FAQ: How does the escrow service work?

Maybe contractor and client are working together for the first time and not sure who should carry the financial risk, either:

a) The contractor first completes (a part) of the project, but runs the risk that the client may not pay, or
b)The client pays first, without knowing whether the contractor will ever deliver an acceptable result.
An alternative offered by Zealancer is an escrow service. It is easy to use without requiring advance notification:
1stBefore begin to work on a project, the two parties agree on the deposit amount.
2nd The client transfers the appropriate amount to our bank account (010530 - 0233696 - 00) with "Trust deposit of A. Smith for contractor B. Miller" as reference.
3rdZealancer informs both parties that the money has arrived on our account.
4thOnce the project is completed, the client informs us and Zealancer transfers the amount to the contractor.
5thIn the very rare case that client and contractor cannot agree, both parties might clarify the payment via arbitration or through the court. Zealancer will then transfer the amount according to the arbitration or court's decision.
There are no fees for using our escrow service. No interest is paid on the deposited amount.

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