A word of warning to Sedo users

[worlddom]

I’d like to give a chronological breakdown of a current dispute that I am having with Sedo regarding the sale of one of my domains recently. I’ll publish the figures to emphasise that the amount in dispute is insignificant, it is more about the principle and a surprising lack of customer service.

Following the sale of a name for £1000 and the subsequent transfer, I received the usual email informing me that the accounts department had processed payment and funds had left the escrow. (great, I can buy myself that new tv and treat myself to a slap up meal!) Taking into account Sedo’s commission I expected £900 to be hitting my account within a couple of days, so as you can imagine I was therefore a little surprised to receive £869 and a debit for an additional £7.50 flagged ‘SEDO’.

No problem I thought, I’ll just let Sedo know and I’m sure that they will quickly resolve the issue (err, think again!). Obviously I will not name the account executive with whom I have been corresponding.

Response: The payment was sent in Euros. (full stop, no further explanation)

Me: No, I think that you are mistaken. I list my names in GBP with sedo.co.uk, the transaction statement sent is in GBP, the account that you send my funds to is a sterling account, all previous fund receipts from you have been in GBP and I am sure that the buyer sent payment in Sterling (not confirmed) as he is from the UK. The TAG will not be changed until this is resolved (didn’t realise that the tag change request had already been processed by the buyer). I did not list this domain for 1318 Euros I listed it for £1000. (surely this will do it!)

Response: Please make sure that you have a Spanish address. Address is listed in Spain payment was sent in Euro. (never mind that they are sending funds to the Sterling account registered with my Sedo account)

Me: (now I am starting to get a little ruffled) Please find attached two transaction statements from previous sales of similar amounts billed to our Spanish address and paid in Sterling. Note that we are not prepared to accept £861.50, will take further action if this is not resolved, will inform the domain community and will remove our remaining 200 domains from your service. (something’s got to give now!)

Response: (get this!! exact quote)” Due to many questions from different users at sedo we changed this payment method at the end of april this year. Therefore your previous payments of ****.co.uk and ****.co.uk have been created in GBP and also have been send to you in GBP. Since the beginning of may or end of april we changed this method. Now all payments from UK accounts will be send in GBP and
accounts from europe will be send in EURO. By accepting our sedo policies you have also accepted our payment methods”

Me: (upset now) How convenient that this immediately followed my last sale and that I have never been informed of this change in policy. Please could you give the details of a senior level manager to whom I may make a formal complaint and also forward details of the regulatory authority for the escrow industry.

This covers developments so far and I will update the thread with progress reports. I know that I am pushing a point here and that some may consider this petty considering the amount, however I think that this is a valid point and a warning to all sedo users of the kind of customer service that they may receive should an issue arise.

Now to inform other domain forums of my plight and perhaps have a quick chat with a couple of blogger friends to get their opinions. :angry:

 

[Chelsea]

Now all payments from UK accounts will be send in GBP and
accounts from europe will be send in EURO.

So if the buyer is from the UK surely he will have paid in the requested price in GPB. As you stated it was 1000,--GBP you should have got something like 1350,--€ which therefor would have been the same amount....

Are you 100% sure that the listed price was stated in GBP?

 

[worlddom]

So if the buyer is from the UK surely he will have paid in the requested price in GPB. As you stated it was 1000,--GBP you should have got something like 1350,--€ which therefor would have been the same amount....

Are you 100% sure that the listed price was stated in GBP?

You are absolutely right and I am 100% positive that the listing price was quoted in GBP, as with all my domains.

Obviously I would not have had such an issue with the deal if the amount of Euros transferred actually equated to £900 (although there is an issue with the bank charge of £7.50 for trying to stuff euros into a sterling account), however it didn't and how can that be fair to the seller?

 

[Chelsea]

Would assume they made a mistake then.
Anyhow, regarding the bank charge, that is common. We always have to pay a ridiculous fee when transferring money from one currency into another account.
Yet, you wouldn´t have had to pay that fee if your money was transferred in GBP ...
Hopefully you will get a reply from Sedo here soon.

 

[worlddom]

Would assume they made a mistake then.
Anyhow, regarding the bank charge, that is common. We always have to pay a ridiculous fee when transferring money from one currency into another account.
Yet, you wouldn´t have had to pay that fee if your money was transferred in GBP ...
Hopefully you will get a reply from Sedo here soon.

Yes, they made a mistake. I make mistakes, you make mistakes, everyone makes mistakes, the reason that I have escalated it to this level is due to the manner in which they are dealing with this mistake. The customer service that I have received so far has been incredibly poor, with no attempt to appease the situation.

A sedo rep has asked for the transaction details at another domain forum and I will keep this thread updated with any progress.

Wish me luck!!

 

[Onward]

I applaud you for your persistance and wish you luck. I am amazed you have even received an answer from sedo as their customer service is just terrible.

Most people do not hassle with this type of screwing and really should. Please keep us updated as this unfolds.

 

[Theo]

The option to make offers in other currencies is a joke. When I list a domain and want to maximize my asking price, I list it in either Euro or British Pounds. Then, I get those lamers switching over the currency from the drop down menu to US Dollars. I have to go back and forth counter-offering in the currency of my choice, which should not have been changed to begin with. Also, even though Sedo sends the funds after an exchange conversion, their statements still show the closing price in the foreign currency. The drawback is, that upon the end of the tax year I have to go back and guesstimate the amounts in US dollars for tax purposes. They haven't changed that even though I mentioned it 1 year ago.

 

[SuperBrandables]

I left sedo for namedrive almost a year ago.
Best thing I ever did. I still sell just as many domains and get better payouts on those that don't.
.
.

 

[domainah]

sounds to me like the 30 pounds or whatever is missing went to the bank to the exchange fee, you should talk to your bank about giving you a BS exchange rate

 

[David G]

The option to make offers in other currencies is a joke. When I list a domain and want to maximize my asking price, I list it in either Euro or British Pounds.

Confused as to why pricing in non-dollars would maximize your price?

 

[Theo]

Because there is a figure limit of 10,000 in any currency.

 

[Chelsea]

Confused as to why pricing in non-dollars would maximize your price?

A British buyer might not mind 5000 GBP, but it just looks (all in your mind) different when you see 9430 $.
If the seller only wants 5000$ but offers it in GBP he will certainly maximize his winnings - and the buyer might not even be aware that he paid "more".
A sandwich costs me about 2 GBP, which I don´t mind spending. I don´t think about it. If it was available for only 2$ I would eat them all the time....and become fat.

 

[worlddom]

Just to bring you up to date I am still awaiting a satisfactory response to this issue. Today's developments can be viewed here where a Sedo representative gives a very good explanation about how multi currency deals work. Unfortunately this is completely irrelevant to my situation.

 

[Theo]

Sedo continuing to ignore DNF for 7th consecutive day? How did that happen?

 

[worlddom]

Still no representation from Sedo here.

Below is a screenshot of the transaction information. $1000 dollars to the person who can spot the words 'Euro' or 'Euros' in this screenshot. (and no swapping letters around!)

 

[worlddom]

Just to bring everyone up to date, we are now another week down the line and I have received no further correspondence either through the forum threads or via email.

Another shining example of Sedo customer service.

 

[Samuel]

Just to bring you up to date I am still awaiting a satisfactory response to this issue. Today's developments can be viewed here where a Sedo representative gives a very good explanation about how multi currency deals work. Unfortunately this is completely irrelevant to my situation.

Mark,

I read the thread you quoted above.

All I can say is, go to the nearest grocery store. Get a gallon ice-cold milk. It will save you from acid reflux. The way Sedo is handling this matter, I don't think you will receive any difference.

Please take it easy. Count it as an advertising expense or bank - financial charge. Don't be too hard on yourself. I exactly know what you feeling.

Regards,

Sam

 

[Theo]

Most of my big sales have ocurred outside Sedo, using Escrow.com
I recommend them, if you have the @@ to negotiate with a prospective buyer. Escrow.com is dead cheap too.

 

[copper]

It took almost one month to complete this transaction after buyer paid???

I guess what "Acroplex" said on other thread seem to be not just isolated incident...

 

[Theo]

In my case it never completed. For 70 days the buyer, whom Sedo called "respectable", toyed both with Sedo and I claiming payment was made etc. In the end, and after 30 more days of private negotiations I tried to contact him at the info that Sedo gave me. All fake.

Sedo should bind the buyer with a CC number at the time of the offer, without which no offer should be validated.