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Payments & Escrow Terms

Effective date: July 26, 2026

Template notice. This is a drafting template. It is not legal or financial-regulatory advice. Whether an activity requires money-transmitter or escrow licensing is fact-specific and varies by state and country. Have qualified counsel confirm that your flow, your relationship with Stripe, and your fee model do not require licenses you don’t hold, and finalize every [BRACKET].

These Payments & Escrow Terms are part of, and incorporated into, the Terms of Service. They govern funding, fees, escrow, payouts, refunds, and disputes on the SociallyBid Platform.

1. SociallyBid is not a bank, money transmitter, or escrow agent

  • We do not hold, custody, or control your money. All payment processing, fund holding, and payouts are performed by our third-party payment processor, Stripe, through Stripe Connect. Your use of those services is subject to the Stripe Connected Account Agreement and Stripe Services Agreement.
  • SociallyBid is not a bank, money services business, money transmitter, payment institution, escrow agent, or fiduciary, and does not provide banking, deposit, lending, or investment services. References to "escrow" describe the workflow by which a Business funds a Deal and funds are released to a Creator upon confirmation; they do not mean SociallyBid takes possession of funds.
  • Funds held pending release are held by the payment processor, not by SociallyBid. No interest accrues to you on funds during any holding period.

2. How funding and release work

  1. When a Business accepts a Creator’s offer, a Deal is created and the Business is prompted to fund the Deal via the payment processor’s hosted checkout.
  2. The funded amount covers the agreed cash plus the platform fee described below. Funds are held by the payment processor.
  3. When both sides mark the Deal delivered, the Business may confirm to release the Creator’s payout. If the Business does not act, the payout auto-releases after [7] days from the pending-confirmation state. A Deal that is never funded within [72] hours is automatically cancelled.
  4. On release, the Creator’s payout is transferred to the Creator’s connected payout account, less the platform fee.

3. Platform fees

  • SociallyBid charges a platform fee on Deals, made up of two parts: a service fee the Business pays on top of the cash amount (currently 15%), and a smaller fee deducted from the Creator’s payout (5% on a Creator’s first two Deals, reduced to 2% afterward). A minimum platform fee of $5 applies to very small or non-cash Deals; if the calculated fee would fall below that minimum, the Business funds the shortfall so the Creator’s payout is never reduced below cash minus their fee. All fee terms are snapshotted onto the Deal at the time of acceptance, and the exact fee is shown before you fund a Deal.
  • Payment-processor fees may also apply and are governed by the processor’s terms.
  • Fees are non-refundable except as expressly stated in these Terms or as required by law.

4. Payout onboarding

To receive payouts, Creators must complete the payment processor’s onboarding (identity and payout details). We do not control the processor’s approval decisions. Until onboarding is complete, a payout cannot be released, and a Deal may remain pending.

5. What escrow does and does not cover

  • The escrow workflow covers the cash portion of a Deal only. Non-cash consideration (for example, free products, gifting, or in-kind terms) is exchanged directly between Users and is not funded, held, verified, or guaranteed by SociallyBid or the payment processor.
  • We do not verify the quality, completeness, legality, or timeliness of any deliverable. Confirming delivery is the Business’s responsibility.

6. Refunds, cancellations, and disputes

  • Unfunded cancellation. If a Deal is not funded within the funding window, it is cancelled and no charge is captured.
  • Disputes between Users. Users are responsible for resolving disputes about performance or quality. SociallyBid may, at its discretion, provide limited tooling or place a Deal in a disputed state, but we are not an arbiter of Deal quality and are not obligated to mediate, refund, or reverse any transaction.
  • Refunds are handled through the payment processor and are subject to its rules and timelines. Where we facilitate a refund, it does not constitute an admission of liability.
  • Chargebacks. Initiating a chargeback or payment reversal in bad faith is a violation of the Terms and may result in suspension. Chargebacks are governed by the card networks and the payment processor.

7. Taxes

You are solely responsible for determining, collecting, reporting, and remitting any taxes arising from your Deals or use of the Platform. The payment processor may issue tax forms to payout recipients where required. SociallyBid does not provide tax advice.

8. Currency and errors

Amounts are processed in the currency shown at checkout. If a pricing, fee, or processing error occurs, we and the payment processor may correct it, including by adjusting or reversing a transaction, to the extent permitted by law.

9. Changes

We may update these Payments & Escrow Terms. Material changes take effect on the posted effective date or as otherwise notified.

10. Contact

Billing and payment questions: [BILLING/SUPPORT EMAIL].

Questions about this document? See our contact page.