Milestone Payments refer to the ability for the buyer to create multiple escrow transactions under one main one. Each milestone must complete before the next commences. The completion includes the seller being paid (or buyer refunded) at the end of every milestone.
Milestone payments are useful for creating a project that has its deliverables divided into phases, making it possible to pay the seller in installments. Here, the buyer or seller creates a project, however only the buyer is able to add milestones to it. Each milestone represents an escrow transaction that must complete before the next milestone commences.
All other escrow features from AtaraPay work seamlessly with the solution.
The project milestone API could be used in freelancer or delivery app marketplaces where service providers exist in a tripartite transaction involving service provider, buyer or client, and seller or marketplace operator.
In order to settle the seller and service providers, the developer is able to use the Service Provider APIs to associate each Service Provider to the respective order, enabling automatic payout of product amount and commission to the service provider and seller respectively. Cancellation fee will also be paid out to both parties, if the seller sets a delivery SLA. For details, see Service Provider API
In order to deploy the solution, Milestone Payments APIs mentioned below are required in combination with the existing Standard Payment API. To create a milestone payment all that is required to be passed, along other payment parameters, is the project id (project_id). The milestone payment associates the project id to the order id created after a successful payment has been made into escrow.
There are basically three (3) APIs required to integrate to deploy AtaraPay milestone payment on your app;
- Create Project
- Update Project
- Get Projects