Generally speaking, if afternic was able to deliver the domain to the buyer, and mark the transaction accordingly - then the seller will be paid with no need to followup. At least it is what I see (year 2018). There may be exceptions, but rare. So afternic definitely does not have cashflow issues.
I still remember how afternic "upgraded" payout process some time ago (switching to the current scheme). It was... a nightmare.
Earler today the following newsletter was sent out:
(quote begin)
We are excited to announce that Afternic is launching new payment options and lower minimum payment thresholds for your domain sales and parking earnings. We’ve been listening to our customers and have partnered with an external payment processor to support these new features.
In October, you will notice a new look and feel to your payments section within My Account and you will be able to take advantage of these new options. While these changes will be seamless for our customers, you will need to submit an updated tax form by the end of 2018. This is not a requirement to receive your parking earnings, but we must have an updated tax form on file by December 31, 2018 in order to issue you a Form 1099 for 2018.
Please review below the new payment options, minimum earnings, and payment fees.
Payment Method Minimum Earnings Payment Fee
ACH no minimum USD $1.00
eCheck no minimum USD $5.00
PayPal no minimum USD $1.00
Wire Transfer(international) USD $25.00 USD $20.00
Wire Transfer(domestic) no minimum USD$15.00
(quote end)
Somewhat misleading.
Cc
@Joe Styler - can you please comment what it is about?
Where are the exciting news and what exactly is changed?
I see nothing changed (from non-U.S. sellers point of view). With the exception of a new $25 min. non-US wire amount which makes no sense - a final amount received may now be negative if $25 is wired (after intermediary banks charges). And who is selling domains for ~$30 to need $25 bankwire anyway? However, I heard that U.S. based sellers were always offered paper check option, correct me if I am wrong, but there is no such option anymore for any country according to this newsletter.
Did you change the company that is processing the payments? If so, wil we need to resubmit payout profiles? Should we expect the same level of bugs as with (we all remember) the previous financial upgrade?
What is 1099 form? I do not need any U.S. taxforms (to the best of my knowledge) as I"m not in U.S. Which thing I promptly certified when I configured current payout profile. Will afternic now ask me to setup another payee profile with the same details but another non-U.S. status certification? If so, this is incorrect since the previous form is valid forever (if I did not move to U.S.). Long story short - if it is not broken, why fix it... ?
Joe, can you clarify please.