{"id":28213,"date":"2023-02-02T02:02:34","date_gmt":"2023-02-02T08:02:34","guid":{"rendered":"https:\/\/www.cadcrowd.com\/blog\/?post_type=kb_article_buyers&p=28213"},"modified":"2023-02-02T02:02:35","modified_gmt":"2023-02-02T08:02:35","slug":"fixed-rate-transactions","status":"publish","type":"kb_article_buyers","link":"https:\/\/www.cadcrowd.com\/help\/buyers\/fixed-rate-transactions\/","title":{"rendered":"Fixed-rate contract transactions & escrow payments"},"content":{"rendered":"\n

Fixed-rate job contract transactions use a more complicated back-end accounting process than hourly jobs due to the various stages with escrow payment transfers.<\/p>

\ud83d\ude80 In this article <\/strong><\/p>

Fixed-rate contract transactions stages<\/h2>

Stages of a fixed-rate job contract:<\/p>

    \n
  1. Deposit:<\/strong> Your primary payment method is billed to fund your account balance<\/li>
  2. Escrow account:<\/strong> Your account balance funds the escrow milestone payment<\/li>
  3. Service fee:<\/strong> Your account balance is billed for the platform service fee<\/a><\/strong><\/li>
  4. Approve milestone:<\/strong> When you approve an escrow milestone, the escrow account funds are transferred back into your account balance<\/li>
  5. Payment:<\/strong> Your account balance is billed, and the payment is sent to the expert<\/li>\n<\/ol>

    The stages of escrow contract payments show in reverse order on your transaction history. The last stage will show first on the transaction history because the transactions are sorted by date, and the recent transfers are displayed first (i.e., payment sent to the expert is the most recent activity).<\/p>

    Job offer deposits & new milestone payments<\/h2>

    If you send job offers or create milestones<\/strong><\/a>, you must deposit funds into an escrow account (minimum of $5.00 USD). Your deposit adds three transaction entries, including one credit and two debit activities in your transaction history<\/a><\/strong>.<\/p>

    Transaction<\/strong><\/td>Account entry<\/strong><\/td>Description of transaction<\/strong><\/td><\/tr>
    Account deposit<\/td>Credit<\/td>Deposit funds from your preferred payment method into your account balance<\/td><\/tr>
    Fixed-rate (escrow)<\/td>Debit<\/td>Account balance funds are transferred into the escrow account for a milestone (or entire contract value)<\/td><\/tr>
    Service fee<\/td>Debit<\/td>Payment for platform service fee<\/a><\/strong>
    <\/td><\/tr><\/tbody><\/table><\/figure>

    Accept and release a milestone payment<\/h2>

    After accepting and releasing a milestone payment, the platform transfers the escrow funds into your account. Next, the funds are immediately transferred into the expert’s account.<\/p>

    This creates two transaction entries on your transaction history<\/a><\/strong>:<\/p>

    Transaction<\/strong><\/td>Account entry<\/strong><\/td>Description of transaction<\/strong><\/td><\/tr>
    Account deposit<\/td>Credit<\/td>Funds transferred from the escrow balance into your account<\/td><\/tr>
    Fixed-rate payment<\/td>Debit<\/td>Funds transferred from your account balance into the expert’s account for milestone payment (or for entire project value)<\/td><\/tr><\/tbody><\/table><\/figure>

    Add a bonus to fixed-rate job contract milestones<\/h2>

    If you want to increase your payment for a milestone, you’ll need to send a bonus separately, which doesn’t impact your escrow balance. When you make payments for bonuses and hourly contracts, the amounts are grouped and charged in a single transaction. Your transaction history will reflect this combined payment in a single line item.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Fixed-rate job contract transactions use a more complicated back-end accounting process than hourly jobs due to the various stages with escrow payment transfers. \ud83d\ude80 In this article Fixed-rate contract transactions stages Stages of a fixed-rate job contract: The stages of escrow contract payments show in reverse order on your transaction history. The last stage will […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_uag_custom_page_level_css":"","ep_exclude_from_search":false,"footnotes":""},"kb_topic_buyers":[549],"class_list":["post-28213","kb_article_buyers","type-kb_article_buyers","status-publish","hentry","kb_topic_buyers-reports"],"aioseo_notices":[],"spectra_custom_meta":{"_edit_lock":["1675324957:1"],"_edit_last":["1"],"_aioseo_title":[null],"_aioseo_description":[null],"_aioseo_keywords":[""],"_aioseo_og_title":[null],"_aioseo_og_description":[null],"_aioseo_og_article_section":[""],"_aioseo_og_article_tags":[""],"_aioseo_twitter_title":[null],"_aioseo_twitter_description":[null],"_uag_css_file_name":["uag-css-28213.css"],"_uag_page_assets":["a:9:{s:3:\"css\";s:0:\"\";s:2:\"js\";s:0:\"\";s:18:\"current_block_list\";a:6:{i:0;s:14:\"core\/paragraph\";i:1;s:14:\"core\/separator\";i:2;s:12:\"core\/heading\";i:3;s:9:\"core\/list\";i:4;s:14:\"core\/list-item\";i:5;s:10:\"core\/table\";}s:8:\"uag_flag\";b:0;s:11:\"uag_version\";s:10:\"1776225335\";s:6:\"gfonts\";a:0:{}s:10:\"gfonts_url\";s:0:\"\";s:12:\"gfonts_files\";a:0:{}s:14:\"uag_faq_layout\";b:0;}"]},"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"post-thumbnail":false,"sticky-post-thumbnail":false,"archive-post-thumbnail":false,"yarpp-thumbnail":false},"uagb_author_info":{"display_name":"MacKenzie Brown","author_link":"https:\/\/www.cadcrowd.com\/blog\/author\/mackenzie-brown\/"},"uagb_comment_info":0,"uagb_excerpt":"Fixed-rate job contract transactions use a more complicated back-end accounting process than hourly jobs due to the various stages with escrow payment transfers. \ud83d\ude80 In this article Fixed-rate contract transactions stages Stages of a fixed-rate job contract: The stages of escrow contract payments show in reverse order on your transaction history. The last stage will…","aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t