Your domain name is usually used as your address on the internet, and in fact this is the main method that is used by most of the customers to locate your website. It is much easier to buy the domain name using the common registrar such as GoDaddy.
Such registrar will allow you reserve a domain for many years at a time. In case you let your registration lapse, you may lose the distinctive web address to a speculator or the domain squatter.
You will lose the domain when you fail to renew within the required period of time and to avoid this; you have to comply with the terms and conditions that are set by the registrar.
When you have registered a domain name, you can either set the domain that auto-renew at the end of every year, or pre-pay for a given term. When your paid term is about to expire, the GoDaddy will notify you in advance by sending an email that reminds you of the upcoming renewal date where you will be prompted to renew manually where necessary.
If you will not be in a position to renew the domain manually or the payment method for the auto-renewal option is no longer valid, the domain will expire. If your renewal requirements are up to date, it will automatically auto-renew and if they are not updated, you will have to renew it manually.
It is very important to ensure that the domain is renewed to avoid the extra charges that may be incurred.
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The GoDaddy will try three times to bill you for the domain renewal.
The first attempt will occur on that day after expiration. The system will also make another attempt after four days.
In case this attempt fails, the GoDaddy will be prompted to park your domain, and this will redirect the Web address to the place holder site.
The third billing attempt will be done after a week. That grace period for the renewal without the extra fees will last until the 19th day after the domain expire.
If you try to renew at this point, you will have to pay a redemption fee of $80. To avoid this extra charges, you have to ensure that your renewal occur in any of the GoDaddy’s attempts to renew the domain.
GoDaddy will assign any domain name that has expired to the public domain name auction twenty-six days after the domain has expired.
This will allow the users to bid on the expired domains for the next ten days, and the highest bidder will take the domain name. When the auction of the expired domains end, it will go to a close out auction for about five days where the expired domains are offered at lower prices. When this auction is over, and no one has claimed the domain, it may go to anyone who had placed a backorder for that domain name after you failed to renew it in the three attempts of the system’s renewal.
In the case no one decides to buy your domain, it will go back to the registry on the 43rd day.
In order to prevent the domain name expiration, it will be very important for you to sign up for the auto renewal and ensure that the credit or other payment options are present and up-to-date in the GoDaddy’s system.
You have to update the email address with the registrar if necessary so that you will be receiving the essential communications regarding the potential expiration and other related problems. There are those people who do not visit their online sites most of the time and they will not be aware of the latest communications. The email you will provide should be active so that you will get the useful information on time.
This will give you a chance to rectify the problems in advance before you can lose the Web address.
It is, therefore, very important for any online company doing business online to maintain a web presence so as not to be a victim of the potential loss of the revenue that are associated with the domain changes. It will e a very long and tedious process to look for another domain name after losing a domain. Besides, there are a lot of charges that are involved.