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 |
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 |
string Seller's email address | |
| country | string Seller's country |
| company_name | string Seller's company name. Can be empty |