Built in escrow feature

Built in escrow feature

Securing funds with Escrow in your Marketplace
Erin Thompson Erin Thompson

Escrow is one of the world's oldest and safest forms of transaction methods. ILance software is built with an Escrow payment feature which allows you to secure funds in your own website marketplace. Your buyers can deposit payment into the online account balance, essentially you as the site owner receive the payment deposit to hold onto the funds while the physical assets are exchanged, this method ensures both buyers and sellers are equally protected and satisfied with the order.

Buyers select from a range of payment sources while sellers can choose to be paid out in a number of convenient ways. Major credit cards, bank transfers and PayPal are all accepted.

How ILance Escrow feature works:

1. Your marketplace initiates a new transaction between buyer and seller, the marketplace will record the usernames and the transaction amount along with the activity status and updates as the order takes place.

2. The buyer proceeds to order and makes the payment deposit into the online account in the form of a credit,  payments sources such as  credit card, bank transfer or PayPal are accepted, both the buyer and seller are then notified that the exchange of goods, assets or services can now take place.

3. Once the buyer receives the goods and is satisfied, the buyer releases the funds to the seller in the form of an account debit from the  account balance. Alternatively, when the feature to auto release funds out of escrow is enabled ( say after 40 days for example) this will close the loop and help speed up the process, the seller can also request that the buyer release the payment.

4. The payment will now be made to the seller in the form of a credit to the account balance minus any fees incurred during the transaction. (final value commission, etc)
5. Once the funds have left buyers account, the transaction is considered complete with the buyer in possession of the goods, while the seller in receipt of payment.

6.  At any time, sellers can request to withdraw the funds from the online account balance.

Learn more: www.ilance.com