Is this payment/business method feasible?
I want to change the payment system on my website, to increase confidence in buyers and allow me to take a commision cut.
Buyers used to pay sellers directly for items. Sellers would advertise via payed classified ads.
What I want to implement now is:
Buyer Sends Me (the website) the Money > Seller sends item (with tracked postage) > (next stage has 3 options) >>
1. If buyer is happy with received item I release payment (minus commision fee) to Seller.
2. If Buyer is unhappy new fee is settled upon between buyer and seller, and I send part of the money/return some to buyer.
3.buyer returns item to original seller and I refund the seller.
Any help advice on how this works, legalities, things to consider, and whether to use PayPal etc would be much appreciated ..