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What is Escrow and how does it work?

When a Buyer purchase an Hourlie service or accepts a custom job proposal; they are asked to pay funds into an Escrow account.  These funds are held in the Escrow account until the job has finished, the Seller raises an invoice, and the Buyer confirms they are happy that the job has completed and pays the invoice.

As a Seller, the Escrow facility provides you with security before you start working.  We advise that, for small jobs or where you have no record working with the Buyer, you request either all the funds 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 Job and invoice for the whole lot in one go in the end.

 

 

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