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I am developing a website with PHP in which a user can rent a product. Along with the rental price the user also has to pay a security deposit which is usually the actual product price. The payments are being done by credit card.

I want the rental fees to deposited immediately to the seller's account, but the deposit fee should be on hold. When the buyer returns the product, the seller should have the option to return the security deposit to the bank account of the user from where the fee was taken. If I found that a product is somewhat damaged and it would cost me $10 to fix it, then I should be able to deduct $10 from the security deposit and return the remainder of the deposit to the buyer.

I can't use PayPal because PayPal does not hold money already transferred to the other account, meaning the other person (the seller) can withdraw the money sent to him. Something like a wallet to be built on my site will help me, as it's done in Paytm Wallet web application, but it must also be able to handle escrow payments. Can you recommend another solution for my website in which escrow payments are possible?

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  • @prabhjot are you looking for a (ready-to-use) web app, or for some PHP library to use with your own application? Any license implications (e.g. must allow for commercial use) or price limits (in case a (commercial) API/library/web-app requires payment)? – Izzy♦ Apr 12 '17 at 12:56
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    @Izzy It would be better ifsome php library works in this way with my application. otherwise I am looking for any method by which i can make a wallet type function in my website. sorry for disturbing you too much but I am really struck – prabhjot Apr 12 '17 at 13:08
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    @prabhjot I finished half of the first draft of the edit and now I'm stuck at editing the PHP library part. It seems to me that you could use something like PHP Escrow Script Pro and forget about the web app recommendation, instead build the whole app yourself. But PHP Escrow Script Pro requires the purchase of a license, which might be expensive, so I think you need to do a little bit more research first. – karel Apr 12 '17 at 13:48
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    @karel thankyou so much. really. It seem like that was all I wanted. expensive ? no problem, client doesn't care. Thank you so much – prabhjot Apr 12 '17 at 14:00
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PHP Escrow Script Pro is a proprietary (it requires purchasing the software) escrow script for PHP. PHP Escrow Script can be used to create a fully functional escrow system for a website. It uses simple PHP and is 100% customizable. This script is very easy to integrate in any website. You can even use this script as a boilerplate to build a complete escrow website like www.escrow.com.

PHP Escrow Script Facebook page has links to videos about the software.

Features

  • Login
  • Forget password
  • Remember Password
  • Escrow Send
  • Escrow Receive
  • Escrow Release
  • Sender's Account
  • Receiver's Account
  • Escrow Auto-release
  • Escrow Multi-user
  • Admin - User Management
  • Admin - Transaction Management
  • Admin - Permission Management
  • Free Support
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