WordPress Business Themes › Forums › Responsive Themes › Auction Theme › Cashout Requests › Reply To: Cashout Requests
Cash out requests as far as I know is your site offers ‘in house’ currency for sale.
Example would be say:
1. Buy 100 in house credits for $100 USD
2. The admin would manually load 100 credits to the buyers account via back site user menu
3. Your member with 100 credits can ‘spend’ them on anything in the sites store – or use them to buy from other members
4. should member by from another member – the credit amount of sale is transfered to the seller and buyer is less the sale price amount (item was for sale for $50USD, so 50 credits on a 1:1 ratio is exchanged)
5. The member that just got paid in credits for his item, uses the ‘cashout’ option to the admin, requesting his 50 credits are now turned into real USD
6. admin sees this request and processes a payment to 50USD (and perhaps a small fee for handling) to the requestee.
Conclusion? its a type of in house escrow of sorts.
Hope this helps
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