Introduction to Escrow

Escrow allows two parties to protect funds until certain conditions or milestones are met. The verification of completion of these funds can be either done by Tazapay or the user, which has to be communicated to Tazapay at the time of onboarding.

To create an escrow, we need to know the Tazapay User IDs of the buyer and seller participating in the transaction, the invoice amount and currency and a free-text note on what the transaction is about.

Documents are not required to create an escrow but can be provided to indicate additional details about the underlying trade to make the eventual release process smoother for the seller (entity getting paid).

{
    "state": "Escrow_Draft",
    "sub_state": "na",
    "invoice_currency": "USD",
    "fee_tier": "standard",
    "fee_paid_by": "buyer",
    "txn_type": "goods",
    "txn_no": "2021-71615",
    "txn_description": "",
    "release_mechanism": "",
    "reference_id": "",
    "initiated_by": "53bb481a-58bc-450a-b7ea-8e818a0edcd8",
    "buyer_id": "53bb481a-58bc-450a-b7ea-8e818a0edcd8",
    "seller_id": "6ec614d4-26af-467e-a57f-aea4b04489aa",
    "invoice_amount": 300000,
    "collect_amount": 300750,
    "disburse_amount": 300000,
    "fee_tier_percentage": 6.2,
    "release_docs": [
        {
         "type": "Proof of Work",
         "url": "https://direct.download.link" 
        },
        {
         "type" : "Others",
         "name" : "OTH - File", 
         "url" : "https://direct.download.link" 
        }
      ],
    "txn_docs":[ 
      {
       "type" : "Proforma Invoice",
       "url" : "https://direct.download.link"
      },
      {
       "type" : "Others",
       "name" : "OTH - File",
       "url" : "https://direct.download.link"
      }
    ],
    "buyer": {
      "contact_name": "Jane doe",
      "email": "[email protected]",
      "country": "SG",
      "company_name": "LoremPay",
      "ind_bus_type": "Business"
    },
    "seller": {
      "contact_name": "John doe",
      "email": "[email protected]",
      "country": "GB",
      "company_name": "",
      "ind_bus_type": "Individual"
    },
    "attributes": null,
    "initiator_role": "buyer",
    "fee_amount": 750,
  }

Parameters:

Parameter	Description
state	`string` State / status of escrow
sub_state	`string` Sub state / status of escrow
invoice_currency	`string` Invoice currency
invoice_amount	`float` Invoice amount
fee_tier	`string` Applicable fee tier
fee_paid_by	`string` Party that bears the fee for the transaction. Can be: `buyer` or `seller`
txn_type	`string` Type of transaction. Can be: `goods`, `service`
txn_no	`string` Year and 5 digit escrow transcation number
txn_description	`string` A short description of the underlying transaction or trade
release_mechanism	`string` Party responsible for verifying the release documents. Can be: `marketplace`, `tazapay`, If empty; contracted MP level value will get applied
reference_id	`string` Marketplace identifier value. Example, marketplace escrow number, auto generated value, etc.
initiated_by	`string` Tazapay account UUID of the party who has initiated the transaction
buyer_id	`string` Tazapay account UUID of the buyer
seller_id	`string` Tazapay account UUID of the seller
invoice_amount	`float` Invoice amount
collect_amount	`float` Collection amount in invoice currency
disburse_amount	`float` Disburse amount in invoice currency
fee_tier_percentage	`string` Fee percentage to be paid by the party that bears the fee for the transaction.
release_docs	`[] release_docs` The list of documents to be provided as completion proof for the verification. Please check release_docs
txn_docs	`[] txn_doc` Supporting documents for transaction. Please check txn_doc
buyer	`buyer` Buyer deatils Please check buyer
seller	`seller` Seller deatils Please check seller
attributes	`json` Tunnelled add-on fields
initiator_role	`string` Party that initites the transaction. Can be `buyer` or `seller`
fee_amount	`float` Fee in invoice currency

release_docs:

Parameter	Description
type	`string` one of Bill of lading, Commercial Invoice, Packing List, Certificate of Origin, Airway Bill, Inspection Certificate, Others
name	`string` Name of the doc if user has selected type as others
url	`string` Direct download link

txn_doc:

Parameter	Description
type	`string` one of Proforma Invoice , PO, Contract, Order Form, Others
name	`string` Name of the doc if user has selected type as others
url	`string` Direct download link

buyer:

Parameter	Description
contact_name	`string` Buyer's first and last
email	`string` Buyer's email address
country	`string` Buyer's country
company_name	`string` Buyer's company name. Can be empty

seller:

Parameter	Description
contact_name	`string` Seller's first and last
email	`string` Seller's email address
country	`string` Seller's country
company_name	`string` Seller's company name. Can be empty