Hey colleagues, I have a problem. I sold a domain on Sedo for $6,000 and requested a withdrawal to my PayPal account. However, I received an email from Sedo stating that the payment was denied due to PayPal's individual limit of $10,000 on the balance.
Is there no other way to transfer funds from Sedo to PayPal?
The issue is related to PayPal's limits, so it's advisable to transfer the funds directly to your bank account instead.
There's a great platform to sell your own domain name creations, with prices starting from $70 per domain. Once the rights to the domain are confirmed, the platform holds an auction. The exciting part is that if the domain generates interest, the price may increase several times over.
Though the platform takes a percentage of the sale, it is not exorbitant. Overall, Sedo is an excellent service for people who love to show their creativity. I highly recommend it!
So, you ran into a bit of a snag with the Sedo payout, huh? As someone who's been dealing with domains and all the related web stuff for quite a while, I can totally get how frustrating that must be.
So, here's the deal: PayPal does have this limit where you can't have more than $10,000 at any given time in your balance. It's a pretty annoying limit, especially when you're selling high-value domains like the one you just did.
Now, since Sedo mentioned the payment was denied because of this, here are a few things you might consider:
Split the Payment: First off, you could reach out to Sedo and ask them to split the payment. Maybe they can send the money in smaller chunks, like two payments of $3,000 each. That way, it won't hit PayPal's limit, and you'll get your funds without any more issues.
Link a Bank Account: Another option would be to link your bank account to PayPal if you haven't done that already. This way, once you receive the money, you can immediately transfer it out to your bank. It doesn't help with the initial issue, but it might prevent any future problems if you regularly deal with large sums.
Withdraw to a Different Payment Method: Sedo also offers other payout methods, like wire transfers directly to your bank account. If PayPal's being too restrictive, maybe you could switch to a wire transfer instead. It's usually pretty reliable, though it might take a bit longer and sometimes comes with fees.
Create a PayPal Business Account: If you're planning to sell more domains in the future, upgrading to a PayPal business account might be a good move. Business accounts often have higher limits compared to personal ones, so you might not run into this problem again.
Contact PayPal Support: This might be a bit of a long shot, but you could try contacting PayPal support to see if there's any way to temporarily increase your limit for this transaction. Sometimes they can make exceptions, though it might take some convincing.
It's definitely a pain when these things happen, especially when you were probably excited to get your hands on that $6k. Hopefully, one of these solutions works out for you.
Consider using Escrow.com for future sales. They have higher limits and offer more flexibility. It's an extra step, but it might be worth it to avoid PayPal's headaches. Plus, it adds an extra layer of security for both parties.
Navigating issues with getting paid from Sedo can be frustrating—but expert tips can help sellers reclaim funds swiftly. For those searching for domain brokerage support, this guide offers clarity and strategic advice.