PAYMENTS MONITORING

In essence, an escrow is a type of legal holding account for funds or assets, which won't be released until certain conditions are met. The escrow is held by a neutral third party, which releases it either when those predetermined contractual obligations are fulfilled or an appropriate instruction is received. Includes Payment In & Out details based on milestones, reviews, approvals, etc.

Payment Flow

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Payments Processes

Deposit is made to the Escrow Account.

Task is performed in Work in Progress for custom billing period.

At the end of the custom billing period, the log is moved to Ongoing and Approvals for 7 days.

After Ongoing and Approvals, the log moves to Review for 7 days.

After successful completion of In-Process phase, the log is finally moved to paid on the midnight of the last day of Review and the payment is made from Escrow to the Service Provider's account.

Note: The client can always request a refund upon providing a valid reason up to a period of 45 days from the respective charge into Escrow.

Payment Partners

  • Authorized.net
  • Master/Visa
  • Paypal
  • Skill

Payment Terms

The entire project is editable as per the customer's requirments. The project can be Milestone or Hourly and is payable only on succesful delivery upon complete client's satisfaction. Given here is the payment cycle.

  • In this case of milestone billing, no payment is made upfront but the first milestone payment is deposited in the Escrow account, as regulated by the Terms and Conditions of Escrow services.
  • In case of hourly, the first cycle maximum (eg. in the case of weekly payments, the first week maximun limit) will be withdrawn from the client's bank account(or card) and is held in an escrow account

In both the cases (hourly or milestone), the funds will only be released from the Escrow account to the service provider's account once the client approves the successful completion of the tasks.

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