Understanding GoDaddy Auctions Payment Transactions
When a buyer wins a domain name, GoDaddy Auctions® facilitates the payment transaction between the buyer and seller. Depending on the listing type, the buyer wins the domain name by placing the highest bid, making an offer that the seller accepts, or purchasing a Buy Now listing. For more information, see Listing types for GoDaddy Auctions®.
Note: The information in this article does not apply to Expiring domain name auctions. For more information, see Winning expiring domain Auctions.
Payment transactions depend on the domain name's selling price and the company (registrar) where the domain name is currently registered. If the domain name sells for less than $5,000 we process the transaction in-house through Transaction Assurance. We process domain names selling for $5,000 or greater through Escrow.com, an escrow service that subtracts processing fees from the seller's proceeds.
- Transaction Assurance — The buyer pays for the domain name at GoDaddy Auctions, and then Transaction Assurance verifies the funds within five days. The seller can contact GoDaddy Auctions at (480) 505-8892 to verify the buyer has made payment.
After verification, it's time to move the domain name via an account change (from one GoDaddy account to another) or domain name transfer (between accounts at different registrars). See the following table for details:
(GoDaddy to GoDaddy)
(Between Different Registrars)
We attempt an account change on behalf of the seller. If we are unable to complete the move, then the seller must initiate it. After the account change, we initiate payment to the seller. The buyer must initiate the domain name transfer. We hold the buyer's funds for 20 days before releasing them to the seller. If the transfer does not occur, the buyer has 15 days from the sale date to file a dispute. If there is no open dispute on the 20th day after purchase, we close the transaction and send the net proceeds to the seller. If disputed, we hold the funds while we investigate.
- Escrow.com — The buyer completes a $0 transaction on GoDaddy Auctions, and then Escrow.com emails the buyer and seller with instructions. After the buyer makes payment, Escrow.com verifies and holds the funds in a non-interest-bearing account. The verification time frame depends on the payment method. After verification, the account status displays as Buyer's funds secured by Escrow.com.
Next, the buyer contacts the seller. The seller initiates an account change (from one GoDaddy account to another), or the buyer initiates a domain name transfer (between accounts at different registrars). If the buyer does not receive the domain name, the buyer can file a dispute within 15 days of the sale date. When the buyer receives the domain name, the buyer notifies Escrow.com, and then Escrow.com subtracts processing fees and releases the funds to the seller.
For more information, see the following: