I want to build an escrow website
Escrow works like this:
Either the Buyer or Seller may start a new escrow transaction from the Member Account. The fully automated system instantly adds the new transaction to both parties accounts. If one party doesn't have an account, the system will invite them to join.
From the private escrow status page, the Buyer submits payment to Online Escrow admin for safekeeping. When payment has been submitted, the system instantly updates the status of the transaction and instructs the Seller to ship the item. Once the item has been shipped, the Seller informs Online Escrow from the status page.
The Buyer receives the item and upon confirmation, the Seller receives payment. Both parties are protected from fraud every step of the way.
Implementation wise, I'd track escrow deposits like any transaction, I'd also track escrow payments the same way.
You need to come up with a way to store "Work Orders" in a database. These would have two columns "AcceptedByA", and "AcceptedByB", as well as the amount of money.
• Automated buyer/seller signup
• Password forget system
• Buyers can choose the methods of receiving the goods
• Sellers can choose the methods of receiving the money once transaction is completed
• Members have the ability to update their profile
• Welcome email is sent when a new member signs up
• Members can view the list of escrow transactions in the member account
• Both parties will by notified via email when there is a new escrow transaction
• Members can start an escrow transaction instantly
• The status of the escrow transaction is displayed real-time
• Integrated support desk for quick contact to the admin
• Ability to edit and delete members
• Ability to set the commission fee
• Edit admin username/password
• View/Edit enquires sent through the member support desk
• Real-time monitoring of every escrow transaction
• Email notification when a payment has been made
• Email notification during the process of the escrow transaction so that admin can be updated through email
• Admin can manually delete/approve/complete escrow
• Ability to view the details of each escrow transaction
• Admin can view escrow transaction by status (All Escrows, Waiting Escrows, Canceling Escrows and Approving Escrows)