and legal consequences. I guess these steps are necessary to safeguards everyone's interests.

I'm a website trader and this is my 4th website sale in the last two years; 3 of them sold via flippa (paid by escrow.com), and this 4th website trade went through for the first time by Epik. So, if i may compare between escrow VS EpikEscrow; then i will definitely choose Epik Escrow from now onwards.

I am very happy with the way their staff treated us; even i was a little worried about Epik in the beginning as i never heard of them before. But now, things have changed. thanks Rob!