Earlier this year, we started off with an escrow-like facility that mimics the holding and releasing of payments in stages or milestone-based, for our on-demand marketing experts marketplace, and then we migrated to a full escrow facility. Today, we announce our latest integration plan with Tazapay as part of our continuous improvement efforts for the company, to enable cross-border and international escrow payment for milestone transactions. We believe this upgrade will allow us to provide the ease, speed and convenience for our clients and marketers to transact safely from anywhere in the world, whilst providing a more cost-effective option for all parties involved.
The integration will happen in 2 stages, the first stage being a simple webhook or link in our existing platform, and the second stage will be a full integration in our next generation platform which is currently underway in its planning and development phase.
What is escrow?
According to Corporate Finance Institute (CFI), "an Escrow is an arrangement for a third party to hold the assets of a transaction temporarily. The assets are kept in a third-party account and are only released when all terms of the agreement have been met. The use of an escrow account in a transaction adds a degree of safety for both parties. The main purpose of an escrow is to ensure that everybody sticks to their end of the bargain. It can be seen as a mediator of the transaction. It asserts that the transfer of assets only happens when all the obligations of the transaction have been met."
How does milestone transactions work?
Clients (Buyers) fund the full contract amount upfront and Marketers (Service Providers) receive their milestone payments once each phase of the project is complete. This way both parties can be assured individual project commitments and deadlines are met and payment for them is received.
Escrow is commonly used for contracts that have the following characteristics:
A large transaction value – such as a 3-6 month long strategic project.
The client (buyer) needs to confirm the quality of work before payment.
The marketer (service provider) doesn’t want to undertake massive amounts of work without assurance of payment.
An escrow is also beneficial when the transaction needs to be completed in steps or milestones. The service provider may need funds to continue the project, but it may be unwise for the buyer to pay the full amount before completion. Funds can, therefore, be partially released as predetermined milestones are completed. Both clients and marketers benefit from using an escrow provided through MARQETR as a payment exchange, as a neutral third party to monitor and transact the exchange of payment and milestone.
Peace of mind for Marketers (Service Providers)
Clients sends the agreed upon payment in full to the "Payment Exchange" or escrow before the phase/milestone is complete. Marketers have peace of mind knowing payment is secured behind the Payment Exchange or escrow shield before the job even begins.
Confidence for the Clients (Buyers)
Payment Exchange or escrow does not release payments to the Marketer (service provider) until each phase/milestone has been completed and approved by the Client (Buyer). Clients can be certain project commitments will be delivered as agreed upon before payment is released.
> Are you a Startup, an SME or a Corporation? Sign-up as a client. Create a free account today: https://www.marqetr.com/create-account
> Are you a Marketing Professional, a Marketing Agency or a Consultancy? Sign-up as a Marketing Expert on MARQETR. Submit your profile here: https://www.marqetr.com/marketers
MARQETR is a tech-enabled on-demand marketing experts marketplace. Operating like the “uber of marketing”, powered by a smart-matching algorithm, we help businesses, from Startups, SMEs to Corporations save time and money, and be in control of their marketing cost and resources by providing access to vetted and verified on-demand high-skilled marketers. We also help marketers be in control of their marketing careers where they can work flexibly and earn income their way, anytime and anywhere. We are on a mission to democratise the marketing industry, reimagine a new way working and build the future work. MARQETR was incorporated in December 2020 in Kuala Lumpur, Malaysia, with presence in Singapore and the USA.