Dan, payment plans and payoneer... (1 Viewing)

Ok, I didn't think this through obviously when I put some domains on a Dan payment plan option.

I sold my first domain using a payment plan via Dan. The BIN price was $5000 and the payment plan results in a total sale price is $6500 over 60 months, so the user gets billed 108.33 and I receive 88.33 each month. Basically the plan costs the user an extra $25/mo or 30% in total for the financing charges. I end up getting $5/mo of that, and dan gets $20/mo of that. In the end, I get an extra $300 so $5300 in total, and Dan gets $1200 in total.

So here's the part I didn't think through. Dan sent me an international bank wire, and of course my bank will charge me for that... Paying something like $15 or $20 in fees on a $88 wire is obviously stupid. Unfortunately, Dan doesn't have a payout threshold like others do, so that isn't an option.

Here are Dan's payout options I can choose from:

1. international bank transfer. Problem: ridiculous ratio of fees on small amounts.

2. Paypal. Problem: I hate paypal. Besides the things we've all discussed about then, they've refused to send USD funds to my Canadian based USD account, forcing me to do currency exchanges through their system on their terms. Forget it.

3. Payoneer. Problem: An unnecessary 3rd party handling my funds. Remember the whole Dan payment fiasco claiming you were forced to use Payoneer? Then they recanted? In any case, I would really prefer not to use a 3rd party like paypal or payoneer or anyone. Need I mention Epik here??

4. Bitcoin. Jeezus. While some people might be fine with getting bitcoin payments, I've been robbed twice of all my bitcoin from supposed exchange hacks. Forget it.

In any case, I point this all out so you can think this through and understand the consequences better than I did!

So, after chatting with Dan support, the least offensive option might be to deal with Payoneer, I guess. And although I like the payment plan option at Dan, I don't like they payout terms. I maybe just have to move all my domains at Dan back to my own lander where I can negotiate things like payment plans on my own - via e-transfers. No middle man.

Question: Does anyone have experience with using Payoneer with your USD accounts based out of a Canadian bank (Scotia)? Do you trust them any more than you trusted Epik a month ago??

rlm said:

1. international bank transfer. Problem: ridiculous ratio of fees on small amounts.

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Hmm, I don't use payment plans, I figure the end user can do their own financing, but I was not charged anything to do a direct deposit to my simply bank account on my sales. I kind of figured the payment plans were the same.

rlm said:

2. Paypal. Problem: I hate paypal. Besides the things we've all discussed about then, they've refused to send USD funds to my Canadian based USD account, forcing me to do currency exchanges through their system on their terms. Forget it.

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I closed my Paypal account, I always hated them with a passion, they always robbed me and the last time they kept my money for a 26 day hold period.

rlm said:

3. Payoneer. Problem: An unnecessary 3rd party handling my funds. Remember the whole Dan payment fiasco claiming you were forced to use Payoneer? Then they recanted? In any case, I would really prefer not to use a 3rd party like paypal or payoneer or anyone. Need I mention Epik here??

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I don't trust them either, they're a pretty small Epik like organization.

rlm said:

4. Bitcoin. Jeezus. While some people might be fine with getting bitcoin payments, I've been robbed twice of all my bitcoin from supposed exchange hacks. Forget it.

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OMG, they are buying up everything. Every new crypto exchange spend millions of depositors funds on acquisitions (domains etc) and then goes bankrupt. All these exchanges, where the hell are they getting the money from if not directly drawing from the depositors?




My opinion is just disable payments, the hassle for me is not worth it.

Ok, nevermind, I think I'm OK after all, no need for payoneer.

My current bank account used to charge me for each incoming bank wire, although it was weird amounts that were sometimes consistent, some times not. But starting in July, my banking account fees have been fixed at $22/mo, no additional charges per each bank wire and I typically get a few or more each month, and some of those have included Dan wires without any additional fees. I'm not sure why that is, nor do I remember making any changes to my account, so its a bit odd, but clearly I'm happy about that.

In any case, if my bank isn't going to hammer me on incoming bank wires, then getting those small monthly wire payments from Dan aren't an issue.

If you send or receive 3(?) or more wires a month, it's worth asking your bank for a discount package on wire fees. I save hundreds of dollars a year on wire fees this way, and I don't send or receive that many wires. Also, for sending wires, I can do it via a Web dashboard, no more having to go into the bank and have it done via a teller. That was a game-changer for me!

Friendly and somewhat related reminder: Escrow.com now supports CAD transactions.

MaiTaiMan said:

If you send or receive 3(?) or more wires a month, it's worth asking your bank for a discount package on wire fees. I save hundreds of dollars a year on wire fees this way, and I don't send or receive that many wires. Also, for sending wires, I can do it via a Web dashboard, no more having to go into the bank and have it done via a teller. That was a game-changer for me!

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Yeah, I'm guessing my plan got switched to one that includes wires. I just don't remember doing it, but maybe? That definitely is saving $$ each month.

And it looks like Scotia finally has something new for sending funds:

Send Money Internationally
Bank deposit NEW IMT
Send money directly to a bank account with Scotia International Money Transfer.
Estimated delivery: Up to 5 business days

Scotiabank introduces International Money Transfer (IMT) for Business to make easy, low-cost payments for Canadian companies

It kinda sounds like an updated version of a bank wire for Canadian companies to use for sending money internationally. I don't send nearly as many wires as I used to, but glad to know that Scotia has an option now. E-transfers are the best, but the limits often cause problems...

5 business days to send money, that is crazy in this day and age.

rlm said:

So here's the part I didn't think through. Dan sent me an international bank wire, and of course my bank will charge me for that... Paying something like $15 or $20 in fees on a $88 wire is obviously stupid. Unfortunately, Dan doesn't have a payout threshold like others do, so that isn't an option

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While there are still fees, you might consider using something like Wise (referral link) that allows you to have accounts in different locations and currencies. I do not receive monthly payments, but I've been using them for infrequent payments for a while. Of course your money is not insured by CDIC then.

FM said:

While there are still fees, you might consider using something like Wise (referral link) that allows you to have accounts in different locations and currencies. I do not receive monthly payments, but I've been using them for infrequent payments for a while. Of course your money is not insured by CDIC then.

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Yeah, I've heard of Wise too, a year or so ago, a guy was trying to show me how great they were, so he, without my knowledge, he just decided to send me $1 by wire transfer from his Wise account. I was like DUDE, you just cost me a $15 transaction fee for your one dollar wire. Ugh.

Wise is supposed to be pretty good and popular. But as with all 3rd parties holding your cash, be very careful. I think when paypal first started out we took it a bit for granted that you could trust them. I think we now realize though that you can't trust anyone who holds your cash, and not knowing what they're doing with it. At least good old banks have some insurance and regulations. So anyone using Wise or Payoneer or whatever, pull your money out asap unless its just some loose change. You never know when Wise or Payoneer will go Epik or FTX.