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Old 11-30-2007, 01:54 PM
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c4cyber c4cyber is offline
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Smile escrow system

Hi guys!
I'm having a problem with an issue, may be anyone else have to face clients who don't want or agree to pay some advance payments. Now i heard about escrow systems. But don't know what are they?
Is there anyone here use any escrow service? If yes, please help by sugessting any.
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Old 01-02-2008, 03:30 PM
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An escrow service is a third party that take payment from the buyer and only release it to the seller or provider of the service when the job, service or product has been received by the buyer.
They make sure that the buyer has the money to pay and that the seller will only get the money after what the buyer has paid for is delivered.
For example, this freelance website uses an escrow service that holds the payment from the client and only release to the freelancer when the job is completed.
In case of dispute, the escrow service mediates between the buyer and seller and tries to reach a resolution that is fair to both parties.
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Old 01-17-2008, 10:58 AM
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ablaye has given most of the answers and I'd have said something similar. But having observed that you are Asian, you may have issues with the following:

1. Paypal does not allow several Asian countries to RECEIVE money. These include Maldives, UAE, Sri Lanka, KSA, and some others. You should first verify depending on your country. Of course it depends on whether you are the paying party or the recipient of the funds. This matters when you need to pay/receive on an escrow system.

2. Again, like Ablaye mentioned, project4hire is a good example of an escrow system. In fact I'm on it and it's the best example that I can think of. They have an added feature where your received funds are retained like an account in the bank, and when it comes to paying for services on the site, you can use it instead of using a credit card or PayPal account. But do note that it is not for paying out of the site. But this helps

3. As for receiving the money out of the escrow account, most people only know Western Union, in addition to sending a cheque (as you're in an Asian country). But there is another money transfer service called xoom. xoom is much cheaper than getting it through Western Union.

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