We just received an email notice moments ago from a representative of Payoneer that “Payoneer is discontinuing our escrow business”. This appears to be effective immediately. Help is offered to “successfully transition our relationship to other Payoneer products that might support your business”. Payoneer offers “a variety of money transfer services such as virtual bank accounts and invoicing with credit card and bank transfer payments and would be happy to support exploration of our services”. The email also stated, “We know the transition away from Payoneer Escrow may not be easy, but we are here to lend guidance and flexibility where possible.”
There is no explanation given as to why the escrow business is being discontinued so suddenly. In the past, we’ve seen services and products phased out over time to allow time for customers to switch to another option. And we know first hand that many domainers have been excited about the Payoneer escrow service. No doubt the decision was a difficult one and the company felt like it needed discontinue escrow for a good reason.
At Domain Market Pro, we are in the process of removing the Payoneer escrow option from the platform. You are still able to use Escrow.com and Escrow Domains, in addition to PayPal and Wire Transfer. We are also working on integrating other payment gateways in the near future.
The attached termination notice of agreement states: “As you may already be aware, we regret to inform you that Payoneer has decided to discontinue and wind-down its escrow services business and operations (“Escrow Business Services”), and will no longer support any customers with any transactions relating to the Escrow Business Services, including any maintenance and support issues.”
So there is a “wind-down” period of 90 days. This means that the service will be disabled from accounts as of October 18, 2018, according to the notice.
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