Escrow payments to conduct business risk free
Project outsourcing marketplaces like RentACoder, ScriptLance provides users with escrow payment options to help projects get completed smoothly. Buyers can set aside a specific amount of money into an escrow account of project outsourcing marketplace, for a specific service provider.
Both users can then view the payment in the escrow account, but only the buyer can complete the payment, from the escrow account to the service provider. The service provider is the only person (other than project outsourcing marketplace staff) who can cancel this escrow payment. This gives each party half of the control over the money in the escrow account.
If the project gets completed, the buyer can transfer the money from the escrow account to the service provider.
If the project is cancelled amicably, the service provider can cancel the escrow payment and the money will return to the buyer's account. If there are any disputes over a project, usually project outsourcing marketplace staff must be contacted before any money can be moved from the escrow account.
Project outsourcing marketplaces encourage its users to send and receive money with the escrow system, because it's another great way to make sure everyone gets what they want from a project moreover with much less risk.
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