NYCPHP Meetup

[bzcoder]

snir gal wrote:
>
> Hi all,
>
>  
>
> I need to add escrow service to application
>
> Something similar to all freelance sites. (guru.com)
>
> Will appreciate any input.
>

My understanding is escrow is a legal term and you have to follow some 
pretty strict regulations when offering to escrow money.

The function is simple, you take the payment, you stick it in an 
account, when the payment is authorized you release the funds to either 
the original payer or the intended recipient.

If there is a dispute, you have to provide a method of resolving the 
dispute.

If you release the money back to the initial party, you can't charge 
them CC fees, so you have to eat them.

But please, I have no idea how much of this is correct, so consult 
someone in a financial or legal industry to give you the ins and outs.