It's because he's charging a commodity price that I decided to give it a go and pony up. I would never ever pay the going rate for a 'professional' in this business.
Pricing isn't a binary decision between "cheap" and "nosebleed". This is another geek pricing pathology.
I think $50 is too cheap. I think, if your market is "people that actually need names but are smaller than PepsiCo", there are very few three-figure prices that aren't rounding errors. Why would he want your business? How many entities are there like you, and how often do they pony up for names, and how much does it cost to support them?