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Host escrow transactions for your users on your website.
- Designed for
- PHP Pro Bid
With the escrow payments module, you will be able to act as a third party on transactions between your users.
The module works as follows:
- The seller lists items, and will have the option to accept payments himself or enable the escrow option
- If escrow is enabled, the payment methods used by the site admin will also be used as direct payment methods
- The buyer, upon purchasing a product or winning an auction, will pay for the item(s) to the site admin
- The status of the item will be changed to "paid". At this time, the money is in escrow, and the seller can send the item(s) to the buyer
- Once the buyer acknowledges that the item(s) has/have been received, the admin will pay the seller the amount owed minus the sale transaction fee, which if escrow payments are enabled, wont be added to the seller's account, but will be subtracted from the payment made by the admin to the seller
- The seller can enable direct payment methods from his members area in order for the admin to be able to pay him directly through the site, however the payment is also possible to be made offsite.
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