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Introduction to Escrow (Solution Provided)

Discussion in 'Business & Tax Advice' started by SolidTactics, Jul 5, 2015.

  1. SolidTactics

    SolidTactics Power Member

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    What do you do when you are the seller of a digital marketing service (i.e. web designer, link builder, guest blogger, etc) and you require payment up front however the buyer is just getting to know you and has not establish a long term relationship with you and isn't comfortable paying up front for your service? You use something called "escrow"!

    Elance is a freelancer site and offers escrow. The idea is very simple. Elance acts as a "middleman" basically holding the money until the services are delivered. Once the services are delivered the funds leave Elance and are transferred to the seller. Alternatively, if the seller fails to deliver the agreed service according to the terms specified, the funds are returned back to the buyer.

    In my opinion this is the best way for a fresh business relationship to perform. For escrow to be successful, it is very important that specific terms are laid out as to what is being delivered or provided and when exactly the funds will be transferred. This way if there is a dispute or problem, elance will act as a mediator and review the terms and agreement and compare it against what was actually done and provided and make a judgement call. Watch the video below to learn more about escrow :)

     
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    Last edited by a moderator: May 18, 2016
  2. Diamond Damien

    Diamond Damien Owner BlackHatWorld Staff Member Jr. VIP

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    Cheers SolidTactics

    As you may have heard we're currently running testing with the Jr. VIP's on the new beta of the BHW forum (another benefit of being Jr. VIP - you get to try all the new toys first) and getting some great feedback.

    This beta will be be released soon to all engaged BHW members (those above newbie status) and then finally out to all.

    Once we've rolled this out the new platform allows us to add items onto the marketplace and if there is enough demand for an escrow service it's something we can definitely look into.
     
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  3. SolidTactics

    SolidTactics Power Member

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    Sounds good Damien, I'll definitely consider becoming a Jr. VIP. Regarding the Beta, this will be awesome because I wouldn't have to use a third party service.
     
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