Escrow Overview
Escrow is a payment method that acts as a guarantor for the customer (to only release the funds to the vendor/marketplace owner once the customer is satisfied with the order) and the vendor (to ensure that the funds are there before the products are shipped). Escrow will hold the funds until then. See the high level process below.
In this case, there are a few restrictions/requirements needed to use the Escrow integration
- The Marketplace Owner and all Vendors need to have an Escrow account implemented for the marketplace.
- The Customer will be required to have an Escrow account in order to place the order. They can create it before or during the checkout process.
- The Marketplace will be limited to a 1 vendor cart workflow. This will mean that customers can only order from 1 vendor at a time in the shopping cart. Adding a product from another vendor (if there are already products in the cart) will force empty the cart and replace the restriction with the new vendor.
- All vendors are paid automatically based on the above workflow - there are no set scheduled dates of payments.
- Easyship must be the shipping method used by ALL vendors in the marketplace.
This will effectively allow the marketplace to manage all of the payouts in an automated process using Escrow, and the Marketplace Owner will have one less thing to be worried about. In addition, Stripe KYC will not need to be performed on the marketplace. All vendors will be set to a Manual KYC by default and do not need to be approved - so this step can be ignored during vendor approval/onboarding.
For more information about Escrow, please visit their website: www.escrow.com
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