[FrE] Set up Escrow system with Stripe

Stripe Escrow User Guidance

Regarding the popularity of Stripe in USA 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. Let’s take a look below for detail information and step-by-step instruction. This video tutorial helps you save your time.

Requirements

  • This feature is currently only available for US Stripe accounts.
  • The recipient’s bank account must be in the US.
  • When sending to a debit card, transfers must be less than $3000 (This card must be a US Visa or Master card).

Workflow

Escrow flow

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 Admin’s Stripe account.Bid acceptance form
  • Step 2: After Employer accepts a bid, this project will change its status to “Processing”. If the employers “FINISH” this project, the Escrow process will move to step 3. Otherwise, the employers “CLOSE” or freelancers “QUIT” this project, it will turn the status into “dispute” and Escrow process will jump to step 4Step 3: After the employer clicks “Finish” button, this project’s status will become into “Completed”.

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.

Please navigate to Dashboard → Engine SettingsEscrowGatewaysStripe API

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

(2) You Stripe’s secret key. You can get it by going to: https://dashboard.stripe.com /

(3) You Stripe’s public key. You can get it by going to: https://dashboard.stripe.com/ as the photo below:

  • (5) This option allows you to set who will pay Stripe’s fee when “Escrow Stripe” system process
    • (Option1) “Primary receiver pays all fees”: If you select this option, you will pay all fees for Escrow Stripe process.
    • (Option 2) “Each receiver pays their own fee”: If you select this option, you as an admin pay the fee charged automatically by Stripe when an employer accepts a bid, and the freelancers will pay the fee when they receive money.
    • (Option 3) “Secondary receivers pay all fees”: If you select this option, Freelancers have to pay all fees for Escrow Stripe process.

Update Stripe customer information (Employer)

Connect with Stripe (Freelancer)

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