MOLPay Escrow Payment is a service where MOLPay acts as a trusted 3rd party that collects, holds, and disburses fund on behalf of Marketplace according to Buyer and Seller instruction.
It is an ideal solution for online companies that works as an online mall, department stores platform operator, or any C2C marketplace that deals with a huge number of customers or even those who want to focus on their business strategies instead of the complexity of a marketplace.
How does MOLPay Escrow Payment works?
Marketplace operator to integrate MOLPay escrow API
Seller and buyer seal a deal and buyer pay using MOLPay
Seller ships the good(s) to buyer
Buyer has the option to raise a dispute through API
Marketplace needs to resolve the issue between seller and buyer
Once resolved, change the flag to all OKs
MOLPay will settle the funds based on marketplace instruction during settlement
If the dispute is not able to resolved, refund to buyer will be scheduled and executed