On the basis of analysis to implement Escrow Payments, below is the generic algorithm:
Online Escrow Payment Flow Algorithm (Instructions Set)
State – 1: Buyer requests for the service* and pay the amount through any payment gateway. There should be commission and/or transaction fees included in the amount, then
Total Amount = Amount to seller + Commission and/or Transaction Fees.
At this moment, the status of escrow process will be "0"(zero).
State – 2: The amount that buyer paid will go to the Escrow* (Admin) account using any specific payment gateway.
State – 3: Both the parties (buyer and seller) will be informed (through email and/or any other mean) after successful payment with all required details. The status of this escrow process will be set to "1" i.e amount has been paid by the buyer.
State – 4: If the payment was not successful, then buyer will be informed about it and escrow status will be set to "-1". Seller may be informed about the initiation of this process and this will depend on the type of service.
State – 5: Service will be provided to "Buyer" by the service provider which should follow necessary set terms and conditions which will depend on the type of service.
State – 6: The required time slap will be provider to "Buyer" to raise dispute against the payment paid for the service. If dispute arises then this would be the duty of Escrow (Admin) to resolve that dispute and there should be set parameters which will be used to resolve dispute. In this condition "Dispute" status will set to "1" from "0" and payment will be blocked, "dispute resolution time" will be added to the "Escrow Complete" time.
This whole process will depend on the type of service and several different service specific approaches will come handy.
State – 7: If resolution of dispute goes in the favor of buyer then "Dispute" status will be set to "2" else
it will be set to "3".
State – 8: Dispute should be resolved in the set interval of time i.e “dispute resolution time”. After this set interval of time, check “Dispute status”. If its value is “2”, then transfer amount back to buyer account after deducting commission and/or transaction fees else transfer set amount to the account of service provider.
Now set escrow process status to “2” i.e Escrow complete.
State – 9: If all goes well and there is no any dispute, after completion of “Escrow Complete” time, transfer set amount to the account of seller and set escrow process status to “2” i.e Escrow complete.
Enjoy Programming!!!
Online Escrow Payment Flow Algorithm (Instructions Set)
State – 1: Buyer requests for the service* and pay the amount through any payment gateway. There should be commission and/or transaction fees included in the amount, then
Total Amount = Amount to seller + Commission and/or Transaction Fees.
At this moment, the status of escrow process will be "0"(zero).
State – 2: The amount that buyer paid will go to the Escrow* (Admin) account using any specific payment gateway.
State – 3: Both the parties (buyer and seller) will be informed (through email and/or any other mean) after successful payment with all required details. The status of this escrow process will be set to "1" i.e amount has been paid by the buyer.
State – 4: If the payment was not successful, then buyer will be informed about it and escrow status will be set to "-1". Seller may be informed about the initiation of this process and this will depend on the type of service.
State – 5: Service will be provided to "Buyer" by the service provider which should follow necessary set terms and conditions which will depend on the type of service.
State – 6: The required time slap will be provider to "Buyer" to raise dispute against the payment paid for the service. If dispute arises then this would be the duty of Escrow (Admin) to resolve that dispute and there should be set parameters which will be used to resolve dispute. In this condition "Dispute" status will set to "1" from "0" and payment will be blocked, "dispute resolution time" will be added to the "Escrow Complete" time.
This whole process will depend on the type of service and several different service specific approaches will come handy.
State – 7: If resolution of dispute goes in the favor of buyer then "Dispute" status will be set to "2" else
it will be set to "3".
State – 8: Dispute should be resolved in the set interval of time i.e “dispute resolution time”. After this set interval of time, check “Dispute status”. If its value is “2”, then transfer amount back to buyer account after deducting commission and/or transaction fees else transfer set amount to the account of service provider.
Now set escrow process status to “2” i.e Escrow complete.
State – 9: If all goes well and there is no any dispute, after completion of “Escrow Complete” time, transfer set amount to the account of seller and set escrow process status to “2” i.e Escrow complete.
(Rajesh Bhatia)
Enjoy Programming!!!
1 comment:
Can you please show the example, which explains how the escrow payment gateway works
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