The best way to think about an escrow platform is the way many of us grew up using envelopes our first budgeting tool. Remember when you were a kid and you have 4 or 5 envelopes – one for movies, one for music, clothes, movies, etc. Each of these envelopes had it’s intended purpose marked on the envelope, with the intended funds inside.
** Fundamental Concept **
In an escrow platform, like BuildWallet, the funds need to be escrowed into the individual SOV Line Items BEFORE the work is contracted, and held safely in reserve until the scope of the Line Item has been completed, and approval has been given. Only then, can funds flow to the Subcontractor / Material Provider / or Contractor.
Key Notes about working in the BuildWallet Construction Escrow Platform:
- Moving funds from the Project’s Build Wallet to the SOV Line Items is what starts the process of getting work done.
- Contractors cannot start issuing Subcontracts or line up Material through the system without the funds being escrowed in the individual SOV Line Items.
- This is NOT a Pre-fund of anything. Funds are put into the SOV Line Items from the Project’s Build Wallet and are kept in reserve and held as the platform performs as an independent disinterested 3rd
- Funds stay inside our banking partner and inside the project’s build wallets at all times.
Taking Funds from the Project’s dedicated Build Wallet and moving it to the individual Line Item
- 2 Options to Transfer Escrow from the Build Wallet to the SOV Line Items:
Option 1 – Fund Line Item by Line Item
Action: Open the Line Item you want to transfer escrow to
Action: Click on "Fund Item"
Action: Click "Yes, fund Line Item"
When Successful - You will see "Funded" in the Line Item Indicator (right side)
Option 2 - Fund by Phase
Action: Click the carrot next to the "Total Funded" in the Phase you want to fund.
Action: Click "Fund Phase"
Action: Click "Send Funds"
Verify by reviewing that Phases Line Item Indicators and verify they say "Funded"
Certainly the easier way to fund the phase.