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Introduction to Payments on DREAM

Published on January 24, 2017 08:00 AM
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Payments

Our payment system Escoin (short for Escrow Coin) securely processes transactions on the Bitcoin network.  The escrow payment process described in this blog is the same for jobs and gigs on DREAM:

  • Jobs: posted here, and listed here
  • Gigs: searchable here

Checkout

When paying for a gig or job (or a project milestone) on the checkout page, we will display the Bitcoin price in the client's local currency (for context only) based on the current exchange rate. The price displayed is secured for 15 minutes, after that the customer will be prompted to refresh the checkout page.

When payment is made, the transaction is automatically processed (usually within a few seconds). Client's need to register with an email address so we can send order confirmation, and so (if necessary) we can issue refunds. 

Escrow

When the payment has been made, the client is forwarded to a status page where they can discuss work with the freelancer, view documents, manage payments, and add additional milestones.  We only hold Bitcoin funds temporarily while in escrow.

Request Payment

When the work is complete the freelancer can request payment from the client.  The freelancer can submit invoices for hours worked, or the client can pre-fund milestones in advance.  Each milestone or invoice can be paid separately while the project is open.

Release Payment & Feedback

When the work is complete the client releases payment to the freelancer and leaves feedback.

Refunds & Disputes

The freelancer can cancel gigs, jobs, or milestones and refund the client at any time. If the freelancer doesn't accept a gig within seven days, we will automatically refund the client; this is to prevent stuck transactions.  The client may dispute a transaction (contact us for a link to the form).

Bitcoin Wallets

DREAM Generated Wallet

When you register on DREAM we automatically generate a temporary and unusable Bitcoin wallet address which is used for:

  • Refunds – when a freelancer cancels a job or gig; or if the checkout page times out
  • Earnings – when the client releases payment, and the personal wallet address isn't set

We discourage holding funds on DREAM, there are many dedicated wallets that we don’t plan on competing with.  Learn more about Bitcoin in our Getting Started with Bitcoin blog.

Personal Wallet

When you set your personal wallet address we will automatically transfer any balance, and all future earnings or refunds to your personal wallet address.  Email confirmation is required when you change your wallet address, and the DREAM generated wallet address is disregarded.

Network Fees

To process transactions through the Bitcoin network we pay a small fee for every transaction. As a client if you receive a refund you will see this deducted, and unfortunately there is no way we can absorb this cost.  As a freelancer you will receive the full amount from your gig or from your job proposal. We will absorb the costs as part of our fees. 

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