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LogicBoxes customers get registry pre-pay “wallet”

Kevin Murphy, January 14, 2014, Domain Registrars

LogicBoxes has launched a new “wallet” service for its registrar clients, designed to make it easier for them to manage payments to the rapidly growing number of TLD registries.
The new Registry Wallet product — bundled in at no extra charge for existing customers — is a way for registrars to consolidate the process of managing pre-paid registry accounts.
Instead of managing accounts with dozens of registries for potentially hundreds of new gTLDs, LogicBoxes customers will be able to use the Wallet as a buffer and single management interface.
Many existing registries require registrars to fund an account in advance that gradually gets chipped away as more domains are sold to registrants. During quiet periods, the money sits dormant.
While some new gTLD registries are planning to allow credit card or post-payment options, others are sticking to the old ways and the legacy TLDs show no sign of changing, according to LogicBoxes senior marketing associate Vivek Desai.
“This service also aims at simplifying the invoicing and reconciliation process,” he said. “Imagine registrars having to reconcile statements and invoices with 30 or 40 or even more providers. Having one place to manage everything, will make things simpler.”
The company said it uses “pattern recognition algorithms” to predict usage, with manual oversight. It also features “threshold reminders, emergency credits and deactivation protection”, LogicBoxes said.