How Phantom Escrow Works

Step 1

Create the transaction

Either the buyer or seller can create a transaction. Enter the item or service details, price, participant roles, delivery terms, escrow fee responsibility, and inspection period.

You can save the transaction as a draft and finish it later.

Step 2

Invite the other participant

Enter the other participant's email address and start the transaction. Phantom Escrow sends them a secure invitation.

They must sign in or register using the invited email address before reviewing the agreement.

Step 3

Accept the agreement

The invited participant reviews and accepts the transaction terms. Payment remains unavailable until the required agreement acceptance has been recorded.

Step 4

Buyer makes payment

The buyer selects a supported cryptocurrency and sends payment to the wallet shown on the payment page.

Available options include Bitcoin, Ethereum, USDT TRC20, BNB, Tron, XRP, Solana, Dogecoin, and Cardano. The exact cryptocurrency and network displayed must be used.

Step 5

Payment is verified

After paying, the buyer submits the blockchain transaction hash or TXID. A Phantom Escrow administrator verifies the payment.

Once approved, the transaction changes to Payment Secured and delivery can begin. If verification fails, the buyer can submit a corrected TXID.

Step 6

Seller provides a payout wallet

The seller adds a payout wallet matching the buyer's selected cryptocurrency and network. For example, a USDT TRC20 payment requires a valid USDT TRC20 payout wallet.

Step 7

Seller completes delivery

After payment is secured, the seller delivers the item or service and submits the relevant delivery notes, tracking or reference number, completion details, and supporting evidence.

The inspection period begins when delivery is submitted.

Step 8

Buyer inspects the delivery

The buyer reviews the item or service before the inspection deadline.

• Complete Inspection & Release Payment when the delivery is satisfactory.
• Report a Problem when something is wrong.

Step 9

Resolve delivery problems

If the buyer reports a problem, the seller can correct the issue, update the delivery information, and resubmit it. A new inspection period begins after the revised delivery is submitted.

Step 10

Complete the transaction

When the buyer approves delivery, Phantom Escrow creates a payout request for the seller.

If the buyer takes no action before the inspection deadline, inspection is completed automatically unless a problem or dispute is active. An administrator processes the payout and marks the transaction completed.