I'm supposed to invoice the buyer before payment is released??? WTF?

[Gerry]

Well, every thing has been done, I have jumped through all the hoops, and yet I still have not been paid for the sale.

Now three weeks+ since payment was made by the buyer.

Early holiday for the Sedo crew?

 

[DNportfolio]

So rather than pay 50 USD, I am paying 50 EUR.

Now, this can not be right.

50 in the agreed upon currency?

So there is no difference in 50/50/50 regarding EUR/USD/GBP?

If that is the case, then everyone should be doing their dealings in USD. The savings in Minimum fees would be enormous. While I would be stuck with paying 50 bucks, folks in Europe and England would be paying 34.34EUR and 30.54GBP.

Sedo's commission fees are a bunch of crap, especially for low-end domains. I sold a domain on Sedo a few days ago for $100 EU, so I was charged $50 EU commission. Considering that Sedo pays me in USD and the sale price was so small, I'm getting completely ripped off by them.

 

[Gerry]

Sedo's commission fees are a bunch of crap, especially for low-end domains. I sold a domain on Sedo a few days ago for $100 EU, so I was charged $50 EU commission. Considering that Sedo pays me in USD and the sale price was so small, I'm getting completely ripped off by them.

That was part of my complaint to sedo.

How is 50USD equal to 50EUR or 50GBP?

As of yesterday, the exchange rate was equivalent to a tad over $72USD.

I am told, by my account manager, that the minimum is based on the negotiated currency. They (sedo) views all things as being equal, as in 50/50/50 when it comes to USD/EUR/GBP.

 

[acronym007]

Yes, Sedo is also killing us on this minimum fees baloney but they hold all the cards so we have no options.

 

[bgmv]

I told them that I dont have the time and refused to do it and they did it themselves

 

[Gerry]

I told them that I dont have the time and refused to do it and they did it themselves

This was my first instance with the invoice issue.

Honestly, is this what we are to expect as a privilege of using their service?

 

[bgmv]

This was my first instance with the invoice issue.

Honestly, is this what we are to expect as a privilege of using their service?

its a preposterous demand from Sedo, they deduct enough out of the commission, they arent about to get me to work for them

 

[Theo]

Doc, it was discussed in detail here a while back.
The way it worked for me is this: itemize the invoice, stating the total and the amount withheld by Sedo.

 

[SedoCoUk]

Hello everyone,

Please allow me to offer some clarification on the invoice question. You do not need to upload an invoice with every domain sale, unless a buyer has requested one.

Sedo works in the capacity of a third party (escrow agent) during a domain sale. As Sedo is not the final recipient of funds for a domain purchase, we only issue a payment request on the seller's behalf.

If you have any other questions please submit them through www.support.sedo.com for assistance or speak with your Transfer Specialist.

Thanks,

Lisa

 

[-MM-]

Hello everyone,

Please allow me to offer some clarification on the invoice question. You do not need to upload an invoice with every domain sale, unless a buyer has requested one.

Sedo works in the capacity of a third party (escrow agent) during a domain sale. As Sedo is not the final recipient of funds for a domain purchase, we only issue a payment request on the seller's behalf.

If you have any other questions please submit them through www.support.sedo.com for assistance or speak with your Transfer Specialist.

Thanks,

Lisa

Thanks so much for taking time to check in here :yes:

Do you not think with your increased fees this is a service you should be taking care of?

 

[Gerry]

Doc, it was discussed in detail here a while back.
The way it worked for me is this: itemize the invoice, stating the total and the amount withheld by Sedo.

I've been on the phone with sedo over this issue. Their stance of they are not the final recipient of funds and act as the go between - well, that is their business model!

When I purchase a domain on sedo, I am sent an invoice for the purchase of that domain name. Everyone who buys gets this.

When I sell a domain name, when all is said and done I get an itemized invoice for the amount of the sale and the amount of the commission. Everyone who sells gets this.


My invoice that I submitted clearly lines out the amount paid by the seller to sedo, the amount of Sedo commission, and the amount paid to me.

Holding up a sale or payment for this is nonsense.

Now I am told that the payment can not be made to me because the buyer has not transferred the name.

The biggest sticking point is this: No where on Sedo's site does it state that the minimum commission is 50 Euros when the negotiations are in Euros. It does state the matter in US Dollars and indicates a 35 GBP minimum. Well, that clearly demonstrates that someone was taking into account the currency conversion. But, there is none for EUR.

Now I am stuck with having to pay 50 EUR ($73 USD +/-) because we negotiated in Euro's.

Um, wait a minute. So if all the blokes in the UK or the chaps in Belgium listed all their prices in USD$, they would end up paying $50 USD in minimum fees which is essentially 38.5 EUR and and 31GBP!!! So my mates in the UK can beat the 35GBP minimum by negotiating in USD. And you folks in Europe will end up paying 38,5 Euros instead of the 50 Euros I just paid.

Well, it will be brought up to their team as, we all know, the site recently had a makeover and perhaps that was lost in transition.

 

[Theo]

Doc, with regards to the invoice issue, just itemize the proceeds for example:

example.com total: $1,000
Sedo fee: $100
Net payment to DocCom: $900

 

[Gerry]

Doc, with regards to the invoice issue, just itemize the proceeds for example:

example.com total: $1,000
Sedo fee: $100
Net payment to DocCom: $900

Yeah, that is kind of how I did it.

 

[Theo]

It's definitely an inconvenience but only when the buyer requesting an invoice is in the same country. If they are not, it does not matter to you whether they want an invoice or not.

For tax purposes, what matters is the money you actually receive. Since the check is cut by Sedo and it's already reduced by their percentage or commission fee, that's what you declare.

If both you and the buyer are in the same country and they request an invoice, it's obvious that you have to cover your ass by explicitly defining the proceeds that you're actually getting, in the event that the invoice is used by the buyer to claim expenses for tax purposes.

 

[Gerry]

It's definitely an inconvenience but only when the buyer requesting an invoice is in the same country. If they are not, it does not matter to you whether they want an invoice or not.

Precisely the point I brought up earlier in regards the buyer (in Germany) submitting a 1099 - it's not going to happen. I will claim it and I will get a 1099 from Sedo. Beyond that, there is no need for this invoice. None. The buyer was invoiced by Sedo when he was asked to make a payment.

I am a huge proponent of eliminating steps, decreasing paperwork, and decreasing duplication of processes. All of that is a main point for me going into Health Informatics (HIM/HIT) and getting out of the clinical side of healthcare.

I am also pretty upset at the way the commission is being handled with this transaction. Sedo's lack of adjustment in converting currency in their minimum commission is totally whacked!

50USD or 50EURO or 35GBP.

In US Dollars, that is $50 USD vs $71.72 (50EUR) vs $56.41(35GBP).

And that's supposed to make sense?

Today's currency rate is, 35 Euro = $50.20

 

[Theo]

That's a good point, Doc. I recall a time when all invoices by Sedo in non-US dollars did not state an amount in dollars. In other words, the PDF statement would say "1000 euro" hardly an accurate figure for tax purposes.

Not sure why Sedo still uses the USD 50 / EUR 50 / GBP 35 formula. It should either be a fixed percentage or an accurate conversion.

 

[Named]

The amount of time you spent ranting about this issue, you could have had your invoices engraved and sent to letter press for printing on custom watermarked paper.

Opening up an invoice template and filling in the data, print to pdf, takes what, less than a minute?

 

[Gerry]

The amount of time you spent ranting about this issue, you could have had your invoices engraved and sent to letter press for printing on custom watermarked paper.

Opening up an invoice template and filling in the data, print to pdf, takes what, less than a minute?

Hey, sh*thead, it is (was done).

The invoice is but one part of the issue.

The conversion (or lack of conversion) of currency is another issue.

If a new policy is adopted to adequately convert commission from USD to EUR or EUR to USD, then you're welcome someone was able to raise this issue and contact sedo about it.

Once more, do you always jump into a thread without reading what the content about and chime in?

The invoice part of things was done a long time ago.

My issue is why, is this the new norm, do we have to do this all the time, and the money conversion.

Thankfully, someone from sedo was able to clarify.

 

[Theo]

Named, if you don't question self-appointed authorities you become their slave.

The invoice is an unnecessary step in concluding a transaction. Frankly speaking, since Sedo receives the money from the buyer that's once invoice right when they pay. Another item is the agreement, it states who sold what to whom. And if we had to get technical, Sedo should provide the full amount to the seller and invoice them for the fee.

 

[Gerry]

Named,

seems he had a "boner" to pick with me today.

Plus, if the EUR to USD is not addressed, this could cost the seller substantially more than the "minimum" commission.