Escrow system

Merchants that accept escrow payments with predefined escrow time will have funds locked until the buyer is satisfied with the order, otherwise the funds will be unlocked with a dispute resolution.

Payments & Orders
Buyer & Seller Protection

Escrow Payments

Escrow payments system is a secure trust-less mechanism recommended for high value transactions, with the escrow funds of buyer are locked in a smart contract until the certain conditions are met.

Smart contract orders management

With escrow payments system merchants will just need to upload their listings and our smart contract will automatically process the following operations:

  • Calculate correct amount the buyer needs to transfer based on product (price * quantity) + shipping rates
  • Optionally change inventory after an order
  • Generate an NFT representing the order of the buyer
  • Apply a 5% fee on processed orders
  • Transfer buyer funds to Merchants wallet
Automatic platform operations

After the order is processed by the smart contract and the NFT of the order is generated, the client app will perform the following operations:

  • Notify the merchant about the order waiting to be fulfilled
  • Send buyer informations to merchants
  • Create a direct chat-based communication channel

To find out how to fulfill pending orders, please refer to Order fulfillment

Escrow funds unlock conditions

Funds of the buyer are locked in a smart contract until one of the following conditions are met:

  • Buyer confirms to the smart contract is satisfied with the order, funds are transferred to the seller
  • Buyer doesn't confirm funds unlock to the smart contract, if there isn't a dispute funds will be unlocked automatically to the seller, after the escrow time set up by the seller (ex: 14 days)
  • Buyer opens a dispute with a smart contract call, escrow time is extended until either buyer/seller agree in a negotiation or an arbitrator decides who wins the case.