EngineThemes has just introduced the new Credit extension to work with Escrow system on FreelanceEngine a couple weeks ago. We’re glad that this plugin has received great attention from many of you. So, this is the tutorial about:
- As an admin: How to activate Credit and Escrow systems on his freelance marketplace website. And how to approve payment for credits.
- As an employer and a freelancer: How to buy, transfer, and withdraw credits easily.
FreelanceEngine Credit Extension is built to solve the absence of PayPal Adaptive or Stripe Connect working with Escrow system in FreelanceEngine in some countries. With this purpose, this plugin is usable when integrated into FreelanceEngine, not as a stand alone extension.
I’m gonna walk you through the workflow of Credit extension from how to set the Credit System in back-end, how to buy credits, use credits to make transaction, to how to withdraw them.
- 1 1. [Admin] Set up Credit system
- 2 2. [Employer] Buy Credits
- 3 3. [Admin] Approve payment (Cash)
- 4 4. [Employer] Request a security code
- 5 5. [Employer] Post a project
- 6 6. [Employer] Accept a bid
- 7 7.1 [Employer] Withdraw money – PayPal and bank account supported
- 8 7.2 [Freelancer] Withdraw money
- 9 [Updated Credit system]
1. [Admin] Set up Credit system
- Enable Escrow system in the back-end (Engine Settings → Escrow → Settings). And, make other settings, including: Set commission rate, commission type, payer of commission fee.
- Next, enable Credit system (Engine Settings → Credit System).
*Note: When you choose to use credit system to work with Escrow on your project bidding website, PayPal Adaptive and Stripe Connect API are disabled.
- Credit plans: Create different pricing plan for employer to buy credits. Conversion rate: 1$ for 1 credit.
- Minimum money in each withdraw process
- Email template
- Prevent access to deposit page
- Deposit page slug
- Set admin email who will receive notification
2. [Employer] Buy Credits
- Go to Your Profile → Tab Credits → Click on button ‘+’ (see image).
- Choose a suitable pricing plan. And pay by different payment methods.
3. [Admin] Approve payment (Cash)
In step 2, if credits are paid in Cash or by PayPal account that has Payment review option turned on, admin needs to approve the payment so that the credits appear in user’s account.
Admin can do this in Engine Settings → Payments. Payment credit has the format: Deposited (Name of pricing plan) by username.
4. [Employer] Request a security code
- Go to Your Profile → Request a new secure code.
The code is sent to the employer via email. The employer would use this code to make transaction on your site (such as project submission, project fee, money withdrawal). If the employer forgets his secure code, just request a new code.
5. [Employer] Post a project
- Step 1: Select pricing plan.
For example: I choose Premium package: $20 (20 credits) for 15 posts.
- Step 2: Enter project details.
- Step 3: Select payment method.
At this step, select Your balance to pay by credit.Enter the secure code, and 20 credits are automatically deducted from employer’s credit balance.The employer can check his credit balance in Your Profile → Credits. 20 credits were deducted for Premium package; thus, the available balance is now 280 credits.
6. [Employer] Accept a bid
- Enter the secure code.
The total project fee – 121 credits (including commission fee) is transferred to Escrow system during the project. In employer’s credit account, 121 credits are moved from available balance to frozen balance.When the project is marked as completed, Escrow would release 121 credits from employer’s frozen balance to freelancer’s available balance (project cost) and admin account (commission fee).
7.1 [Employer] Withdraw money – PayPal and bank account supported
An employer can withdraw some credits from his account.
- Update PayPal account or bank account in Your Profile → Credits.
- Click on “Withdraw” button, enter the withdrawal amount and secure code, then submit to wait for admin approval. While the employer waits for admin approval, the withdraw amount appears in the Frozen balance.
- After admin approves and manually sends the withdraw money to the employer via his PayPal or bank account, this amount is removed from frozen balance.
7.2 [Freelancer] Withdraw money
In this FreelanceEngine Credit version 1.0, the freelancer would manage his credits used to bid project and credits received for a project in separate tabs (Account Details & Credits respectively). But the good news is that in the next version, we will integrate these two into 1 tab Credits for easy management.
For a freelancer, steps to withdraw credits are all the same as those for an employer.
I believe this credit extension is beneficial for your freelance website, especially in locations where PayPal Adaptive or Stripe Connect is not available. Just try this plugin yourself in our demo to see how it works. If you need further help, please feel free to send us a ticket via EngineThemes forum. Our technical support staff will help you solve the issue.
[Updated Credit system]
FreelanceEngine theme is updated with modifications in Credit system. Please take a look at this post for the latest news.