Escrow functionality

  • Resolved Calvinex

    (@calvinex)


    5 years, 9 months ago

    Hello, I did a lot of research online and it seems that Mangopay is the best solution for what we are building. We are working on a website that will allow people to resell event tickets. But in order to protect the buyers from scams we need an escrow system, which Mangopay claims to provide.

    Does this Woocommerce plugin work for escrow? Every buyer should pay to seller through our marketplace based on woocommerce. The money would be then held in escrow until the buyer confirms that everything is ok, then we can release the payment to the seller.

    Is this plugin capable for this process? Thank you in advance.

Viewing 1 replies (of 1 total)
  • Plugin Author mangopay

    (@mangopay)

    Hello @calvinex,

    Thank you for your interest. Quick answer: Yes, MANGOPAY Woocommerce plugin completely works for escrow. As a platform, you decide whenever you want to “release” the funds. We also provide a refund possibility in case of “scams” or errors. Here is a quick overview of the global workflow:

    1) An order is placed
    2) Each vendor marks each product as dispatched.
    3) Once all the vendor have dispatched the items, you can mark the order as completed (this will transfer the funds from the buyer’s e-wallet to the vendor’s e-wallet)
    4) From this stage, you can now payout the funds from the vendor’s e-wallets to their bank account.
    5) As a platform, your commission will be taken during the transfer (step 3)

    I’m staying at your disposal,

    If you want more info you can visit mangopay.com

    Have a nice day,

    Audouin,

Viewing 1 replies (of 1 total)
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