Sucks to hear that and yes, I agree that they should automatically charge the buyers cc.
Only problem with that is that the buyer can call the cc company and file a chargeback just for the simple fact that they 'technically' didn't get any domain or whatnot...
Seems like this may happen alot a sedo, I just had a 900 euro sale where the buyer failed to pay - It does make the verified bidder system absolutely pointless & useless IMO......sounds impressive though eh !.
A case of dressing to impress !.
Just pointing out another perfectly good example of why the Domain market is so ripe with oppertunity. Someone could easily fill in the gaps where issues exist and build a better system or a better site. If I had the financial backing for something of this nature, I would be knee deep in it right now.
I've had two good domain sales fall through on Sedo this month, due to 'deadbeat buyers'. Very frustrating...
I think I'm in the process of this as well. I had this happen before Verified Buyers, but havent had any sales since they implemented it, so I didnt know how it had changed. Apparently not at all. What's the point of verifying someone and getting their CC info if you don't have the balls to charge it? They entered into a legal contract, whether they contact their CC company or not, Sedo would be in the right. The money would be placed into their escrow account and would stay there until the transaction is completed...
I have sold 5 in the last couple months with sedo, and have one in auction right now (jibr.com) and out of the ones that sold one is not being payed which pisses me off as Sedo could easily fix this. Snapnames charges your cc immediately and I think thats a good system. Sedo should put a hold or authorization on the cc so when accepted it automatically goes through. WHat a waste of time to bill the buyer, just charge the card. BTW how did you get the name of the non-buyer, did you just ask sedo?.
Sedo have provided me with the relevant info from non payers in the past - my limited satisfaction has been to post on the various forums and then email the perp with the links. I trust your guy has been banned and not just suspended?.
Non payment really is becoming a major problem along with the other problems that Sedo need to resolve to ensure the continuity of business...
What I like the most about Sedo and deadbeat bidders?.
Sedo informs you that you have the right to take legal action.
Forget the fact that the bidder has breached a contract made and that contract is a contractual agreement with Sedo and their EULA.
You can pursue the matter legally but Sedo won't touch it.
I love some of these business models. As long as their is money exchanging hands, Sedo is all happy. But as soon as something goes sour, oh my, Sedo is so sorry and wishes it could have gone differently and, gee golly, even though the bidder signed up with our service and even though the bidder went through a verification process, we're so sorry...there is nothing Sedo is willing to do. Our user agreement and contract is worthless and unenforcable and our verification process is just something to make you feel good and give you a warm fuzzy feeling.
Why do I know so much about this?.
About a 40-50% failure rate. Yeah, something like the deadbeat bidders on eBay. SedoBay? I have never thought of that but certainly worth the effort. Post it everywhere I can think of...
Well-put. Currently getting ready for another deadbeat bidder disclosure, I have a 10-day holdup on a sale.
Sedo is becoming less and less of an escrow advantage if they can't be taken seriously as such...
Deadbeat bidders are a fact of the industry. My suggestion is to always have a backup in case your first deal falls through.