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how to process money for your business

Discussion in 'Business & Tax Advice' started by webnetwork2all, Jul 27, 2014.

  1. webnetwork2all

    webnetwork2all Registered Member

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    Hello,

    I don;t know if my title is correct. My question is, how does sites like fiverr process money? Where do they keep the money when you make a payment? They keep the money in their bank account and then they release the money to the service provider? Is there a service like this in the world. To be more exact, let's say that i start an website that intermediate payments for different services. I have a buyer and a service provider. When the buyer pay for the service i want to be able to keep the money some ore, in a bank account or something and after the buyer confirms the service, the money to be automatically released to the service provider. I want to know if there is a service like this that automatically can this type of job. I know about Escrow.com but i don't know if they offer an API for a business like the one described.

    Thx.
     
  2. lord1027

    lord1027 Elite Member

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    I'm interested in this too. Bookmarked, hopefully someone will answer.
     
  3. sashablack

    sashablack Elite Member

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    What about paypal? don't they have something like that?
     
  4. webnetwork2all

    webnetwork2all Registered Member

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    I am not an expert in paypal. But i don't think they have.
     
  5. webnetwork2all

    webnetwork2all Registered Member

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    It seems that balancedpayments.com can do this type of job.
     
  6. dragonseo

    dragonseo Jr. VIP Jr. VIP

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    I bookmarked this! Am also looking for a good answer!
     
  7. Creative9

    Creative9 Junior Member

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    I think people use paypal, bank accounts for this. There is no secret, you take payment, you take your profit + fee and you release the payment, this is probably how fiverr does it. If you looking for an escrow service, then escrow.com is the best.

    Reread your thread, I think, fiverr guys uses their custom website to track balances of their users, then they do mass pay to users who withdraw. It's just numbers in your account. Just like how paypal does it.
     
    Last edited: Aug 9, 2014
  8. lordmenace

    lordmenace Newbie

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    Escrow is the best way to go.
     
  9. coolio10

    coolio10 Junior Member

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    They use paypal.

    And since they process a high amount monthly, they get charged a lower fee than regular people.
    They then release the funds to their providers later.
     
  10. gary2

    gary2 Jr. VIP Jr. VIP

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    paypalm does exactly what you are saying besides payoneer is also the one who does this...