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Escrow

Escrow means a neutral third party holds funds until both sides confirm a condition is met, then releases them. For services work, that condition is usually a milestone: a scope of work delivered and approved. Providers usually charge a percentage of the amount held.

How funds moveBuyer deposits with the escrow provider, work happens, buyer approves, funds release to the seller
Milestone releasesSplit a project into stages, each released separately once approved
Typical feeA percentage of the amount held, paid by the party the agreement specifies
Status at FassetIn development, expected Q1 2027

Why would I use escrow instead of invoicing directly?

Invoicing directly means trusting a new client to pay after the work is done, or trusting a new supplier to deliver after you have paid. Escrow removes that trust requirement by holding the funds neutrally until both sides agree the condition is met, which matters most on larger, milestone-based work where releasing everything upfront or waiting for full delivery both carry real risk. Fasset's escrow product is in development for Q1 2027, with pricing confirmed at launch, details on the escrow page.

Related terms

Glossary Safeguarding Why client funds are held separately at licensed institutions instead of on a company's own balance sheet, and how that differs from deposit insurance. Glossary Stablecoin A digital token designed to track a currency. USDT is designed to track the US dollar and settles in about 20 seconds. Glossary Correspondent bank The intermediary a SWIFT payment passes through on its way to you, and why $15 to $30 goes missing at each hop.

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Fasset Business gives businesses local currency accounts and modern rails. The application runs entirely online.

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Client funds are held separately from Fasset’s own.