Create Escrow (Guide)
Quick Overview
Check out the infographic below to get it all figured out at once. Continue reading below for a detailed explanation.
Beginning
After you go to app.escrowdapp.com, you need to connect your web3 wallet to app.
EscrowDapp’s [Create Esrow] feature is running on Ethereum, BNB Smart Chain, Ethereum, Fantom, Polygon and TomoChain networks. If you don’t have these networks on your wallet, you can find their settings at ChainList.
Buyer Creating An Escrow
After you connected to app, [Create Escrow] section welcomes you. Now you are able to start your escrow as a buyer by filling blanks.
*Filling seller’s wallet address, amount of the deal and accept terms of use are mandatory. You are free to don’t mention the title or deadline. But you should aware that if you do not select a deadline, the system will automatically set it as after 29 years.
When all set, just click [Create Escrow] button and approve your transaction from your Metamask wallet.
*Note that if you escrow a token (not native coin of the chain), you’ll need to approve spending of that token via metamask at first.
When the transcation has done, you will be able to see your escrow from [My Profile] page as ‘Pending’ status. (If you don’t see it, just refresh the page.)
And you’ll wait the seller’s approvement or rejection. If seller doesn’t answer the request, you are able to cancel the process by clicking [Action] > [Cancel/Reject].
Seller Taking Action
After seller connects wallet to app, seller is able to see the buyer’s escrow request from [My Profile] section and take action.
If the seller reject the escrow, buyer’s locked money will refunded (1% fee deducted). If the seller approve the escrow, status will change as ‘ongoing’ and the seller start to finish the product/service.
When the seller finished the service/product, seller needs to go to [My Profile] section, click the [Action] and [Deliver] button.
After deliver confirmation, the status of the escrow will become as ‘Delivered’.
Buyer Taking Action
After buyer recieved the service/product, buyer needs to go to [My Profile] section, click the [Action] button to specify the decision. If buyer is okey for the delivered service/product, just click the [Confirm Delivery] button and release the fund to seller (1% fee deducted).
After that, escrow status will become ‘Completed’ and locked money will be funded to seller (1% fee taken).
If Buyer Asks Revise
If the buyer didn’t like the delivered service/product, buyer is able to select a new deadline and ask revise for it.
If the buyer ask revise, escrow’s status change as ‘Revise’.
Seller Taking Action After Revise
Seller needs to take action by going [My Profile] section and click [Action]. Seller is able to confirm to do revise, reject to do revise (dispute) or cancel the escrow (give up).
If the seller confirm to do revise, the same process will be apply; so the seller will improve the quality of the service/product, deliver it again by going [My Profile] section.
Buyer Taking Action After ‘Revised Delivery’
After seller delivered revised product/service, buyer needs to go [My Profile] section and take action. If buyer is ok for the service/product will click [Confirm Delivery] button , if didn’t like the service again (second time), must click [Dispute] button.
If buyer clicked to [Confirm Delivery], escrow status will become ‘Completed’ and locked money will be funded to seller (1% fee taken). If buyer clicked to [Dispute], status will become “Dispute” and both sides need to take action* for it (check below).
Status Descriptions:
- Pending: A new escrow waiting to confirmation/rejection.
- Ongoing: Escrow accepted by both sides, waiting sellers delivery.
- Delivered: Seller delivered the service/product.
- Revise: Seller improving the service/product.
- Cancelled: Escrow was not completed successfully.
- Completed: Escrow completed successfully.
• Dispute: EscrowDapp will consider the right side to release money.*
*Either/both of the parties might not be honest in making the deal — and this might result in locking up of one’s money in the escrow until the issue is resolved by involvement of legal authorities. If anything goes wrong; you will send us your evidence of the issue by e-mail or support ticket. We’ll check them and decide that who is honest/right. If the case is not clear/certain, we can apply to professional consultants if you are okey to pay the costs. If you don’t want us to apply consultans, you’ll need to sue the buyer/seller. After the case is clear, we’ll refund the money to seller/buyer.
You can check How It Works Schematic to understand everything better. If you can’t find your answer , don’t hesitate to contact us.
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