Utilize the VentureStorm Escrow service to seamlessly and securely pay your developer. In order to use the service, your developers must have a submerchant account set up. You can point them to the developer escrow guide if they have questions regarding that account. When you use the VentureStorm escrow service we will handle all of the 1099-K forms required by the IRS for your developers.
The escrow service requires each developer to have a submerchant account. Without the account you will not be able to put money into escrow for that particular developer
To add money to escrow for a particular developer navigate to the page of your project. Under the Our Team section click Options next to one of your team members. On the options menu there is a button to Add Escrow Payment, which will open a pop up to choose a developer and an amount to hold for that developer. Before submitting this form ensure that the developer and amount are correct. The funds will take an few hours to be processed correctly before they can be released.
As soon as your team finishes work you will need to release the appropriate payment. Under the same Options menu you used to add money to escrow you'll find a Release Escrow Payment button. Select this button to see a pop up that will display all current funds in escrow for that specific project. Simply select which transaction you'd like to release, press Release Payment and confirm the release.
Unfortunately we cannot handle partial payments, even to the same account. However, you can easily pay based on milestones by working with the developer to split the amounts in escrow. If you agree to pay the developer $500 for design and $5,000 for the finished product (for a total of $5,500 spent) then you will have add two separate transactions to escrow, one for $500 and the other for $5,000. Then when you need to release the transactions you will be able to select each one separately.
We charge a 3% service fee on top of the transaction value for standard processing. Then on the release we take 7% as a VentureStorm service fee. We provide you with a calculator when adding payments so you can see exactly how much your developer will receive upon release. So please work with your developer to ensure clarity in payments.
By utilizing our escrow services, all payments are secured and refundable
if work is not completed properly or payments are not disbursed as expected. If any issues arise during the development process, VentureStorm can
mediate the conflict as an unbiased third-party if both parties agree to the mediation*.
*VentureStorm will only mediate disputes of escrow payments greater than or equal to $5,000. All project scoping documents and designs agreed upon between the parties are necessary to proceed with any mediation.