NameSilo, a domain name registrar, has just launched the ability to offer Payment Plans for premium domain names to customers. The announcement by NameSilo came via an email which can be read below.
This means that customers can pay for a premium domain in the NameSilo Marketplace utilizing NameSilo's shopping cart and payment options. If the purchase price and transaction are under $5,000 customers can pay for a domain with a Credit Card, Debit Card, Skrill, PayPal, Bitcoin, Alipay, or Dwolla. If the purchase price and monthly payments are over $5,000 the buyer will have to pay via wire transfers. At least that's my understanding from the email that management sent to customers.
The important caveat to using NameSilo's payment plan system, the domain must be registered at NameSilo to use the service. Once the initial down payment is paid, the buyer gets the domain immediately. The payment and domain transfers is handled by NameSilo so it's understandable this is the only way to offer this service.
NameSilo offers extremely competitive pricing for domain names and obviously many great features. It's $8.99 a year for .COM domains and $8.39 to transfer a domain to NameSilo. Transferring a domain there should be a no brainer if you want to use the Payment Plans service.
I decided to set several domains up with payment plans and it was easy. You can set the payment time from 1 – 12 months and the down payment amount you want. If there are too many default payments on your domain from a buyer, NameSilo will transfer the domain back to your account.
Since the NameSilo domain payment plans are brand new, I haven't used this option. I have sold a domain via the NameSilo Marketplace once beofre and it really couldn't be easier. Here is how the transaction went down;
- Buyer emailed me.
- We agreed on a price.
- I set a lander with that price.
- Buyer paid via NameSilo's checkout.
- They immediately got the domain in their account, didn't have to do anything.
- Waited to get funds transferred into my account.
NameSilo charges a 7.5% commission for Marketplace transactions. While that might seem high most other registrars don't offer as clear domain pricing and good features. NameSilo ONLY sells domain names and nothing else. You won't be upsold on garbage new domain extensions, SSL certificates, SEO services, web hosting, etc. They sell domain names and just focus on that. In addition most marketplaces commission are 15% or more.
To release funds from you account NameSilo you have three different options.
- Account Funds – There is are no fees for disbursing funds into your NameSilo account. Funds can be used for buying, renewing, or transferring domain names with NameSilo.
- PayPal – You can have money transferred into a PayPal account. There is a 2% fee transaction fee and it must be above $20.
- Wire Transfer – You can have the funds disbursed into a bank account with a Wire Transfer. There is a $15 wire transfer charge. You will need your bank's routing number for banks and credit unions in the US. International wires will require an IBAN/SWIFT number. You will need to enter in the bank address, phone number, country, and other relevant bank and credit union information.
I personally have many domain names that get inquiries often… but can't seem to move. People are shocked by the 4 figure asking price. Next time I get an inquiry and someone isn't willing to pay a lot upfront, I'll be happy to offer a payment plan. If you can do a payment plan with a domain, hey at least that's a sale and steady source of income while the buyer is paying for it.
What do you think of NameSilo's payment plan feature? Is this appealing to you as a buyer and seller? Are you planning on offering this option to potential buyers that contact you in the future?
NameSilo Payment Plans [Email]
Based upon feedback we have received, we have just added some pretty exciting things to our Marketplace that we'd like to let you know about. As always, you can find more complete details about selling your domains on our Marketplace at – https://www.namesilo.com/Support/Marketplace.
Listed below are the highlights of our most recent updates:
- Payment plans now available!
- Set maximum number of months for payment plan
- Set minimum down payment
- Buyers receive the domain immediately after issuing the down payment
- Buyers can prepay for their installment payments or get billed automatically. If more than 5 payments are missed, the domain is returned to you and you keep any earned payouts.
- Add payment plan support at any time – even after bids/offers have been made. This means you can update any of your existing sales to offer a payment plan.
- New Marketplace rules for payment methods accepted to make purchasing your domains easier for Buyers!
- Any sale or payment plan payment under $500 no longer requires a verified method of payment
- Our minimum price to require a wire transfer was raised from $1,000 to $5,000
- AliPay, the most popular online payment processor in China, can now be used for Marketplace sales
- You can now receive payouts immediately if the Buyer pays via AliPay, Bitcoin or wire transfer. Other payment methods still require a 7-day waiting period to receive your payouts.We hope these updates help you sell your domains by offering more options for your Buyers, easier payments for sales and faster payouts for you!
We'd like to thank you for your continued patronage, and please always feel free to let us know with any questions, concerns or ideas for improvement.
The NameSilo Team