Note: We are changing the term “escrow” to “project funds” across our platform, while maintaining the same trusted functionality. The way you use the platform remains the same—only the terminology is changing. Contracts, payments, and security will all continue to work as they did before this small change.
Transactions on fixed-price contracts have more complex back-end accounting than hourly contracts because funds are deposited and then moved back into your account when it is time to make a payment.
You can see these deposits on your Escrow balance page under the Escrow transactions tab.
What happens on the backend of the fixed-price transaction process
- Funds are deposited into your account from a billing method
- Funds move out of your account into project funds
- Funds move out of your account to cover fees, such as the Marketplace Fee and the one-time Contract Initiation Fee, when applicable
- When releasing payment, funds are deposited back in your account
- Funds are sent from your account to the freelancer or agency