Escrow System is a secure, transparent and convenient way to make and receive payments for online freelance services on JobFlancer.
What is Escrow System?
This system would allow the freelancers and employers to register and create their profiles in few simple steps. Once the task is posted on the marketplace, the freelancers would have the option to submit their proposals for employer to review. Once a proposal is accepted, employer would be required to make the payment which would be received by the admin but it will also be shown in the wallet system of that freelancer after deduction of admin’s commission under the pending payments section. Once the project is completed and approved by the employer, that amount will move from pending balance section to available balance in freelancer’s wallet. The commission system would enable the admin to monetize this system.
How Does Escrow System Work?
Frequently Asked Questions
Once you accept a Proposal for a Project that you posted or bought an Offer, you will be required to make a payment. This payment does not get released to the freelancer until the agreed Milestones have been met or the work is completed to your specifications. The money is a down-payment held as security in an Escrow account until you release the funds.
If the work is not delivered or is not to your standard, you can reject the invoice. JobFlancer has an impartial and independent Meditation policy for Disputes (please bear in mind that you have 7 days to raise a dispute once an invoice has been raised otherwise the funds will be released automatically).
We encourage the two parties to resolve it between themselves and if no solution is found the money may be returned to the buyer unless the work has been proven to be delivered or hours have been approved by the Buyer in which cases payment may be released to the freelancer.
When a buyer purchases an Offer service or accepts a custom Project proposal; they are asked to pay funds into an Escrow account.
These funds are held in the Escrow account until the project has finished and the Freelancer raises an invoice while the Buyer confirms they are happy that the project has completed and pays the invoice.
As a Freelancer, the Escrow facility provides you with security before you start working.
We urge that, for small projects or where you have no record working with the Buyer, you request either all the funds to be put in Escrow or agree to milestones, which need the payments pre-funded to escrow (as a deposit) before you start work on each milestone.
Please note: you do not need to raise an invoice for each milestone. All you need is to ensure that the funds are in place by requesting a deposit. It is usually best you complete the project and invoice for the whole lot in one go in the end.