We are happy to share that One Circle and Truzo (an Envisionit company) partnered to ensure payment security on the One Circle platform.
Let’s face it, one of the biggest obstacles to embracing a freelance or platform-based future is having to give up the security of a monthly paycheck. Bills need to be paid, debit orders funded and mouths fed.
If people can’t be certain of getting paid, why would they give up their time and efforts?
There’s no sugar coating the fact that freelancing is not for the faint-hearted or the thinly budgeted. Most indicators suggest that a freelancer should have at least 3 month’s buffer in savings for the lean months, when funds are simply not coming in. Hence prompt and trusted payments can make a big difference in a freelancer’s life and their chances of success on this venture.
On the other hand, clients like the assurance of knowing that they’ll be able to REVIEW and APPROVE work before releasing payment to the freelancer.
This is difficult to achieve when dealing directly with Independent Consultants, given the need to put in a deposit right after to approve the terms of engagement. This becomes extremely difficult when the Independent Consultant is working remotely.
One Circle in partnership with Truzo offers a digital escrow functionality to protect both clients and freelancers.
Truzo is registered with both Financial Sector Conduct Authority (FSCA) and Payments Association of South Africa (PASA). Truzo was voted Top 7 South African Innovations by UK Government Go Global TechHub, awarded the Top 20 Award by South African Small Business Awards 2019, shortlisted as a top 5 MTN business app of the year, and voted Top 5 best app in Africa by Apps Africa.
With escrow, clients pay in advance (in the currency of their choice) and funds are released to freelancers when milestones are reached, or work is completed. In this manner, the client’s funds are protected until all work is approved and the consultant is confident to get the funds promptly upon successful delivery on the project brief.
Escrow also gives assurance to freelancers who know that the entire project is funded before they start any related work.
What is ESCROW?
It is best described as a trusted neutral holding place where funds are placed until work is done to an agreed level of satisfaction. The funds stay there until the freelancer delivers the work to the client’s satisfaction.
With One Circle
In simple terms, client funds stay in escrow with Truzo until the work is done and delivered.
Funds are released to the Independent Consultant on successful completion of milestones or project; if the work is not completed, the funds are returned to the Client.
Any disputes related to payment is managed through a clear resolution process with One Circle.
As with most things, communication is key.
Agreeing with a client upfront on how to deliver the work is crucial, and One Circle has collaboration-friendly solutions to both facilitate and keep records.
Becoming a freelancer is already daunting. We have established a framework enabled through our platform that takes the pain associated with these additional areas of concern away. This provides a level of assurance to both clients and consultants through using reputable partners and an escrow approach to payments.
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