What is an escrow account?

An escrow account is a place where your client or buyer will deposit the amount with an escrow service provider like Refrens and the payment is released to you when you deliver the project and the same is verified or approved by the client. Because of the escrow payment provider, the transaction between both parties happens smoothly and safely. As soon as the client receives and approves the product or service, the escrow provider will transfer the payment to the seller account.

How to set up an escrow account on Refrens?

You can seamlessly create the escrow account on Refrens with a few clicks. Here are the following steps you should follow:

1. Click here to sign up on Refrens. You will be redirected to the registration page. There you will have 2 options to sign up.

   • Using google signup
   • Normal Signup; here you have to add your full name, country, email id, phone and password. This will literally take less than 1 minute to create your account.

2. As you are creating the escrow account. You have to create a business account. Simply add the name, logo, description and address of your business. This step is necessary for an escrow account and also it will save your time as there is no need to enter the data again when creating the next project.

3. Now create your first escrow project by adding simple details like client information, project terms will include the project title, amount, description and if you have any contract then you can upload that well.

4. This is the most important step of your project as you have to select - How do you want to be paid?. Here you will get 2 options

   • Single payment project
   • Multiple milestone project

Select any one option and send your project to the client.

You will get multiple options to send the project via mail, WhatsApp, or by link sharing.

Now the client can view the entire project and if everything is fine then the client will accept the project and will deposit the project amount else the client can ask you to refine the project.

How Refrens escrow payment solution works?

1. Create project - define your project and upload the contract agreement to secure the business.

2. Fund Deposit - the client will accept the project and deposit the funds to Refrens escrow account.

3. Deliver the work - once the funds get deposited, you can start working on the project and if you have mentioned multiple milestones then deliver your milestone at the scheduled time.

4. Review & approve the work - the client will view the milestone and check if the project is delivered as per the results or not.

5. Escrow will release the payment - once the escrow gets the confirmation from your client, we will release the payment instantly.