Escrow service behind my website

Discussion in 'Payment Processing' started by bedcech, Jan 13, 2014.

  1. #1
    Hello all,

    I'm new to the site and was hoping to get a little advice on a project I'm developing. Without outlining the entire site, what I'm looking to do is develop an online classified site that will have an escrow service behind it taking 2-3% of the transactions. The amounts will vary from small sums of 25 dollars to large sums of thousands.

    I'm having my front end built now and am looking for help for the backend. So here are my questions, and if I've missed anything please let me know.

    1. Is an escrow really what I want? I believe I'll have a fudicary relationship between the buyer and seller, but there will not be anything I will check to make sure anything is done. The buyer will authorize the transaction or decline it, and the sell will post feedback on the buyers account. (Note: not every classified ad will go through, and in most cases the seller would understand.)

    2. Is there a third party service available now that I can use? How I'd make money is if people were using my site and I'd take 2-3% off each transaction. If there is a site that only takes .5-1% and would let me tie into it I'd use it. I'm new to this and have no experience with authorize.net or paypal.

    3. If I were to have to build an "escrow" service for my site does anyone know a company that I should look into for it? Every time I look for escrow service software it take me to companies that are escrow services for software transfers.

    I guess that's enough for now. I look forward to any and all help.

    Brent
     
    bedcech, Jan 13, 2014 IP