What is Elance Escrow?

For people new to Elance, things can be a bit confusing at first, especially if they’ve never had a membership with an independent site before. One of the things that many newbies don’t know about is Elance Escrow. Below, we will take an in-depth look at the escrow option so that you can understand precisely what it is and what it is used for.

What exactly is the trust?

The escrow is an option that allows both freelancers and project cartels to feel secure with the payment. Clients or buyers put the full amount of money agreed upon by both parties in escrow when they hire the freelancer so the freelancer knows they are there and waiting for the project to be completed. This tells the freelancer that the project poster has every intention of paying, as long as they are satisfied with the work and the level of quality.

What happens after the project?

When the project is completed and the project poster is satisfied with the project, he or she can release the payment. It will move from the escrow to the freelancer’s account, allowing them to transfer it to PayPal, receive a check, or use Elance’s debit card program. If there is any dispute or discussion, the project’s freelancer or poster person can take it to Elance’s dispute resolution system.

What are the benefits of Elance Escrow?

Instead of paying the freelancer before the job is done and risking losing the money if the project is incomplete, never finished, or not completed to the standards of the project board, the project board can essentially give the freelancer a promissory note The use of the escrow system allows the project poster to be sure that the work is excellent before paying.

For the freelancer, it is more reassuring to see that the money is there waiting rather than starting the project without any proof that the buyer intends to pay for it. While most project posters and freelancers are perfectly honest people who will do what they say, unfortunately there are some who are just looking to get what they can without paying. The trust helps alleviate concerns so that the project can proceed smoothly without any obstacles or delays.

Escrow from Elance is a great option for both buyers and freelancers and will help ensure that the focus is on the project and not the fear of receiving substandard work or not being paid.