Need for Freelance Services?
One of the reasons service buyers or clients turn to freelance job sites is because the service is free. From a client’s point of view, the opportunity to have their projects advertised to a large audience of highly-qualified service providers as much as possible is invaluable. They also valued the need to only pay for the work that has been done, and only after they're satisfied that the work is done according to their specifications.
At first glance, the process seems unfair to freelancer or service providers. If they're required to complete the project first, what guarantee is there that buyers will actually pay upon completion? Is there a possibility a Buyer could also run away and nothing in return to be compensated for your work?
How can I be sure I'll get paid?
Right now you're probably wondering whether the convenience of using freelance job sites is worth the risk of not being paid. How big is this risk? The answer depends on the site you've chosen.
If the site doesn't require service buyers to place funds into an escrow account, there's always a 50-50 chance you won't get paid. Without an escrow process you can only assume buyers will hold up their end of the deal and pay when the project's finished.
You're betting on the integrity of the service buyer; someone you don't know anything about. Unfortunately many freelancers usually don't realize this all important detail until they've been . That's why you need to have a prepay account that able to hold buyers' money in escrow accounts in advance.
What's an escrow account?
An escrow account is an account maintained by an impartial third party. Escrow platform like prepay.my require buyers to fully pay or deposit funds equivalent to the amount they've agreed to pay the successful bidder into this account, before the project is allowed to begin.
Regardless of the method used to fund the escrow account, the funds must be verified meaning checks must first clear, charges to credit cards must be approved, etc. Approved funds are held in the escrow account until the work is done as agreed. Upon a buyer's acceptance, the agreed upon funds are released to the service provider.