Online deal making - how?

[poolshark]

Hey Guys, I asked this question in reply to Toro's post but I thought this would be a good standalone post.

Can some one who has been in deal making online - when down to final few players explain how this is done?

I play MTTs and some day hope to make it that far in a big one. Few specific questions:
1. Is there a specific option for cutting deals through the software? If so - at what stage is that available and does the game stop while you are doing this?
2. if the answer to 1 is no - then how? Do you actually rely on money transfers and trusting the people to do that? and in doing so - the hands are being played at the same time with the clock ticking? do you actually negotiate through the chat box??

Please provide a comprehensive detailed answer to benefit people like me who haven't been there yet!