Today we’re rolling out a number of changes, including the ability for domains to be sold by instalments:
To accomplish this we’ve also launched a new checkout, faster payouts system, and finance centre for sellers. Let’s break it down.
Payments by instalments
One of the most often requested features, we have good reason to believe this will increase sales and generate more recurring revenue for our sellers.
The basics are simple:
- You can choose to enable this for all of your domains or for specific domains.
- If a domain is sold Brandpa holds it in escrow and pays you each month that it is being used.
- If a buyer misses a payment you keep all your money and get your domain back.
- None of this affects your commission fee or how much you get paid as a seller.
We recommend all sellers enable this for their domains right away. Learn more about payment by instalments.
To support payments by instalments, and deal with the forthcoming EU laws on e-commerce, Brandpa has completely rebuilt our checkout experience.
Brandpa can now accept payments via Apple Pay. We’re working on support for Google Pay, iDEAL, SEPA Debit, and many others.
Invoices for all
We’ve built a whole new invoicing system, which means all sellers and buyers can now instantly view invoices for all their purchases.
Faster, better payouts
As our sales have increased, we’ve sometimes struggled to manage payments to our sellers effectively. Solving this has been a top priority for us.
Brandpa now routes money much more efficiently from country-to-country, and wherever possible we now automate payouts to our sellers.
This means that as soon as we can confirm receipt of your domain, we can initiate payment, and payment will – depending on your country – now typically range from the same day to 2 days away.
To accomplish this we’re moving away from some of the payout options – such as Paypal – that we’ve offered in the past. Wherever possible, we now payout via Transferwise, who allows us to make almost immediate local bank transfers into nearly every country in the world. The result is you retain more of your money and you receive it faster.
We understand that Transferwise isn’t available for some sellers, and where necessary, we will continue to provide other payout options manually while we figure out these edge cases. We are considering the use of Payoneer as a possible alternative.
When logged into Brandpa you can now update your payout settings under Settings.
New finance centre
To handle all of the above, we’ve added a new section to all seller’s dashboards. This breaks down the invoices you’ve paid, the instalment plans you have sold, your earnings and your payouts.
Note that this area doesn’t show earnings and payouts from before today. We’re hoping that this is possible eventually, but can’t be certain yet.
In this area you can track exactly what money you’ve made from your domains, and what money is on its way to your bank account. With the introduction of instalment payments, we expect this section to become increasingly essential.
(EU sellers only) VAT now applies to listing fees
For EU sellers, we have started charging VAT on listing fees. Depending on the VAT rate in your country, this means your $5 listing fee may now be around $6. This is a legal requirement for Brandpa as we’re a UK company.
If you have an EU VAT number outside of the UK you can specify it under Settings > Payout settings and you will not be charged VAT by Brandpa.
Please submit a ticket and we’ll get back to you as soon as we can.