Payments & escrow, in plain English.
No jargon. Here's what the key terms behind CASHBOX actually mean — and how each one works in New Zealand.
Chargeback
A forced reversal of a card payment initiated by the cardholder's bank, often weeks after the transaction.
Deposit
An upfront portion of a payment made before work begins, to secure the booking and cover early costs.
Dispute resolution
The process for pausing and resolving a payment when the buyer and seller disagree about the work.
Escrow
A neutral third party holds a payment on trust until the agreed conditions of a deal are met, then releases it.
Marketplace fee
The commission a marketplace charges on completed work for connecting buyers and sellers.
Milestone payment
Splitting a larger job into stages, with a portion of the payment released as each stage is completed.
Open banking
A secure way to pay directly from your bank account, authorised through your own bank, without sharing card details.
Trust account
A dedicated bank account that holds client money separately from a business's own operating funds.