Payoneer jumps into domain name escrow business

domainking131

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Global payments company Payoneer is getting into the domain name escrow business with the help of former Escrow.com president Brandon Abbey.

Payoneer is a large payments company that handles payment distributions for companies like UpWork and Airbnb. It sends payments in 150 currencies to people in 200 countries.

The company acquired escrow company Armor Payments earlier this year to expand into online escrow and has now renamed it Payoneer Escrow.

Scott Reynolds co-founded Armor Payments in 2013. Armor Payments had a technology-centric approach to escrow, offering an API to third-party marketplaces. About half of its business originates through the API.

Reynolds told Domain Name Wire that Armor hasn’t previously focused on domain name escrow because “there was a well-run, well-established incumbent”. He’s referring to Escrow.com.

The desire to cater to domain name buyers and sellers grew as a number of existing Payoneer users requested it. Reynolds also says people were starting to look for an alternative to Escrow.com.

It helped that long-time Escrow.com President Brandon Abbey had left Escrow.com, the leading domain name escrow company. Payoneer brought him on to lead its domain name escrow effort.


Domain Name Wire
 
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