1. The buyer or seller (already registered or not) creates a New transaction and fills out the required entries.
2. The other party (already registered or not), receives and email to approve the transaction.
3. As soon as the transaction is approved, the buyer has X days to send the required funds for the transaction.
The funds are not paid to the seller but kept in safekeeping.
4. Once the funds are received, the seller is notified and has X days to ship/send/release the product or service the buyer purchased.
5. When the buyer receives his product/service he will either be ok to release funds if he is happy with the purchase (to send the funds to the seller) or he can starts a dispute if there is a problem.
If the buyer doesn't acknowledge receipt in time, the escrow will time out after the configured number of days and release the funds to the seller automatically.
6. In the event of a dispute, the buyer and seller must try to find a solution or else it will be up to the escrow to arbitrate and therefore determine what to do with the funds received.