Created 2023-03-03T18:57:11+00:00
Escrow is where a third party holds funds while a deal or agreement takes place.
In this case, we can hold the funds for a shoot that you agree with another member. And then, when the shoot has successfully taken place, we can pay out directly to the recipient.
Why would I use escrow?
With your funds held safely by a third-party, in the event of a dispute, there is a third party intermediary who can get involved and conclude what should happen to the funds. This can be beneficial in the case of late cancellations of shoots, no-shows, and similar.
How much does it cost?
We charge a flat 5% fee on top of the agreed amount. So, lets say for example you agree a shoot fee of £100. £105 would be paid into escrow, and the recipient would receive the full £100 on payout.
How long does payout take?
Pay-out occurs 24 hours after the shoot start time. This gives either party 24 hours to raise any issues that may have occurred, such as a no-show or late cancellation. Once this time has elapsed, the funds are paid out to the nominated bank account.
How do I start an escrow?
You must use the "Shoot Proposal" form that appears on the messaging box. Once both parties have agreed the shoot proposal, the Escrow facility will appear for the person who is nominated as the payee.
How do I know the person I'm working with has paid the escrow?
When the payee has paid the funds into the escrow account, they will press a button to notify us. We will validate that the funds have been safely received, and you will receive an email notification that funds are in escrow, including how much.
The Shoot Proposal screen on your messaging page with that member will also keep you up to date as to whether funds have been deposited and received in Escrow.
If you have any further questions around the Escrow facility, please do get in touch via the support system!
