NYCPHP Meetup

[snir gal]

----- Original Message ----- 
From: "bzcoder" <bzcoder at bzcode.com>
To: "NYPHP Talk" <talk at lists.nyphp.org>
Sent: Thursday, September 04, 2008 4:05 PM
Subject: Re: [nycphp-talk] escrow script


> 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.
>
yes,  i know that 99% of online escrow services are not real escrow service 
they just use the term escrow
the only real online escrow service is escrow.com
"All escrow services offered on this Website are provided independently and 
exclusively by Internet Escrow Services(SM) (IES),
one of the operating subsidiaries of Escrow.com. IES is fully licensed and 
accredited as an escrow company and is subject to compliance
with all applicable escrow regulations, including the California Financial 
and Business Code. "


> 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.

 i wish to know how other site deal with that.


>
> 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.

thanks, i did consult a lawer about liability.
you know enough, most people i talk with dont know all this info.

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