What is the difference between 'Raise Invoice' and 'Request Deposit'?
When a freelancer completes a tasks or a project milestone, they need to raise an invoice for a pre-agreed amount for that specific project milestone. To do this, the freelancer needs to go to their Project Payments page, click on the Raise Invoice button, and fill out the Raise Invoice dialogue box.
The Request Deposit functionality is directly related to the project deposit amount (escrow account). When a freelancer and a Hirer agree on a full project payment amount, 50% (or more, depending on the agreement between both parties) of that project payment amount will be deposited by the Hirer and will be locked in the project payments account (Project specific escrow account). This amount cannot be withdrawn by neither the Hirer nor the l; unless and until a project has been completed by a l and the l has raised an invoice. On satisfactory acceptance of the invoice by the Hirer, the funds will be released from the project escrow account to the freelancer's account. This functionality acts as a layer of security for both parties.
Please note, prior to starting work on a task or a milestone, a l must ensure that there are enough funds available in the project escrow account for that specific project task or milestone. If the Hirer has not yet deposited the funds into the project escrow account, you need to request a deposit for the correct amount for the project task or milestone, prior to starting your work.
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