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Started By
Message
Sending money to someone....conditionally
Posted on 1/13/15 at 2:43 pm
Posted on 1/13/15 at 2:43 pm
I'm looking for a website, like PayPal where you can send money where initially the recipient can see it but can't take it out until you give further authorization.
For example. Bob in Dallas needs a service from Mike in Houston. Bob is afraid Mike might not show up, and Mike doesn't want to drive to Dallas for no reason, suspecting Mike doesn't have the money. So Bob sends the money to Mike through this service where Mike can see that the funds are available...but he can't withdraw. When they meet in Dallas, Bob "unlocks" it and Mike proceeds to do the work.
Kind of like POs pretty much, for companies.
For those that use PayPal, it will be like seeing the transfer but not being able to "claim" it until the next step by sender.
Hope that makes sense . Is there a website/service that does something like this?
Thanks
For example. Bob in Dallas needs a service from Mike in Houston. Bob is afraid Mike might not show up, and Mike doesn't want to drive to Dallas for no reason, suspecting Mike doesn't have the money. So Bob sends the money to Mike through this service where Mike can see that the funds are available...but he can't withdraw. When they meet in Dallas, Bob "unlocks" it and Mike proceeds to do the work.
Kind of like POs pretty much, for companies.
For those that use PayPal, it will be like seeing the transfer but not being able to "claim" it until the next step by sender.
Hope that makes sense . Is there a website/service that does something like this?
Thanks
Posted on 1/13/15 at 2:46 pm to castorinho
Why not use a letter of credit with your bank?
ETA - Assuming this is a business transaction.
ETA - Assuming this is a business transaction.
This post was edited on 1/13/15 at 2:47 pm
Posted on 1/13/15 at 2:50 pm to castorinho
quote:
So Bob sends the money to Mike through this service where Mike can see that the funds are available...but he can't withdraw.
What's to stop Bob from pulling the money back after the service is completed by Mike?
Posted on 1/13/15 at 2:53 pm to AngryBeavers
quote:
What's to stop Bob from pulling the money back after the service is completed by Mike?
That's why a letter of credit is used in the business world. The financial institution holds the funds based on a condition that must be completed.
Posted on 1/13/15 at 2:57 pm to castorinho
How much are we talking here? If it's a significant amount of money, you could use an escrow company.
Posted on 1/13/15 at 3:06 pm to LSUFanHouston
About 1000€.
MIKE is in France and Bob is in the UK.
they've both kind of screwed each other in the past and don't trust each other.
If they had a common friend, that friend could probably hold it but that isn't the case.
Trying to help out with a solution
MIKE is in France and Bob is in the UK.
they've both kind of screwed each other in the past and don't trust each other.
If they had a common friend, that friend could probably hold it but that isn't the case.
Trying to help out with a solution
Posted on 1/13/15 at 4:02 pm to castorinho
Sounds like a letter of credit on an agreed bank is the route those two need to go. Assuming they can agree on the bank
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