Financial Policy

Financial Policy

The financial policy of "IndWork" is the policy that indicates the mechanism of financial transactions on the website. It shows all the paths taken by the funds to and from the accounts recorded with different types and categories, and differentiates between free and paid services as well.

First: Website benefits:

"IndWork" gains money from the users according to the following details:

  • Registration on the website is free, but the promotion of membership levels for additional privileges requires the site financial benefits to the user as described in the "membership levels", and these receivables are collected periodically by deduction from the balances of user accounts on the site.
     
  • The website shall collect fees on all financial transactions made by it.

The value of this fees from clients at depositing is:

2.5 % or 2.5 $ whichever is greater from the deposited value but the total amount of processing fees are (5 % + 12 cent) or

(2.5 % + 12 cent + 2.5 $).

(Processing Fee: This fee is deducted when you make a payment and when the customer accepts the total amount required to pay it. The total amount includes the processing fees and the administrative fees when the client or freelancer pays with his available balance, the processing fees amount are not applied. Refunds to your balance of canceled projects do not include pre-paid processing fees)

And the value of this commission on projects from freelancers are
 

  •  18 % or 3 $ whichever is greater for projects less than 500 $.
  •  15 % > 500 $.
     
  •  This commission shall be deducted from the amount reserved in the accounts of the site prior to its delivery to the freelancer.
     
  • Minimum withdrawal amount is 100 $.
     
  • The site has the right to cancel any process done through it which the process of withdrawal or deposit in case it is suspected of fraud or if there is any problem in the transfer or in the account data.
     
  • Number of swifts per month are 2 and each bill cycle Takes 15 days and we do a bank swift on 1 and 15 from each month.
     
  • When a dispute is raised to the site's arbitration committee, the fees for opening the dispute are withdrawn from the balances of the conflicting parties as described in the "Dispute Resolution Policy" window, and one of the parties subsequently refunds the payment made in the same window.
     
  • The fee for a milestone dispute is $5.00 USD or 10%, whichever is greater, payable by each party. The fee will then be refunded to the winner of the dispute.
     
  • When there are additional tax deductions within a geographic range, the site adds tax values to its entitlements from users of that geographic range.
     
  •  The customer shall pay any additional commission imposed by the bank or the application of the payment through which he deals with the site.
     
  • All paid services are included in the financial benefits of the site to users who activate one of these services.

Second: The Available ways of payment:

  • There are two ways for the financial transactions through "IndWork" which are:
  1. Bank Transfer
  2. Visa, Master Card

There is no preferable way than other, but all are subjected to the user's favor, according to the one which is more safe and easy for him.

  • The same user is allowed to do his financial transactions on the website by using more than one way of them, but away of payment should be determined in the agreement model of each project.
     
  • The Fees of wire transfer are $20 fee for U.S. dollar Accounts.
     
  • Wire transfers to non-US. Dollar accounts are subject to fluctuating rates of the foreign exchange market. Your bank will determine the exchange rate you will receive.
     
  • Your bank may charge an exchange fee or currency spread in addition to or instead of the basic incoming international wire fee. If your bank uses an intermediate and / or correspondent bank, it may charge an additional fee. Please ask your bank about the possible fees.
     
  • In Egypt: you will receive your money in EGP and the applied fees on the each transfer inside Egypt will be 150 EGP.

     
  • Terms and conditions apply and fees may vary according to each bank's policy

 

Third: Action Mechanism of the User:

The website is a main direct intermediate of all the financial transactions through "IndWork", this for secure considerations at first, and any financial transaction action taken by the user; the website takes the following path:

 

  1. The user charges the balances of his accounts by amounts of money according to the usage policy of each payment application on the website.
     
  2. The site shall deduct its financial benefits from the client's balance after notifying him with the nature and the value due and taking his consent there to.
     
  3. Upon completion of the agreement between the freelancer and the employer to complete a project, the site directly withdraws the agreed amount from the employer's account and suspends it in the accounts of the site. Once the freelancer delivers the service, the site submits the amount from his accounts to the freelancer's accounts after deducting his entitlements.
     
  4. User balances are frozen on the site only in cases of dispute until they are settled, or in cases of account reporting from other users until their position is confirmed and the user is prevented from disposal of his assets during the freezing period.
     
  5. Refunds are made automatically if the agreement between the employer and the freelancer is terminated. In cases of dispute, the refund (or compensation) is subjected to the special rules set out in the Dispute Resolution Policy window on the website.
     

    Fourth: Mechanism of Financial Transactions security:

    A number of procedures are taken to make the financial transactions on "IndWork" fully secure, foremost among these procedures:
     

    1. Payment data for each user stored in the site database in an encrypted form, so that it cannot be viewed or used.
     

    2 - All the money paid is received in the account of "IndWork" first, and then the site delivers it to the owner. "IndWork" imposes itself as a fixed party in all financial transactions, and these transactions are not between customers directly, that is for enabling the site to adjust, secure and to control all financial exchanges conducted through it.
     

    3. Requests for withdrawals from users are directed to "IndWork" accounts, not to other users' accounts. After reassuring the validity of the process, the site deducts the withdrawn amount from the customer's balance to be paid in order to ensure that the site is a direct opponent of any manipulation or deception. , So customers are always safe away from it.
     

    4 - The site offers multiple ways to pay, so that the customer chooses the safest way for him.
     

    5. All links through which material exchanges are made are fully secured from the site.
     

    6. Payment information is fully insured by "IndWork", but the customer must verify the degree of insurance of his data at the bank where he deals.

    Fifth: Customer identification mechanisms:

    Customer identification mechanisms are the procedures taken by the website to identify the registered account holder, to verify its eligibility for any withdrawals or deposits through it or through its approved applications for payment, and to obtain the necessary information to test the reliability of the account and the integrity of its transactions. These procedures are detailed in several items as follows:

    1- Acceptance of Registration:

    -  When the user registers on the site, the site is allowed to complete the process only after fulfilling all the identification data required to identify the customer, and the communication data that enables the site team and other users to reach the account holder at all times.

    -  The site uses identity verification techniques to ensure that the account controller is not a "robot" or a control program designed to automate transactions. This is to ensure that the account holder has a real identity.

    - The site is not allowed to complete the registration when using the same identification data on more than one account, and when the same user wants to control more than one account, he has to use other data .. Also it's not allowed to complete the registration when using legal data or symbolic names other than those contained in the official documents required in the registration form.

    - When the user is assigned to the application that he will use to complete his financial transactions via “IndWork”, the site will automatically compare the recorded data on the application used by its counterpart to ensure that the basic identification data as well as the communication data match. If there is any difference in the basic data, the site refuses to complete any financial transaction, and account activity remains confined to social networking areas only.

    - For the details related to security mechanism, protection procedures and privacy policy please visit the windows of each item on the site.

    2- Identification Mechanisms:

    - The site identifies the user by recording several types of data and has some analytical processes to verify the identity of the account holder automatically at every action, and the site also defines the user to other users by showing other types of data in front of him and to make them accessible to all.

    - For knowing data types in the previous two categories, you can check the "Privacy Policy" window to see how the site manages user data collection and visualization.

    - In addition to the two previous categories, the site creates direct links between the accounts on it and the recorded  accounts on the available financial payment applications, and automatically receives all the data recorded on these applications to make sure they match with the data registered and the user ID.

    3- Transactions observation

    The site makes a direct supervision in all financial transactions through which the following ways:

    - Direct mediation in all transactions that the funds are booked in the accounts of the site first before the delivery to the freelancer automatically when submitting the work.

    - Keeping a record of transactions for each account, and include the data in this record to the user's identification data for subsequent use in disputes or authentication.

    - Setting different levels of membership to create a fixed system of withdrawals and deposits, by installing known frames of specific dates and a certain number of times to carry out any financial transaction through the site, to finally be able to classify all transactions periodically and automatically review and detect any defect or manipulation. You are able to know the different levels of membership and privileges that you grant by viewing the Membership Levels window on the site.

    4- Preventive procedures

    The site takes some precautionary measures against accounts that are suspected of manipulating or using counterfeit data. These procedures are carried out in the following cases:

    - When a dispute is submitted to the arbitration panel of the site, the site automatically suspends the financial activity of the accounts of the parties to the problem until the end of the arbitration process and the dispute resolution.

    - When the site receives reports about an account registered, it automatically blocks the activity of the account and suspends its financial transactions until the reason for communications from other users has been lost.

    - When one of the accounts has a high rate of negative ratings, the site temporarily blocks its financial activity until the reason for the poor evaluation rate is confirmed.

    - When a new user uses previously registered data on the site for another user's account, the site prevents the registration of the new user from being completed and suspends the registered user's activity until he or she responds to the request to take some steps to document his / her account data.

    - When the user has a certain number of wrong attempts to enter account, the site suspends the financial activity of the account until they verify the identity of the account holder.

    - When the user has a certain number of attempts to complete a financial transaction which are not allowed by the package granted by the level of membership. The site suspends the financial activity of the account until the verification of the identity of the owner.

    - When the user re-adjust the payment methods to replace it to another payment method, the site automatically suspend its financial transactions for a period of not less than three days until the activation of the new method of payment after confirmation of the liquidation of all receivables due to the old balances.

    - When a user tries to permanently disable or delete his account activity with ongoing transactions with another user who has not been terminated, the site automatically rejects the deactivation or deletion process and suspends the account balances until all current transactions are terminated.

    Sixth: Withdrawals Policy

    The withdrawal policy is the rules and regulations set by “IndWork” to regulate the withdrawal of funds from it, ensuring that its clients obtain their rights in a timely and appropriate manner. In the following, the details of the policy terms:

     

    1- Commission and administrative expenses:

    The site collects the fixed administrative expenses according to the level of membership registered on the site, in addition to a commission on each completed project through which 18% of the total value of the projects or 3 $ whichever is greater on projects less than 500 $. Projects with a value greater than 499 $, the commission is 15 %.

     

    The site also collects the expenses of using its registered payment applications, and the value of these expenses changes according to the method of payment, subject to their respective terms and conditions.

     

    2 - Types of amounts in the balance:

    The amounts of users' balances on the site are divided into three types:

    First: the outstanding balance, which is the amount owed by the account holder but is still held in the accounts of the site until the completion of an operation.

    Second: The fixed balance, which is the amount that was added to the main balance of the owner of the account and finally became his property, but it is prohibited to dispose of it for certain administrative conditions such as the available number of withdrawal times.

    Third: The current balance, which is the amount owned by the account holder and is fully at his disposal, as, he can complete financial transactions, whether to withdraw or transfer for another service.

    Thus, the total value of the balance is including these three types, unless the account holder owns the account but he is entitled to it, and what he already owns but can not dispose of temporarily, and what he owns and is fully at his disposal.

    3 - Sources of the amounts in the balance:

    Sources of funds in customer balances are limited to the following:

    - Refunds or recoveries.

    - Administrative compensation for cases of deception after submitting the dispute to the arbitration panel at the site.

    - Project completion profits.

    The funds vary according to the sources in: signing the administrative expenses on each other, the refunds or recoveries as well as the amounts of compensation. No any percentages deducted of them in the transfers, unlike the profits, for example, they are subjected to all items of expenses and costs mentioned whereto.

    4- Balance withdrawal rules:

    - Withdrawals from the balance are subjected to the number of available times and the value allowed according to the level of membership registered with the user account, detailed in the Membership Levels window.

    - The first withdrawal process in your financial transactions on the site may be delayed by providing them exceptionally for longer than the periods specified in the membership levels, due to security considerations.

    - When there is a risk of violating the policy of using the site or there is a doubt of the management of the site in the falsity of data or manipulations in dealing; financial activity of the account is suspended and the withdrawals are disrupted until the verification of the situation.

    Seventh: Taxes

    - Official tax benefits are all binding on users of the service, and the site is not responsible for paying any part thereof.

    - The value added tax law applies to services or products whose owner is required to pay the tax according to the law.

     - Different geographical affiliation may cause a difference in legal dependency and therefore there may be additional tax benefits on specific regions or countries that users pay according to the laws binding on them.

    - Each “IndWork” customer is strongly implicated in the policy of using the site as being tax-liable to its legal authority, and the site does not have any legal consequences arising from individual tax benefits.

     

     Eighth: Cancellation policy:

    - The site is entitled to cancel any current financial transaction and the amount paid to the account of the owner when there is doubt about the manipulation of the other party or circumventing the employment policies or trying to evade the administrative expenses imposed or the entitlements of other parties benefiting from the work site.

     

    - Cancellation of transactions and refunds after delivery are not only subjected to IndWork policy, but may be in accordance with the policy of a payment application available through the site, and may also be requested by the customer if he provides from the recitations what allows him to withdraw and cancel the deal and refund the amount paid.

    - The client has the right to refund his money within two days in case he did not assign the project to any independent or use the funds in any service provided by the site. Refunds do not include processing fees and any other expenses determined by the Bank.

     

    - In the case of opening a dispute on any case of back off or retreat from a customer, you agree to give us all the information and data recorded for dealing with the dispute, so that the arbitration panel can determine the safety of your position or not.

     

    To avoid any such behavior, be sure to comply with the following:

    1. Review and adhere to the Site Usage Policy.

    2. Review and adhere to the middleware policies for payment.

    3. Do not use symbolic or false data in the account.

    4 - Do not procrastinate in the delivery of service after the agreement on the price for a better physical presentation.

    5 - Do not deal outside the models dedicated to the interaction on the site.

    6 - Quick response to the site team when the request to verify the account data or verify the identity of the user.

     

    This action by the site team to cancel the transaction and refund the paid values ​​is an act intended to protect the rights of the site and protect the rights of intermediate applications and protect the rights of all users against manipulation or deception, and is not intended to disrupt the work or bias against a particular category of users.