Payment Terms
- Payment Structure
1.1. Payment Methods
Payments on the platform can be made using the following methods:
- Credit/Debit Cards
- Bank Transfers
- E-wallets
- PayPal
1.2. Payment Schedule
Payments will be structured as follows:
- Hourly Projects: Payments are typically made on a weekly or bi-weekly basis, depending on the agreement between the freelancer and employer.
- Fixed-Price Projects: Payments are divided into milestones or stages as agreed upon in the project contract. Each milestone payment is due upon completion and approval of the respective phase.
- Escrow System
2.1. Escrow Management
For fixed-price projects, the platform will use an escrow system to hold funds securely until the project milestones are completed. The employer must deposit the agreed amount into escrow before the freelancer begins work.
2.2. Release of Funds
- Upon Milestone Completion: Funds for each milestone will be released from escrow to the freelancer upon successful completion and approval of that milestone by the employer.
- Dispute Resolution: If there is a dispute regarding milestone completion, the funds will remain in escrow until the dispute is resolved as per the platform’s dispute resolution policy.
- Payment Processing Fees
3.1. Fees for Transactions
The platform may charge a processing fee for each transaction. This fee will be deducted from the total amount paid by the employer or the amount received by the freelancer, as applicable. The fee structure will be outlined on the platform and may vary based on the payment method used.
3.2. Currency Conversion Fees
If payments are made in a currency different from the freelancer’s or employer’s base currency, currency conversion fees may apply. These fees will be charged by the payment processor and are not controlled by the platform.
- Payment Disbursement
4.1. Timing of Disbursement
- For Hourly Projects: Payments are disbursed on a Weekly basis, subject to the completion of the work and approval by the employer.
- For Fixed-Price Projects: Payments for completed milestones are disbursed within five business days of approval.
4.2. Minimum Withdrawal Amount
Freelancers must accumulate a minimum amount of $30 before they can request a withdrawal. This minimum amount helps to cover transaction and processing fees.
- Payment Disputes
5.1. Dispute Resolution
In the event of a payment dispute, the matter will be handled according to the platform’s dispute resolution process. Both parties must provide all necessary documentation and evidence to facilitate a fair resolution.
5.2. Chargebacks and Refunds
- Chargebacks: If an employer initiates a chargeback through their bank or payment provider, the platform may suspend the freelancer’s account until the issue is resolved.
- Refunds: Refunds for cancelled projects or disputed milestones will be processed according to the platform’s cancellation and dispute resolution policies.
- Taxes
6.1. Tax Responsibilities
Both freelancers and employers are responsible for their respective taxes, including VAT, GST, or any other applicable taxes based on their local regulations. The platform will not withhold or pay taxes on behalf of the users.
6.2. Tax Documentation
Freelancers and employers may be required to provide tax documentation as part of the verification process or in response to tax-related inquiries.
- Account Verification
7.1. Verification Requirements
To ensure secure transactions, users may be required to verify their account details before making or receiving payments. This may include providing identification documents, proof of address, or other verification documents.
7.2. Security Measures
The platform employs security measures to protect payment information and prevent unauthorized transactions. Users are encouraged to report any suspicious activity immediately.
- Compliance and Changes
8.1. Compliance with Regulations
All payment activities must comply with relevant financial regulations and anti-money laundering laws. The platform reserves the right to review and report suspicious activities.
8.2. Changes to Payment Terms
The platform may modify these payment terms from time to time. Users will be notified of any changes, and continued use of the platform constitutes acceptance of the updated terms.
- Contact Information
For any questions or issues related to payments, users can contact the platform’s support team at [ info@yozarr.com ].
