The company says Efty Pay will make domain name transactions easier for both buyers and sellers.
Big changes are in store for domain name sales platform Efty.
The company is launching Efty Pay, along with a complete overhaul of its marketplace and branding, early this year.
Efty promises that Efty Pay will simplify the domain sales checkout and transfer process, using automated workflows to make it easier for both buyers and sellers.
The domain sales platform partnered with a European payment processor to accept payments of all types. The payment processor will collect the payment and then disburse the seller’s funds directly to the seller (while sending the commission to Efty), ensuring that Efty never holds the buyer’s money directly. Efty declined to name the payment processor but said it will reveal it when it launches the service.
“The domain name aftermarket has been through many changes recently, such as consolidation, price alignment, and increased commission,” said Doron Vermaat, COO of Efty. “As a result, we’ve seen strong demand from the domain name investor community for an independent solution to sell domain names for a fair commission, giving them back more control and insights into their sales process and transactions.”
Unlike most domain sales platforms, Efty works on a SaaS model. Sellers pay a monthly fee based on how many domains they have on the platform and don’t pay a commission unless the domain sale originates through Efty’s separate marketplace.
Sellers have the option of using Escrow.com, Dan Payments, and now Efty Pay to consummate the transaction. This typically involves a fee for the seller.
In the case of Efty Pay, any sale that originates from the seller’s Efty landing page, custom (personal) marketplace, or lead import will have a 5% transaction fee. (There’s a 12.5% commission for domains sold through Efty’s marketplace.)
Efty will also launch a partner API so other marketplaces can use Efty Pay.
This all sounds a bit like Dan.com’s payment system, but Efty doesn’t look at it as a replacement.
It seems like a smart move. With Dan.com now owned by competitor GoDaddy, it’s possible that Dan payments will go away at some point.
In addition to launching Efty Pay, Efty is redesigning its marketplace and brand identity in conjunction with the new product rollout. An exact date of the launch has not been announced.
Efty shared this preview video with Domain Name Wire:
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