CAX.com, the domain name marketplace owned by Francois Carrillo, that is also the owner of Domaining.com, started offering payment plans to domain names listed there beginning April 9, 2013. A buyer can choose to make an up front payment and then pay monthly installments until the full price is paid off and he/she then owns the domain name.
Seller financing limits buyer risk and allows buyers to acquire domains they could not previously afford with 100% money down.
Payments are handled by the ECOP.com escrow service and the buyer can start using the domain name as soon as the down payment is received.
If the buyer pays the remaining balance before the deadline then ECOP.com transfers the domain to the buyer and releases the balance to the seller. If the balance goes unpaid past the deadline, or an invoice is not paid on time, then the seller keeps the money already received and ownership of the domain is returned back to the seller.
If you visit a domain name listing at CAX you will see something like the following:
“Secure this domain for $275 per month.
With $600 money down.
The seller of this domain name is willing to accept installment payments on this sale so that you can rent to own the domain: Once sold, the domain is put into escrow at ECOP.com. As soon as the initial payment is processed, the escrow service will change the nameservers for the domain per the buyer’s request (allowing an immediate use of the domain) and release the money to the seller. If the buyer pays the remaining balance before the deadline then ECOP.com transfers the domain to the buyer and releases the balance to the seller. If the balance goes unpaid past the deadline, or an invoice is not paid on time, then the seller keeps the money already received and ownership of the domain is returned back to the seller. Seller financing limits buyer risk and allows buyers to acquire domains they could not previously afford with 100% money down. You will be walked through the payment plan setup once the domain is purchased. There is no extra charge.”
Although CAX, ECOP and Domaining are sponsors of OnlineDomain.com there was communication with CAX and no announcement from CAX about this feature. I learned about this from a reader that requested this feature to be added to CAX just a couple of weeks back.
OnlineDomain.com Domain Name News & Opinions
gotta invoke late fees and not suicide single missed payment.
Great development for the domain industry IMO! I’ve changed my listings to rent-to-own and directed my domains to their sale pages. Glad someone had the balls to do this. Why can’t Sedo and Afternic offer this? Because they’re too lazy.
Sedo can’t even fix simple bugs. They have become too big to be flexible and make swift decisions, so they are left behind.