What is Escrow?

An Escrow account is like a “prepaid account” which can be funded for a predetermined use. An online escrow service helps manage the completion of a purchase between two parties who don’t know one another. Escrow serves to hold funds, as a kind of collateral for transaction between buyers and sellers thus helping to guarantee the safety of the products and items being traded.

Ifreelance247 has integrated an escrow system where an employer can fund their online account for a particular project before the provider can release the finished work or the provider can release the work with the assurance that he will be paid for his or her effort.

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