Riyeke Ustadiyanto (founder of iPayMu.com) has announced in the Station Community Facebook Group and in the #startuplokal mailing list about the latest iPayMu feature called EscrowMu. Riyeke explained that EscrowMu is escrow professional software issued by iPayMu which allows both parties (seller and buyer) to be involved in the sale without any risk.
“EscrowMu can be owned by anyone who is interested to organize joint account or escrow. For buyers, they can be assured receiving 100% good condition of goods from the seller and the seller will be protected from online scams. If you run a webhosting business, domain appraisal service or website domain registration, we can add value to the site by offering customers an online escrow service”, explained Riyeke in our e-mail interview.
Riyeke also explained that EscrowMu (escrow premium iPayMu) feature was made to be more flexible and users can set the percentage amount of transactions that are set by the escrow owner. In addition EscrowMu merchant can put their own label branding.
Some benefits from this new feature consist of EscrowMu member merchant benefit and EscrowMu admin merchant benefit. Details are as follows:
EscrowMu member merchant benefits are:
- iPayMu integrated membership system for quick and instant payment.
- Registration of buyers/sellers automatically.
- “Forget password” system.
- Buyers can choose the method of goods receipt.
- Sellers can choose the method of receiving the money after the transaction is completed.
- Member has the ability to update their profile.
- Welcome email will be sent to newly registered member.
- Members can view a list of transactions in escrow account.
- Both parties (seller and buyer) will receive notification via email if there is a new escrow transaction.
- Members can initiate an escrow transaction quickly and easily.
- Escrow transaction status is displayed in real-time.
- Integrated support for faster contact with admin.
EscrowMu admin merchant benefits are:
- Able to modify and delete members.
- Able to set the commission fee.
- Able to change admin username/password.
- Able to view/change questions that have been sent via member support.
- Monitoring every escrow transaction in real-time.
- Notification will be sent to email if the payment has been made.
- Email notification will be sent to admin during escrow transaction process so admin can find the latest information via email.
- Admin can manually delete/approve/complete the escrow.
- Able to view details of each escrow transaction.
- Admin can view the status of each escrow transaction (all of escrow, pending escrow, cancelled escrow and approved escrow).
Is this EscrowMu development is an impact of getting investment from Ideosource? Riyeke explained that EscrowMu development is roadmap planned by iPayMu. They see a lot of marketplace or e-commerce sites that want to have escrow as their monetization service aren’t facilitated yet. Their development didn’t have any relationship with Ideosource.
“iPayMu members as of today are around 3195 users (July 2011 – Present), we’re moving to one million users and we are optimistic for it”, explained Riyeke to DailySocial.
To summarize this article, we also asked Riyeke about iPayMu.com future plan. As described by Riyeke, iPayMu future plan is to make Indonesian people moving toward digital world. Thus Riyeke’s term (iPayMu) is Indonesia DIGINOMICs will be realized. Relating to it, they are arranging a new platform in order to create a free online store, like Google launched (www.bisnisgoonline.co.id).
However as described by Riyeke, iPayMu platform is different from Google. iPayMu builds an social online store platform that is connected to iPayMu. Their target is to make 1,000,000 of new netpreneurs enjoying free of charge. This is done in order to grow and build a digital economic involving business connected with Internet.
