Safe. Secure. Peer to Peer
Buying made EASY!
- The seller has to initiate the escrow contract by signing into their account on MydlMan by simply connecting their wallet. Once their wallet is connected, they can begin laying out the service or product contract.
- The seller needs to outline exactly what will be done and what steps they will take to complete this service, this can be extremely detailed or simple and to the point – that is up to you as the buyer.
- Once the seller has completed the contract, they will need to determine if they will pay for the escrow fee’s out of the contract or if you will be responsible for the fee’s on top of the price of services or goods – this should be discussed prior to the contract being written.
- Once they finalize the contract, a copy of it will be sent over to you. If you agree to this contract all you have to do is accept the contract and you will be forwarded to make your payment.
- If you do not like how the contract is laid out or there is something missing from this contract, you can request changes to the contract in the notes box that will be under the contract, once you have the changes you would like to be made, you can send it back to the seller.
- Once you are forwarded to the payment page, you will see your total (and in some cases the fee depending on what you and the seller agreed upon). Once you submit your payment, it will be forwarded to our holding account.
- Once the services are complete or your product arrives, the seller will mark the job as completed. You will have the chance once this happens to confirm the job as done, or request revisions or dispute the transaction.
- If you dispute the transaction, you will be required to upload evidence. We will look at both parties evidence and the contract when making a determination during this dispute.
- If the product or service is to your liking all you have to do is complete the transaction on your end and the provider will receive their money from our holding account minus fee’s.
Being your own boss should be exciting! Unfortunately there are times that isn’t always the case, but at MydlMan we have you covered!
As a seller using the MydlMan Escrow Services, you are guaranteeing that the client you are working with has the money to pay for the services you are providing!
It only takes a few minutes to begin an Escrow Service as a seller!
Opening an Escrow
- Sign into your MydlMan Account by simply connecting your Crypto Wallet
- Create Contract should appear in the middle of your screen.
- Once you click on Create Contract, you should see a few fields pop up, this is the contract!
Sorting out the Contract
- You will need to title your contract, typically whatever service you are providing.
- Enter the buyers wallet address, this will be how we identify their account in MydlMan and get them a copy of this contract.
- Give an estimated timeline. If a physical good, you will be able to update the contract with a Tracking Number for Postage once Escrow has been accepted. (You will not be able to change the contract body, unless a change of contract is accepted by the buyer).
- Enter the price of the Service or Good (You will be able to choose if the buyer will pay for the escrow fee’s or if the escrow fee’s will be taken out of this price).
- Outline what will be done in the course of work, be descriptive because the buyer will be looking at this contract once you are done filling this out. Look back to prior conversations to make sure you do not miss anything! The buyer will be able to reject your contract if it is missing anything. Some will want more, some will want less.
- Once you are satisfied with the contract, you can submit it to the buyer.
- The buyer will look over the contract and make sure everything you discussed is in this contract. If you have missed anything, they will notate this in the notes and send it back to you for revision. Simply make the changes needed and resend it back to the buyer.
- Once they have agreed to the contract, you will be alerted of that the escrow transaction was a success and you can begin work based on the timeline you submitted.
- If you have any changes you need to make to the contract, you can request a change of contract, please discuss this with the buyer prior to sending a change of contract, as they will need to accept this. If a Change of Contract is accepted, it will go through the same process as before and the buyer will be able to ask for revisions of the contract before acceptance.
- Once the work is done, you can submit the work to the buyer and mark the job as complete. The buyer will have 48 hours to accept the job or dispute.
- Should a dispute arise, you will have 48 hours to submit your evidence to our Dispute Resolution team. We will look at both the evidence and the contract when determining the outcome of the dispute.
- Once the job is successfully completed, you will receive payment immediately. Due to the nature of Escrow, you will receive the value agreed upon on contract signing. If paying in crypto, prices can fluctuate upwards or downwards during this time and MydlMan cannot be held liable.