As far as payment is concerned, clients can either directly pay the invoices to the freelancer or he can prepare an escrow of the funds with Work N Hire. Escrow is a system in which Work N Hire holds the client’s money temporarily until the project is successfully completed by the freelancer, and once client is satisfied that the project is complete, he can release the funds to the freelancer. Escrow payment is a system which ensures payment-safety for both, clients and freelancers. All transactions show up in the Work N Hire account summary and freelancers can withdraw these funds (after it’s released) to their personal bank account through NEFT, Cheque or Paypal withdrawals.
In case of disputes Work N Hire tries to arbitrate between client and freelancer to settle the dispute to a mutual agreement. Work N Hire arbitrates only when Escrow system is used and their decision is binding.
Currently they charge a 5% fee [excluding service tax] on every payment made to the freelancers. They are also working on more ways to monetize by adding services like profile verification, skill tests etc. In the first month of their launch, more than 2500 people have registered on their site, which serves as a testimony of their work.
Work N Hire also aims to add many features in future such as Payment gateway integration, Pre Packaged Services, Digital Goods Market, Profile Verification Service, Dispute Resolution Service and Skill Tests etc.
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