Efty.com has consistently provided domain investors with innovative tools to streamline their operations and maximize their investments. In 2017, I had the pleasure of interviewing Doron Vermaat, co-founder of Efty, where we delved into the platform’s unique offerings. Today, I am thrilled to catch up with Doron once again to discuss their latest game-changing service, Efty Pay. This new addition promises to revolutionize the way domain transactions are handled, offering a seamless and secure payment experience for both buyers and sellers. Join me as we explore the exciting features of Efty Pay and gain insights into the future of domain investing from one of the industry’s leading pioneers.
Mike: Can you give us a brief overview of Efty Pay and what inspired its development?
Doron: Efty Pay is a domain name transfer engine that will change how you buy and sell domain names. It puts the domain name investor back in the driver’s seat with a solution that slashes unnecessary steps, speeds up transactions, eliminates stress, and facilitates a smooth and secure experience in buying or selling domain names.
At Efty, we understand domain name investors work hard and risk significant capital to build profitable portfolios. You shouldn’t be in the dark about your investments. Efty Pay aims to solve this by offering a transparent platform that increases sellers’ authority and insights. Our journey is inspired by passion and the desire to transform the dynamics of the aftermarket and drive the domain name industry forward.
Mike: How does Efty Pay differentiate itself from other payment solutions available in the domain industry?
Doron: Currently, Efty Pay differentiates itself from other solutions by offering a faster, more transparent, fully compliant solution to sell your domains in either USD, EUR or GBP for a lower commission and with unmatched support. Our first transaction was completed within 50 minutes, from payment received to payout sent. So far, a couple weeks after launching Efty Pay, the average time for a transaction to close, meaning the seller has been paid, is under six hours!
Sellers on Efty Pay enjoy full transparency by having full access to data, including their buyers’ contact information. On the other hand, buyers can rest assured that they are buying from vetted as Efty Pay is fully compliant with European marketplace regulations.
As an introductory offer, sellers can initiate Efty Pay transactions for only 3.5% commission, and we remain committed to offering an industry-low proposition in the future. Last but not least, a differentiator is the level of support we offer buyers and sellers throughout and, if needed, after the transaction process. Despite the many automations we have developed to speed up transactions, domain name transfers can be tricky. Still, luckily, our Transfer Specialist team has over a decade of experience in the aftermarket, having bought and sold hundreds of domain names from a variety of registrars and across different TLDs, and anyone who’s been an Efty Investor customer knows we offer fast and knowledgeable support, seven days of the week.
Mike: What are the key features of Efty Pay that domain investors should be excited about?
Doron: Our current focus is to compete on speed, price, transparency, and support while we gradually roll out new features and functionality over the coming months. Sellers can expect support for additional currencies and payment methods in the short term. Soon after, we launch our Partnership API, which will allow anyone to bring the power of Efty Pay to their app, marketplace, registrar, or website. Last but not least, Efty Pay will support negotiations & self brokering via a CRM-like system and lease-to-own transactions in the near future.
Mike: How does Efty Pay integrate with the existing Efty ecosystem?
Doron: Efty Investor is the first integrator for Efty Pay. This means that Efty Investor subscribers can connect their accounts to Efty Pay and create, track, and manage Efty Pay transactions right from within their Efty Investor account. They can soon enable Efty Pay as the Buy-It-Now payment provider for their landing pages and marketplace.
Mike:. How does Efty Pay handle disputes or issues that may arise during a transaction?
Doron: We spend significant time and resources ensuring our legal terms protect both the buyer and seller. Buyers must agree to a buyer’s mandate and a sale and purchase agreement, among other things. This means they can rest assured that their funds are kept safe while we secure the asset they have purchased, but a refund is only an option if the asset can not be delivered by the buyer. If a seller can deliver the domain name that was agreed to be sold and they were the rightful owner of the domain at the time of the transaction, we will ensure they get paid their asking price minus the commission, and Efty Pay handles any dispute that may arise at a later stage.
Mike: Can you discuss the importance of innovation in the domain industry and how Efty strives to lead in this area?
Doron: The innovation in the domain name aftermarket lies in simplicity. A trend I see in the domain name industry lately is that some confuse innovation with overengineering. At Efty Pay, we are here to focus on removing friction and making purchasing premium domain names more accessible and faster. By doing so, we help domain name investors sell more domain names. We will strive to make every detail perfect but limit the number of details to perfect. We’re not here to gamify domain name investing, appraise your domain names, or overwhelm buyers with too many bells and whistles.
Mike: How do you stay attuned to the needs and preferences of your users when developing new features?
Doron: I am fully wired for domain name investors’ needs because, for the last decade, I have interacted with the community daily through my position as an Efty co-founder. As we expand our offering with Efty Pay, we will work hard to establish a similar report with buyers and build a trusted aftermarket brand.
Mike: What’s next for Efty after the launch of Efty Pay, and what can users expect in the future?
Doron: Next, our team will gradually roll out the following features and functions:(see infographic)
Mike: What do you feel has changed in the domain name industry since 2017, when we last interviewed, and what has the impact been?
Doron: I feel that the two watershed moments for the industry during those years were Schilling rolling DomainNameSales into a registrar, creating the Uniregistry Market, and with that, allowing domain name investors to easily self-broker domain names via a professional platform, and Reza Sardeha and his team at Dan.com making Lease-To-Own easily accessible for buyers, bringing more liquidity and a recurring revenue stream to the industry. Both these companies have ensured that more established companies have stepped up their game and improved their offering over the years, greatly benefiting buyers and sellers in the domain name aftermarket.
