Feature Spotlight: Using the Escrow Now Feature

One of the main pillars of freelancing is trust. You're performing work for a client you've met through a freelancing platform or directly online; most likely you've only had a couple of discovery calls with them or exchanged a few messages. Now that the work is complete, you wonder how to deal with the payment for your deliverable. Should you ask for a full payment? How can you ensure you're actually getting paid?

If you have been on HYVE for some time, you'd know that we had introduced escrowed payments for all listings, as we have been advocating for this system for a long time. Recently, we extended this feature for clients and freelancers that want to settle payments outside the HYVE platform through Instant Pledge. This feature streamlines secure transactions by allowing users to create an Escrow Account almost instantly, through a simple and user-friendly process.

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Let's explore how escrow accounts are a game changer in freelancing, as we continue to introduce new features that improve the collaboration.

Escrowed payments & freelancing

We've talked about this subject extensively, but if you still have doubts why escrow payments should be embedded in freelancing platforms, here are some of the main benefits:

Convenient Payments: An escrow account offers a major benefit by ensuring that freelancers can work confidently, knowing the client’s payment is safely held and will be released only when the specific milestones or project deliverables have been achieved.
Building Trust: Escrow accounts are essential for fostering trust with new clients, as they provide assurance that their money is securely held and will only be paid out once the freelancer has delivered the promised work.
Defined Terms & Conditions: Escrow accounts require clearly established terms and conditions for fund release, which enhances communication between both parties and minimizes the likelihood of misunderstandings. In our case, the number of revisions and the delivery date for the work are the main terms and conditions.
Minimizing Non-Payment Risk: Escrow accounts help protect against non-payment by ensuring the client's payment is held upfront, guaranteeing that funds will be available once the work is completed to satisfaction.

Understanding the Escrow Now feature

Instant Pledge or Escrow Now is a feature designed for individuals needing a secure escrow account to settle transactions that occur outside of the HYVE platform. This feature eliminates the need to create a full listing on the platform thus providing one of the safest and most convenient ways to send and receive funds for performed work. Our Escrow Now solution is backed by a smart contract, ensuring trust between parties, as the service is fully automated.

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Whether you're a freelancer looking to secure payment for your services, or a client wanting to ensure delivery before releasing funds, Escrow Now provides a robust, flexible, and accessible solution that adapts to your needs.

How do we use Escrow Now?

The process of using Escrow Now is straightforward and intuitive:

begin by initiating the process by clicking the Escrow Now button in the top right corner of the platform;
specify whether you are paying or receiving funds and provide a brief description of the transaction;
set the terms of the agreement, including the number of revisions (if applicable) and the delivery time for the work or service;
select the blockchain and token for payment and input the total amount;
provide the wallet addresses for both the payer and the payee.

Before finalizing the escrow, you will be presented with a comprehensive review of all the details, ensuring accuracy and preventing potential misunderstandings. Upon confirmation, Escrow Now generates a secure link for the escrow account. For a more detailed overview, make sure to read our dedicated blog, released earlier in the summer.

Instant Pledge & User Directory

Welcome back, HYVERs! We are thrilled to kick off the week with an exciting new feature that will revolutionize the way you handle transactions. By implementing one of the most anticipated features from the First Era, we are proud to introduce Instant Pledge and User Directory! This game-changing addition, based

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This link can be easily shared with your counterparty, facilitating a smooth and secure transaction process.

Why HYVE's escrows are different?

At its core, Escrow Now leverages HYVE's robust cross-chain infrastructure, allowing users to choose from an impressive array of over 200 supported cryptocurrencies across more than 15 blockchains to settle their transactions.

One of the most appealing aspects of Escrow Now is its simplified process – our user-friendly approach opens up the benefits of secure, blockchain-based transactions to a wider audience, potentially accelerating the adoption of Web3 technologies in the freelancing world.

You can also create an Escrow Account through our dedicated Telegram Bot, which we have implemented during the month. Discover more by reading our latest Dev Update, where the Telegram Bot is described in detail:

First Era: Dev Update 2

We embarked on a new transformative journey in March, releasing the First Era of our development roadmap, with an ambitious timeline and groundbreaking features to be implemented. Today we are excited to announce the introduction of two new features, the Telegram Bot, as well as Web3 Modal. These new platform

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Use the Telegram Bot!

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This flexibility allows users to manage their transactions from any device, adding a layer of convenience that is essential in today's fast-paced digital environment.

What's next?

As with any innovative technology, you may have questions regarding the progress we're making with the platform. Rest assured, we're delivering new partnership and working on new

If you have any questions about how Escrow Now works or need assistance using the feature, we encourage you to reach out to our community on our official Telegram group. Don't hesitate – join our Telegram group today and become an active part of the HYVE community!

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Remember, at HYVE, we believe in the power of community. Your questions and feedback contribute to the continuous improvement of our platform for all users. If you have any suggestions, do use our Request a Feature page!