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Can Funds Lockin Period be little less

rolludesig
Community Guru

I still wonder what is point of having 5 day fund lockin with fixed price jobs and 10-12 days with hourly jobs?

 

 

Fixed price jobs can be made immediately avaliable into the account..whole monthly budget is in shatters due to it..it takes atleast 2 days to complete a small job and after that waiting for 5 days makes it almost 10 days to get fixed price escrow..

4 REPLIES 4
tlsanders
Community Guru

It seems unlikely this is going to change. After a lot of discussion and forum posting on the subject and who knows what kind of research behind the scenes, Upwork spent months testing shorter release periods under varying circumstances, responding to all posts like this with assurances that they were testing and considering their options.

 

Then, the testing stopped, and recently moderator responses have reverted to "no immediate plans to change the system." 

thats disappointing...few things need to be freelancer friendly as well:( even 1-2 days lockin will do the same job as a 5 day lockin

 

but exactly what is the purpose of holding back funds when the client approves them after everything is delivered...


@Rahul V wrote:

thats disappointing...few things need to be freelancer friendly as well:( even 1-2 days lockin will do the same job as a 5 day lockin

 

but exactly what is the purpose of holding back funds when the client approves them after everything is delivered...


 I believe that the hold period is intended to ensure that the client's payment clears before passing it along (though I'm not sure how/why that applies to escrowed funds). It does make sense that the transfer isn't instantaneous, since we've seen situations in the forums where a client or freelancer reports a mistake in the release of funds, but it shouldn't take five days to notice that type of issue.

 

I don't actually think the hold period is unreasonable (I've been freelancing for nearly 30 years, so I've worked with a lot of clients who have a 45-day turnaround), but it is a bit troubling that Upwork went through all that testing and then reverted to the old system. I'd love to know what negative impact releasing funds in three days had during the test phase.

yeah i agree but most of us are doing small range projects and waiting for every small payment for days and then accumulate reasonable amount to withdraw really takes up some time...

 

we can see paypal transfers are instant, elance had wonderful verfication system and immediate credit of funds.

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