How Escrow Works
Secure payments that protect both clients and service providers
What is Escrow?
Escrow is a secure payment method where funds are held by a trusted third party (TRIFIC) until both the client and service provider fulfill their obligations. This protects both parties from fraud and ensures fair transactions.
With TRIFIC's escrow system, clients can be confident their money is safe until work is completed, and service providers can trust they'll be paid for quality work delivered.
The Escrow Process
Agreement & Deposit
Client and service provider agree on project scope, deliverables, and payment terms. The client deposits funds into TRIFIC's secure escrow account.
Security: Funds are held in segregated bank accounts, fully insured and protected.
Work Begins
Service provider receives notification that funds are secured and begins work with confidence. Client can track progress through the platform.
Milestone Payments: For larger projects, payments can be released in stages as milestones are completed.
Delivery & Review
Service provider delivers the completed work. Client reviews deliverables and has a specified period to request revisions or approve the work.
Quality Assurance: TRIFIC mediates any disputes to ensure fair resolution for both parties.
Payment Release
Once client approves the work (or review period expires), funds are automatically released to the service provider. Both parties receive confirmation.
Fast & Secure: Payments are processed within 1-2 business days via your preferred method.
Benefits of Escrow
For Clients
- Pay only when satisfied with the work
- Protection against fraud and non-delivery
- Secure dispute resolution process
- Transparent tracking of payment status
For Service Providers
- Guaranteed payment for completed work
- Protection against payment defaults
- Clear payment terms before starting work
- Professional dispute mediation support
Frequently Asked Questions
Is my money safe in escrow?
Yes, absolutely. Funds are held in segregated, FDIC-insured bank accounts and are only released when both parties fulfill their obligations or by mutual agreement.
How long does the escrow process take?
The escrow timeline depends on your project. Payment release typically occurs within 1-2 business days after client approval.
What happens if there's a dispute?
TRIFIC's dispute resolution team reviews evidence from both parties and makes a fair determination. Our goal is to resolve disputes quickly and equitably for all involved.
Are there any fees for using escrow?
TRIFIC charges a small service fee (typically 2-3%) to cover escrow management, payment processing, and platform security. This fee is clearly disclosed before any transaction.
Ready to Experience Secure Payments?
Start your next project with the confidence that comes from TRIFIC's secure escrow system.