Home – New Forums Selling online Escrow type payment system for services

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  • #986828
    annaxoxo
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    • Total posts: 1
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    Hi,

    I’m wondering if anyone could point me towards a good payment system.

    Our business will be conducted online, and we’ll be acting as an agent between customers and service providers.

    So, a customer will search our website for a particular provider, they’ll message eachother and come to a price.

    The customer will then pay for the service in advance (our fee included), we (or preferably a service) will hold the funds until the service is performed, then if everything goes well the funds will be released to the provider.

    I have looked at escrow.com and the minimum transaction amount is $25, which will really eat into our profit margin for services offered at the lower end.

    We have considered holding the funds on their behalf but I’m trying to automate the process as much as possible.

    Any ideas or recommendations will be much appreciated.

    Thanks!

    #1159768
    Anonymous
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    Hi annaxoxo,

    I’m not the right person to help with your query, but hope there’ll be some recommendations for you to check out shortly.

    In the meantime, welcome to Flying Solo – please make yourself at home :)

    Good luck with the new venture,
    Jayne

    #1159769
    Baillie11
    Member
    • Total posts: 1
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    Hi annaxoxo,

    Check out Australia Post’s PostPay Services (http://auspost.com.au/business-solutions/postpay.html).

    This not only provides an escrow service but also links with their parcel delivery services for extra piece of mind.

    Regards
    Andrew

    #1159770
    Lucinda Lions
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    • Total posts: 104
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    Hi annaxoxo

    We put the call out on the Flying Solo Facebook page, and here are some of the suggestions that people had.

    Hope that helps.

    Good luck!
    Lucinda :-)

    #1159771
    Arcadian Digital
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    • Total posts: 7
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    Hi Annaxoxo,
    We just built something very similar for a client of ours with Provider Listings, Online Chat and currently using just PayPal while we setup another Payment gateway for them.

    PayPal fees are 7% (roughly) and then you export the payments and run a Payroll type function through your bank account to pay all your service providers once a week if they have performed the service. Works great. Or if they are world wide you can just pay them through PayPal as well but this eats another 2-3% I think.

    PM me if you have any more questions

    Thanks
    Adrian

    #1159772
    checkvault
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    • Total posts: 112
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    annaxoxo, post: 184342 wrote:
    Hi,

    I’m wondering if anyone could point me towards a good payment system.

    Our business will be conducted online, and we’ll be acting as an agent between customers and service providers.

    So, a customer will search our website for a particular provider, they’ll message eachother and come to a price.

    The customer will then pay for the service in advance (our fee included), we (or preferably a service) will hold the funds until the service is performed, then if everything goes well the funds will be released to the provider.

    I have looked at escrow.com and the minimum transaction amount is $25, which will really eat into our profit margin for services offered at the lower end.

    We have considered holding the funds on their behalf but I’m trying to automate the process as much as possible.

    Any ideas or recommendations will be much appreciated.

    Thanks!

    Hey annaxoxo,

    I know you’ve put this question up a while ago, but I was just going through the forums and I happened to find your question.

    If you’re still looking for a solution, I can recommend CheckVault (http://www.checkvault.com.au). As opposed to escrow.com, CheckVault does not charge a fee to use the service as it pays for it’s costs through the interest generated on the monies in escrow and a small margin on credit cards. This makes it easier I guess for businesses like yours that run on smaller profit margins.

    Happy to discuss if you have any details.

    Once again, I am aware that this is quite an old question, but I thought if you hadn’t found a solution as of yet, this might be useful.

    Thanks and regards,

    #1159773
    MatthewKeath
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    • Total posts: 3,184
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    This thread is over a year old.

    checkvault, post: 211023 wrote:
    Hey annaxoxo,

    I know you’ve put this question up a while ago, but I was just going through the forums and I happened to find your question.

    If you’re still looking for a solution, I can recommend CheckVault (http://www.checkvault.com.au). As opposed to escrow.com, CheckVault does not charge a fee to use the service as it pays for it’s costs through the interest generated on the monies in escrow and a small margin on credit cards. This makes it easier I guess for businesses like yours that run on smaller profit margins.

    Happy to discuss if you have any details.

    Once again, I am aware that this is quite an old question, but I thought if you hadn’t found a solution as of yet, this might be useful.

    Thanks and regards,

    #1159774
    checkvault
    Member
    • Total posts: 112
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    MatthewKeath, post: 211035 wrote:
    This thread is over a year old.

    Hi Matthew,

    I wasn’t really sure of the protocol of posting on really old threads. The forum just warned me that it’s an old thread and it may already be answered but just quickly went through the answers and couldn’t see if the question was sufficiently answered. So just thought, if the OP was still interested in finding a solution, an answer may still be helpful.

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