For Sale $60 Upfront fee at Pool ("Pre-Authorization"?)

[spietreser]

What is a pre-authorization?

A pre-authorization validates a credit card and reserves a specified amount of available credit.

Note: Entering valid credit card information is mandatory when creating a new Pool.com account. Once entered, a pre-authorization of $60USD will apply. This security measure is in place to protect our customers and Pool.com from fraudulent acts against our backorder system. This reservation of credit will be in effect for approximately 48 to 72 hours.

I have to enter a new credit card number since my old one expired. But if I do this I will be charged $60 upfront??? Is Pool.com lying when they say on their homepage:

RISK FREE and NO UPFRONT FEES.

You pay only when we successfully secure a domain for you.

Man... to be greedy is one thing, but to blatantly show everyone just how greedy you are like this... %+|

 

[Nexus]

I think it is unavoidable that Pool needed to implement something like this. Technically the pre-authorization is not a fee. If you never reserve a name, it goes away in a couple of days. This has nothing to do with greed, and everything to do with challenges inherent in the business model.

namewinner is going crazy
http://www.dnforum.com/showthread.php?t=24584
Namewinner myster 2k bids
http://www.domainstate.com/showthread.php3?threadid=3457

"Risk Free" and "No Upfront Fees" still applies. After your initial sign-up, they don't need to pre-auth you over and over again.

Good Luck,
~ Nexus

 

[spietreser]

The thing is that they charge the $60 upfront to see if your cc is authorized... then credit your account with it. Or don't they ?

 

[Mr Webname]

Many companies do a "pre-authorization", eg hotels etc on check-in. In these instances it is not an actual transfer of funds just a measure to ensure that the card is viable, however I do not know the situation with Pool - if past record counts for anything it could be different!

 

[NameWolf]

For each card you want to change, they run the authorization once to confirm the validity of the card and availibility of funds. If you do not purchase anything, the funds are released back to the credit card within 48-72 hrs. They do not transfer this pre-authorization to your account as account balance.

Hope that helps !

NW

 

[spietreser]

Ah, thank you NameWolf. That's what I wanted to know.
So they actually do charge the $60 to your card, but refund it if you do not buy a domain within 72 hours.
hmm.. ok

 

[ToastyX]

No, you don't seem to understand. They don't charge your card and refund it. They pre-authorize your card, which makes room for a charge, and if a charge isn't made within a few days, the pre-authorization is automatically dropped by your credit card company.