2/25/13

< Insert Name > just paid for your invoice 0112

For those of you that know what the subject is referring to - you know this is one of the best subject lines a domain flipper wants to see in their inbox.  For the person that has yet to taste the sweet victory of completing a domain sale - this is the subject line you get from PayPal when your buyer pays the invoice you sent him.  The best part about domaining is this subject right here!!!  I hand reg'd a pair of names for $6.26 on January 28th.  I solicited buyers asking $649.  I got no bites.  Last week, someone came back and said if I still had the names they'd give me $300.  I jumped right on that offer!
Here's how the process goes for you noobs:
  1. You've negotiated with a buyer and agree on a price.
  2. You request the buyer's GoDaddy account number and the email address they have on their GoDaddy account info, which is not always the email you're communicating with them by.
  3. You ask them for an email address to send the invoice to.
  4. With the info from #2 and #3 you initiate the domain name transfer in GoDaddy and submit a PayPal invoice to them.
  5. You wait.
  6. Usually, you'll receive an email from GoDaddy confirming the recent charge of registrant.
  7. Not too soon after that (hopefully!), you'll receive the PayPal email with those golden words PAID YOU - And a gigantic smile erupts on your face.
For the record, this is not the only way to close a domain deal - it's just affordable and simple.  I've closed over forty deals in three years and only two deviated from this process.  One made me anxious because the buyer hadn't paid me yet and it appeared the transfer was already complete for some time.  What I came to learn is that GoDaddy sends multiple emails regarding transfers and until you get the cancellation notices stating those domains have been removed from your account - well the transfer isn't complete yet.  What happened is that the buyer didn't confirm the transfer within seven days so it expired.  He didn't pay me because he didn't have the name yet.  We redid the arrangements and the deal went through smoothly.  On the other deal, I worked with a buyer's IT/marketing firm representative and they dealt solely through Escrow.com.  I'll explain in more detail in another post, but Escrow.com provides for a safe, secure transaction by documenting all steps of the domain name transfer.  Basically, it serves as the middleman and only hands over the cash to the seller and the domains to the buyer when everyone is satisfied.  If everyone is not, then everything goes back where it came from.  You can negotiate who pays the Escrow.com fees or split it.  I believe you also have to pay for electronic funds receipt, so I waited for the paper check in the mail.  It's all these reasons I stick to PayPal, at least for now.
Let me share the second best email subject line: We're transferring money to your bank
This happens after you tell PayPal to direct the funds to your associated bank account.  In 3-4 business days, I'll have $291 (-$9 to PayPal fees) in my bank.  $291 from $6.26 is a 4649% return!!!  That's why I love this domaining game!

 
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