[FrE] Set up Escrow system with Stripe

Stripe Escrow User Guidance

Regarding the popularity of Stripe transactions, Stripe for Escrow is released to meet our customer demands and gives a hand to the product growth. Stripe for Escrow is also similar to PayPal for Escrow. It helps transactions among admin, freelancers and employers work smoothly with Stripe combined with Escrow system. Letโ€™s take a look below for detail information and step-by-step instruction.

Requirements

  • This feature is currently available if your marketplace is located in these countries:
    • Australia ๐Ÿ‡ฆ๐Ÿ‡บ
    • Austria ๐Ÿ‡ฆ๐Ÿ‡น
    • Belgium ๐Ÿ‡ง๐Ÿ‡ช
    • Canada ๐Ÿ‡จ๐Ÿ‡ฆ
    • Denmark ๐Ÿ‡ฉ๐Ÿ‡ฐ
    • Finland ๐Ÿ‡ซ๐Ÿ‡ฎ
    • France (Metropolitan France only) ๐Ÿ‡ซ๐Ÿ‡ท
    • Germany ๐Ÿ‡ฉ๐Ÿ‡ช
    • Hong Kong ๐Ÿ‡ญ๐Ÿ‡ฐ
    • Ireland ๐Ÿ‡ฎ๐Ÿ‡ช
    • Italy ๐Ÿ‡ฎ๐Ÿ‡น (possibly with limitations as it is still in preview mode at Stripe)
    • Luxembourg ๐Ÿ‡ฑ๐Ÿ‡บ
    • Netherlands ๐Ÿ‡ณ๐Ÿ‡ฑ
    • New Zealand ๐Ÿ‡ณ๐Ÿ‡ฟ
    • Norway ๐Ÿ‡ณ๐Ÿ‡ด
    • Portugal ๐Ÿ‡ต๐Ÿ‡น (possibly with limitations as it is still in preview mode at Stripe)
    • Spain ๐Ÿ‡ช๐Ÿ‡ธ
    • Sweden ๐Ÿ‡ธ๐Ÿ‡ช
    • Switzerland ๐Ÿ‡จ๐Ÿ‡ญ
    • United Kingdom ๐Ÿ‡ฌ๐Ÿ‡ง
    • United States ๐Ÿ‡บ๐Ÿ‡ธ

Please click here for more information about  Countries and currencies supported by Stripe.

  • The recipientโ€™s bank account (freelancer) also must be in the mentioned countries.
  • When sending to a debit card, transfers must be less than $3000 (This card must be a Visa or Master card).

Workflow

The Escrow system will start working as soon as the employer accepts a bid. The process will work step by step like below.

  • Step 1: When Employer accepts a bid, he will pay the bid budget (example: $10) to Adminโ€™s Stripe account.
  • Step 2: After Employer accepts a bid, this project will change its status to โ€œProcessingโ€. If the employers โ€œFINISHโ€ this project, the Escrow process will move to step 3. Otherwise, the employers โ€œCLOSEโ€ or freelancers โ€œQUITโ€ this project, it will turn the status into โ€œdisputeโ€ and Escrow process will jump to step 4.
  • Step 3: After the employer clicks โ€œFinishโ€ button, this projectโ€™s status will become into โ€œCompletedโ€.
  • Step 4: The freelancer and employer will send their reports to Admin, and Amin will decide who the winner is in this case.

How to Set up?

Configure Stripe API on Admin setting page.

Before you start, please make sure you have updated your Stripeโ€™s profile (approved application) at:  https://dashboard.stripe.com/account/application/settings

Please navigate to  Dashboard โ†’ Engine Settings โ†’ Escrow โ†’ Gateways โ†’ Stripe 

(1) Enabling this allows you to use Escrow Stripe system on your site.

(2) Fill in:  Your Stripe client public key (Publishable key) and Your Stripe client Secret key (Secret key). You can get it by going to: https://dashboard.stripe.com/account/apikeys

Note: Donโ€™t forget to turn on  Viewing Test Data option.

(3) You can get  Stripe Client ID by going to: https://dashboard.stripe.com/account/applications/settings as the photo below:

You also need to  Add redirect URL:

The form of redirect URL: yourdomainname.com/profile

For example: enginethemes.com/profile

*Note: Freelancer can also disconnect and reconnect with Stripe.