How Does The Wallet (Escrow) System Work on

Why is Wallet System important and what would happen if Wallet System is not used? #

Wallet System on functions like an escrow system on a freelance marketplace and offers many benefits to users:

Freelancers: The wallet System creates trust for the freelancers. Imagine when we work online for someone we do not know and after the task is complete, we do not receive the money. With Wallet System, this issue is resolved since the employers who hire the freelancers have to make the payment from the start of the project. Hence, freelancers can rest assured that they will get paid after tasks are done.

Employers: On the contrary, when the employer hires a stranger to work on his project, he makes the full payment and expects to receive a high quality work. However, the freelancer does not live up to his expectation as the delivered result is quite bad. So this is a way to lose money. In this case, the Wallet System also offers a good solution. Specifically, the employer’s payment is kept in the system and only released to freelancers when they fulfill the project requirements. Therefore, the employer can feel secure that his money is not wasted on the works that he can not use.

In the above two cases, the Wallet System plays a useful role in helping freelancers always get money when jobs are done and ensuring that employers would not lose money on low-quality works.

Moreover, only by using Wallet System can employers and freelancers have access to the dispute center should something not go as planned. In this case, the site admin will operate as a middleman between two parties and decide who wins and receives the money.

Basic information about Jobtins Wallet System #

Money deposited in the Wallet System is called credits. 1 unit of credit is equal to 1 unit of Naira (NGN) used on your site.  In the Admin Dashboard, you can set these settings for the Wallet System:

  • Commission amount: The amount of commission fee charged for each transaction on when the employer decides to hire a freelancer and makes the payment.
  • Commission type:  10% percent is charged by on each transaction. For example, if a project has a value of ₦20000 the commission  is  ₦2000
  • Commission payer: The freelancer is responsible for paying the commission for each transaction

How does the Wallet System work on #

  1. Employer posts a project and freelancers will place bids on the project.
  2. The employer will review freelancers’ bids or send bid invitations to candidates he feels appropriate for his project.
  3. When an employer decides to hire a freelancer, he will click the button “Hire freelancer” and the system will display a form with the project information.
  4. The employer has to make a full payment and the system will check if his Wallet System has enough funds. If there are enough credits in his wallet, the payment will be processed. Otherwise, the employer is required to deposit money to his wallet to make the payment. To deposit money, the employer will go to My Wallet and choose Top-up Credit.
  5. After the payment is made, the freelancer will start to work on the project. The payment is now managed by the admin and appears in the freelancer’s Wallet System under the pending section.
  6. When the freelancer delivers the work to the employer and the employer is satisfied with the result, he can mark the project as complete. At this phase, when the project is complete, the payment will be released to the freelancer. The credit amount will move from the pending section to the available on the freelancer’s Wallet System. Freelancer now can request a withdrawal for the amount under the available section in his Wallet.

* Dispute:

If there’s something unwanted that happens during the project and the employer or freelancer files a dispute, the system will update the project status to “Disputing” and the site admin will be notified of the dispute. In this situation, the site admin will act as the intermediary, collect necessary information about the project, and make a decision on who wins the dispute and receives the money.

  • If the admin selects the employer to be the winner, the money will be returned to the employer Wallet System.
  • If the admin chooses the freelancer as the winner, the money will be released to the freelancer’s Wallet System.

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