Trusting The Work Vault
The Work Vault offers you a safe & reliable payment system.
The Work Vault payment system is integrated with the Escrow – a helpful feature for TWV to create a trustworthy marketplace. Currently, Escrow is working with a credit system to hold money as a neutral third party in the transaction until the service or good is delivered.
When the Escrow system is used TWV becomes a contractor between the student and employer. Whenever an employer accepts a bid, he has to send money including budget of that project and commission to TWV. TWV will keep this money until the project is completed.
In case of dispute, TWV will play a role as judge to make the final decision to refund money to the employer or send the payment to the student based on their reasons. The Work Vault escrow system gives you the ability to ensure the safety of each transaction.
Let’s look at this example for better understanding the flow:
Employer accepts a bid
When the employer accepts a bid, he has to transfer money including budget & commission fee through a payment gateway (PayPal or Stripe) for Credit. TWV will keep part of the payment while the project is in progress. Once the project is completed, money held in Escrow is manually transferred to the student by the buyer once the project is completed to their satisfaction.
Student withdraws
Each student has to send a withdrawal request to TWV to get cash. TWV reviews the request and then sends the payment to that student.
Disputes
Sometimes, TWV has to become involve in a dispute. It occurs when the employer isn’t satisfied with students performance; or the student doesn’t complete a project on time or delivers poor quality work. In contrast, when the student believes he has completed the project well but the employer doesn’t mark this project as “Finished”, the student can also send a dispute request to TWV.
Also during the project, if the student discontinues or the buyer closes the project. The responsible party will have to explain their reasons behind the action.
For any dispute (whatever the reason), TWV will play a role as judge to make the final decision to refund money to the employer or send the payment for the student based on their reasons.