Escrow at GigFC

At GigFC, we prioritize secure and transparent transactions between employers and freelancers. Our escrow system ensures that both parties can collaborate with confidence, knowing that funds are protected until work is completed and approved. Here’s how escrow works on GigFC and why it’s a vital part of our platform.

What Is Escrow?

Escrow is a financial arrangement in which a third party (GigFC) holds the funds from an employer until the freelancer has completed the agreed-upon work. Once the employer is satisfied with the work, the funds are released to the freelancer. This ensures a safe and secure transaction, minimizing risks for both parties.

How Escrow Works

1. Employer Funds the Escrow Account

When an employer hires a freelancer on GigFC, they must deposit the agreed-upon payment into an escrow account before the freelancer starts working. This demonstrates the employer’s commitment to paying for the project and reassures the freelancer that the funds are available.

2. Freelancer Begins Work

Once the funds are securely held in escrow, the freelancer can start working on the project with peace of mind, knowing that the payment has been pre-funded. Both parties can communicate through GigFC’s messaging system to track progress and ensure that the work stays on course.

3. Milestone Payments (Optional)

For larger or long-term projects, employers and freelancers can agree to split the project into milestones. Each milestone will have a corresponding payment that the employer deposits into escrow. As each milestone is completed and approved by the employer, the payment for that milestone is released to the freelancer.

4. Employer Approves the Work

Once the freelancer completes the project (or milestone), the employer reviews the work and, if satisfied, approves the delivery. This approval signals that the work meets the agreed-upon requirements.

5. Payment Released

After the employer approves the work, GigFC releases the payment from the escrow account to the freelancer. The freelancer can then withdraw the funds via their preferred payment method (e.g., bank transfer).

Benefits of Using Escrow

1. Security for Employers

Employers can rest assured that their funds are safe. The money remains in escrow until the freelancer delivers the agreed-upon work. If the project isn’t completed as expected, the employer can raise a dispute, and the funds remain in escrow until the issue is resolved.

2. Protection for Freelancers

Freelancers can work with confidence, knowing that the employer has already funded the project. This reduces the risk of non-payment or delayed payments, as funds are guaranteed to be available upon successful completion of the work.

3. Fairness in Disputes

In case of a dispute between an employer and a freelancer, the funds stay in escrow while GigFC’s admin team reviews the situation. This ensures that neither party can access the money until the issue is resolved fairly, based on project terms, evidence, and communication.

Escrow FAQs

Q: How do I fund an escrow account as an employer?
A: Once you hire a freelancer, you will be prompted to deposit the agreed-upon payment into an escrow account. You can fund the escrow using various payment methods, such as credit card.

Q: When does the freelancer receive payment?
A: Freelancers receive payment once the employer approves the completed work. The funds are then immediately released from escrow.

Q: Can I request a refund if I’m not satisfied with the work?
A: Yes. If the work does not meet the agreed-upon terms, you can raise a dispute before approving the work. GigFC’s admin team will review the situation and mediate a fair resolution.

Q: Can I use escrow for milestone payments?
A: Absolutely. Milestone payments allow for multiple escrow deposits throughout the project. Funds are released for each milestone as they are completed and approved by the employer.

Q: What happens if there’s a dispute?
A: If either party raises a dispute, the funds remain in escrow until GigFC’s admin team investigates and mediates a resolution. We ensure a fair review of the project details and communication before deciding whether to release or refund the funds.

Why GigFC Uses Escrow

Escrow is an essential part of the GigFC platform because it ensures:

• Trust: Employers and freelancers can collaborate with confidence, knowing payments are secure.
• Security: Funds are safely held until the work is completed to both parties’ satisfaction.
• Fairness: Disputes are resolved impartially, with funds held in escrow until an agreement is reached.

GigFC’s escrow system creates a safe, professional environment for freelancers and employers alike. Whether you’re hiring for a one-time project or working on long-term milestones, escrow guarantees that your transactions are secure and worry-free.

Have more questions? Contact us Customer Service for further assistance.