Findmy.Team operates an ‘escrow’ system to handle payments between project owners and freelancers. An escrow is a financial arrangement where a third party holds and regulates payment of the funds required for the two principal parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure escrow account, which is only released when all of the terms of an agreement are met. As the process is overseen by a neutral third party (in the case Findmy.Team) both sides can have confidence in the process.
Let’s take this case as an example for flow of payment in Findmy.team:
- Daisy posts a project looking for help writing recruitment advertising. The project would take 3 days and its budget is $1300.
- John – a freelancer – apply’s for Daisy’s project with a bid of $1200.
- Daisy accepts John’s bid. She now has to send the $1200 project payment to the Findmy.Team escrow account to start the project.
- Next, Daisy and John enter the workspace, officially marking the start of the project and John can begin work.
- When John completes his copy writing, he checks sends a message to Daisy on the project Workspace to let her know. (Note – clicking ‘Discontinue‘ registers a dispute).
- If Daisy is happy with the work she adjusts clicks ‘Finish‘ on the project workspace. (Note – clicking ‘Close‘ registers a dispute).
Within 24 hours, our account team will review the project. If everything is OK, our admins change the project status as ‘Completed‘.
- At this point, the escrow account will transfer the project payment to John.
- Please allow up to seven days for payments to clear.
Diagram Illustrating Payment Process