An escrow partial payment refers to a transaction wherein funds are stored in an escrow vault and released in increments to be paid out to the merchant.
In an escrow partial release workflow, you can collect full payments from your purchasers and hold these securely in a compliant escrow vault. Payments are then released in partial amounts, based on the agreement between the merchant and purchaser.
With escrow partial release transactions, you can collect fees at different times, depending on whether you include fixed fees or percentage fees based on the item amount:
- You can collect percentage fees each time the purchaser releases a partial amount.
- You can collect fixed fees after the total amount has been released.
To create escrow partial release workflows, simply add the value 3 to the payment_type when you create an item.
The following workflow shows the stages of an escrow partial release transaction.
Updated 2 years ago