FreelanceEngine payment system is integrated with the Escrow – a helpful feature for the admin to create a trustworthy marketplace. Currently, Escrow is working with PayPal Adaptive, Stripe connection, and Credit to hold money as a neutral third party in the transaction until the service or good is delivered.
Once you enable system, you – the admin of the site will become a contractor between the freelancer and employer. Whenever an employer accepts a bid, he has to send money including budget of that project and commission to the admin. Admin will keep this money until the project is completed.
In case of dispute, admin will play a role as judge to make the final decision to refund money to the employer or send the payment for the freelancer based on their reasons. Hence, FreelanceEngine can give you the ability to ensure the safety of each transaction and the benefits of your users. [/vc_column_text][vc_column_text]Let’s look at this example for better understanding the flow:
When the employer accepts a bid, he has to transfer money including budget & commission fee through a payment gateway (PayPal Adaptive or Stripe Connection) or Credit. Admin will keep part of the payment during the project is in progress. Once the project is completed, money held in Escrow is manually transferred to the freelancer. In case your site uses Credit, money is transferred to the available balance column of the freelancer.
If you use Escrow Credit as a payment method in your site, freelancer has to send a withdrawal request to the admin to get cash. The admin reviews the request and send the payment to that freelancer.
Sometimes, the admin has to involve in a debate. It occurs when the employer isn’t satisfied with freelancer’s performance; or the freelancer doesn’t complete a project on time or deliver the work deliver the work with bad quality. In contract, freelancer believes he has done this project well but the employer doesn’t mark this project as “Finish”, the freelancer can also send a dispute request to admin. Beside, dispute also may arise during the project, freelancer discontinues or employer closes in the middle of the project. Of course, either of them have to explain reasons behind the action.
At that moment, admin will play a role as judge to make the final decision to refund money to the employer or send the payment for the freelancer based on their reasons.
Besides providing a payment system which helps all transactions work smoothly and safely, FreelanceEngine also offers admins many monetizing methods:
By Commission: You can monetize by charging commission on each transaction made in your marketplace.
By Submit Listing Plans: You can charge your employer for posting a project.
By Bid Plans: You can charge your freelancer for bidding a project.[/vc_column_text][/vc_column][/vc_row]