Transaction flow in Escrow
Overview
You can see the high level overview of the transactions here: Escrow Overview.
This is the process from customer buying to receiving the funds, all the way to Vendors getting paid with the Marketplace Owner receiving commissions based on the configurations in Omnyfy. From the buyer making the purchase, there's actually very little need to access the Escrow website, apart from monitoring the payments, and as a customer accepting/rejecting the product delivery. For the most part, the funds handling is automated based on the actions within Omnyfy.
1. Customer Payment
During the checkout process, the funds are then captured by Escrow. Whether it be PayPal, Credit Card or Wire Transfer, Escrow confirms and secures the funds first. The customer can check the transaction progress in their account through the Escrow website.
In Escrow, you can potentially find the transactions from your My Transactions page (generally the first page upon logging into Escrow).
In this case, you can see from the My Transactions table, the status of the payment. You can select the transaction to see more information for this order's payment.
Here you can see which step the payment/order is at as well, and any additional cost.
2. Vendor Fulfilment
When a vendor is ready to ship the item, the vendor will go through the standard Easyship process. Due to the limitation of the integration, Easyship is the only shipping method available for Escrow. When shipping with Easyship, our integration will send an update to Escrow for shipping details. Escrow will then continue to get updates until the customer receives the product, where then the inspection period will start. At this point, the Marketplace Owner, Vendor and Customer can continue to look at the transaction details from their own Escrow login. The transaction will show your role in the transaction too, which is automated from our integration.
It is important to note that a vendor can only ship their items if the customer has already paid. Payments such as wire transfer will need to be completed first by the customer and approved by Escrow, or the order cannot be shipped.
Escrow Role | Omnyfy Role |
Broker | Marketplace Owner |
Seller | Vendor on the marketplace |
Consumer / Buyer | Customer buying the products from the marketplace/vendor |
3. Customer Acceptance
When the customer receives the products, the customer will receive a notification from Escrow to inform them that the inspection period has started. The inspection period will give the customer a certain number of days (configured from the marketplace) to action whether the customer is satisfied by the product or wants to return it. This is managed in the Escrow account, and the customer can then accept, or refuse to accept the product. Escrow will be the ones to handle the disputes for refunds, so this is not something managed through the Omnyfy RMA workflow.
Once the products have been accepted by the customer, Escrow will release the funds on the same day (or next business day) to the Vendors, minus the commissions which will be transferred to the Marketplace Owner.
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