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Dot Ca Auction > Money Issues
- How much does MyID.ca charge for a domain to be included in auction?
There are no fees to participate in the auction.
In case of a domain auctioned successfully, MyID.ca fee is the largest of $20 or its commission of the winning bid. The commission starts at 12% and then slides downward for frequent sellers and may be as low as 5%.
This fee includes the auction fee, the authentication, security, and fraud prevention costs, the escrow fee, and payments when applicable to our partners that help promote the auction.
For example, if a domain's winning bid is $2000, and our commission is 12%, the domain owner receives 88% of that or $1760.
- How does MyID commission change for frequent sellers?
MyID.ca commission is a sliding commission that starts with 12% and inches downward with more sales by same domain owner. Basically our commission becomes lower as our income from domains sold by that user reaches certain thresholds as detailed below:
Level 1: First $15k in sales ----------> 12% commission
Level 2: $15k-$30k in sales -----------> 11% commission
Level 3: $30k-$50k in sales ------------> 10% commission
Level 4: $50k-75k in sales -------------> 9% commission
Level 5: $75k-$125k in sales -----------> 8% commission
Level 6: $125-$200k in sales -----------> 7.5% commission
Level 7: $200k-$300k in sales ----------> 6.5% commission
Level 8: $300k-$400k in sales ----------> 6% commission
Level 9: $400k-$500k in sales ----------> 5.5% commission
Level 10: $500k and above in sales ----------> 5% commission
The sliding scale above never resets and is cumulative reflecting all domain sales on any of our platforms as of May 1, 2009. It also is indicative of the expected level of income for each of the thresholds mentionned and not the sale value per se.
The numbers above represent the winning bids of the sold domains.
- What is 'Income History', 'Payment History', 'Invoice History', and 'Balance History'?
Income History: List of all earnings one made from various domain sales at any of our platforms.
Payment History: List of all payments we made to you.
Invoice History: List of all invoices for purchases you made on any of our platform
Balance History: History of all changes to your MyID.ca Balance.
- What invoice will auction winner get after an an auction is finished?
Shortly after an auction is finished, an invoice is sent to owner of winning bid assuming that bid was above reserve price.
The bid will consist of the sale price and the following:
GST of 5%
Registrar transfer of $15 plus GST (if domain is not registered with MyID.ca)
Registrant transfer of $15 plus GST
Each transfers extends the domain registration by 1 year.
In case the payment is going to be made by wire, then $10 incoming bank wire fee is added as well. This is charged by our bank.
So for example, let's assume that a domain not registered with MyID.ca is auctioned successfully for $2000. Let's also assume that payment is to be sent by wire.
The invoice that will be sent will be:
Winning bid: $2000 CDN
Registrar transfer: $15 CDN
Registrant transfer: $15 CDN
Total before GST: $2030 CDN
GST (5%): $101.50
Incoming bank fee (no GST): $10
Total to be wired: $2111.50 CDN
The amount that will be sent to domain seller (assuming that seller is a level 1 seller) is 88% of 2000 or $1760 CDN
- How long after auction is over will seller get his funds?
All funds should be deposited in seller's MyID.ca account balance within 2-3 weeks. Seller can request withdrawal of all or some of his funds at any time by clicking on the 'withdraw funds' link.
- What are the payment options available to buyer?
The following payment options are supported:
1) Interac for winning bids less than $5000
2) Direct deposit via web banking for those with TD Canada Trust accounts
3) Hyperwallet.com
4) Wire fee ($10 incoming bank wire fee applies and is added to amount due)
5) Walkin to any TD Canada Trust Bank branch
For Interac and hyperwallet.com payments, our email address is support@myid.ca.
For wire, the wire coordinates are:
Bank name: TD canada Trust
Routing #: 026009593
Transit #: 10202
Swift code TDOMCATTTOR (from Canada)
Swift code BOFAUS3N (from US)
bank number 004
branch address: 55 king street west toronto ontario M5K 1A2
Account # Contact us for account number
Acount holder name: MyID.ca, INC.
Account holder address: 33 Hazelton Avenue #311 Toronto ON M5R2E3 Canada
- Can one pay with credit cards?
Our general policy is that we do not accept credit card payments. We will however extend exceptions on a case by case basis for credit card payment in the following circumstances:
Name on the credit card must perfectly match the name of the new registrant and that on MyID.ca account.
Transaction value is less than $1000
3.5% credit card fee is added to transaction value.
Buyer must fax both sides of the credit card with a signed statement allowing us to charge for the winning bid.
Other conditions apply.
- How does domain owner get his funds?
Funds are deposited in seller's MyID.ca account balance shortly after the domain registrant transfer is complete.
Seller can request partial or complete withdrawal of available funds in their balance by submitting a request through the 'withdraw funds' link. Payments are processed every Thursday for all payment requests placed by preceding Tuesday 11:59 pm Toronto time.
MyID.ca uses one of three ways to send funds:
a) Hyperwallet.com ($1.50 charge)
b) Web banking (direct transfer for those with TD Canada Trust accounts, $1.50 charge)
c) Interac ($3.00 charge, limited to amounts less than $1000).
We highly recommend getting a hyperwallet.com account. This allows you to link your bank account to it and then retrieve funds either to your bank account or your paypal account. It is free to signup with hyperwallet.com.
- How does one withdraw funds from his/her MyID.ca account balance?
Click on 'withdraw funds' link and follow instructions.
- What currency does MyID.ca use in its auction?
All domain and bid prices are in canadian dollars.
- How do auction winners report a payment sent?
All payments must be reported through the MyID.ca new deposit form:
http://auction.myid.ca/deposits
- Is there a fee to list domain in auction?
No. Our fee is due only when a domain receives a bid higher than specified reserve.
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can be reproduced without explicit written approval from MyID.ca INC.,
INC.
Copyright 2000-2010 MyID.ca, Inc.,
an Ontario Canada corporation |
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