Have you ever found an item or service online that caught your attention so much that you made a move to purchase it?
And then, like some, and countless others, just as you’re about completing the payment process, you restrain your finger from clicking all because your instincts wouldn’t stop blazing an alarm that the transaction might end up fraudulent and a total waste of your hard earned resources.
Well, if you’re a digital person who likes to explore the vast and limitless online market, certainly, you must have had your taste of this experience too.
It can be a frustrating and helpless situation because you desperately want that item or service, but aren’t sure whether the seller would deliver.
There’s another side to it too. Maybe you’re the seller; you probably make the best wigs any lady can wear, or you write really amazing computer software programs that cost you so much mental and physical input to achieve, but here you are, looking wearily into your gadget at an order for your product or service that has been placed by an anonymous fellow.
You’re supposed to be excited that business is coming through but instead you’re caught in despair because you’ve had first and second hand experiences where capital, time and energy was invested to get a product delivered, only for the customer to reject it, tell some story, or not even surface at all.
So you’re stuck because you know that even the “pay on delivery” mode is no guarantee for a good transaction; what a dilemma.
BUT, what if there was a middleman? Someone whose sole responsibility was to ensure that both buyer and seller are well satisfied during and after the course of any transaction?
This “mediator” would be totally neutral in the sense that neither buyer nor seller has a private agreement with them: as a matter of fact, every step throughout the transaction overseen by the middleman is crystal clear and monitored by all parties involved.
So no fears, no doubts; transactions are carried out on a platter of assurance and security, for everyone. I bet that would be the best deal any online buyer or seller would ever ask for.
Ever heard of Escrow? That’s the term used for money that is secured by a third party in order to make for a smooth transaction between two parties. Now let’s take a detailed look at escrow and other vital terms associated with it.
WHAT IS ESCROW?
Escrow is the use of a third party (like EscrowLock) in a transaction who will serve as security for the two parties involved. This third party or middleman secures the transaction by holding the money/asset that is meant to be paid for goods or services, and releases it only after the transaction has been completed to the satisfaction of everyone, as agreed from the initiation of the transaction (as stated in escrow agreement).
Escrow serves a means to end all fraudulent and disappointing transactions both online and otherwise; every condition will be laid by both parties before any commitment of money or service begins, and the escrow company ensures each party fulfills their agreement.
WHAT IS ESCROW PAYMENT?
This is the money that is paid by the buyer into a highly secured escrow account provided by EscrowLock to show his commitment to a transaction. Once the payment is received by the EscrowLock, the seller is immediately notified to commence the delivery of goods or services that have been paid for.
This is in order for him to receive his payment after confirmation by the buyer.
WHAT IS ESCROW SERVICE?
Escrow service is the type of payment service that is offered by escrowlock.com which helps protect buyer and seller in a high-risk transaction environment or situation. It is used in transaction situations where there is need for EscrowLock to accept payment from the buyer and only release it to the seller when certain pre-agreed conditions have been met.
WHAT IS ESCROWLOCK?
EscrowLock is an independent escrow service agency that acts as trusted third party or middleman in transactions between two parties (like buyer and seller), where there is need for EscrowLock to receive money from one party in the transaction (usually the buyer) and release it to the other party (the seller) when certain conditions have been met (like when seller has successfully delivered goods/services to the buyer).
EscrowLock is currently the best and most trusted escrow agency operating in Nigeria and other countries in the MEA region.
WHAT IS ESCROW AGREEMENT?
An escrow agreement is the set of rules or guidelines binding two parties involved in a transaction with the involvement of EscrowLock (the middleman). This guide contains every responsibility required by both parties in order to complete the transaction. The escrow agent (like EscrowLock) oversees the escrow agreement, making sure that each person’s contractual agreement is fulfilled before releasing the asset or money due to the designated party.
Let’s say a buyer wants to purchase a phone from a seller, their Escrow agreement would contain details such as: the brand name; specifications like color, size, capacity; period of delivery; return policy; duration for testing the product; period after which the payment can be released to buyer etc. These details and more would be carefully attended to and agreed upon in the Escrow agreement, and the Escrow Company ensures every detail is satisfied.
WHAT IS ESCROW ACCOUNT?
An escrow account is a dedicated bank account provided by EscrowLock.com where a party in a transaction (usually the buyer) deposits the transaction amount for it to be locked, only to be released to the other party in the transaction (like the seller) when certain agreed conditions (escrow agreement) have been met (like when the seller successfully delivers the product/service to the buyer in the right specification and condition).
ESCROW AGENTS, ESCROW SERVICE COMPANIES, ESCROW PLATFORMS AND ESCROW SERVICE PROVIDERS IN NIGERIA
EscrowLock.com is the legitimate escrow service company, agency, platform or escrow service provider in Nigeria. EscrowLock works exclusively with leading deposit money banks in Nigeria and is currently the only escrow service provider that is accredited by the International Financial Escrow Services Accreditation Board (IFESAB) – the official global organization that regulates escrow services in low income countries in Africa and the Middle East.
Just like every other merchandise, a service fee is always charged by an Escrow company for any transaction they secure. EscrowLock stands out as they charge only a token 3% of the Escrow payment to be committed during any transaction.
HOW DOES ESCROW WORK?
Escrow works in a clear method such that both parties and the escrow agent can monitor the entire process each step until the conclusion. EscrowLock in particular, offers a very easy to use process as outlined below:
- Escrow Service is Initiated:
a buyer and seller who have consented payment through escrow decides to carry out their transaction using EscrowLock.
- Escrow Agreement is Documented:
EscrowLock oversees the setting up of rules in the Escrow agreement, stating the responsibility of each party and the money or asset to be delivered when deserved.
- Commitment of Escrow Payment:
The buyer makes a commitment by depositing the escrow payment with EscrowLock, after which the seller is informed to carry out the service or ship the goods as the case may be with the supervision of the escrow agent.
- Escrow Payment is released After Confirmation:
Once the buyer receives and confirms the asset, the payment is then released to the seller and the deal is concluded with everyone totally satisfied.
WHO CAN USE ESCROW SERVICE FOR PAYMENTS?
Everyone who wants to sell or buy goods or services can use escrow services. As long as a transaction involves an exchange of payment (in kind or cash) for an asset, whether tangible or intangible, the use of escrow services can be used to secure the transaction from start to finish.
EscrowLock offers very vast and strong Escrow services round Nigeria and there aren’t any location barriers with them. Anyone living in any location across Nigeria like Port-Harcourt, Ikeja, Abuja, Ajah, Enugu, Onitsha, Asaba, Awka, Benin, Owerri, Kaduna, Yenagoa, Lokoja, Kano, Makurdi, and Ilorin, etc. can carry out transactions with EscrowLock.
TYPES OF TRANSACTION THAT CAN BE SETTLED USING ESCROW
All kinds of legal transactions including fashion; automobiles; electronic equipment and gadgets; furniture; interior and beautification; digital services like writing, programming; and any other service, can be carried out with the use of an Escrow company like EscrowLock.
It is only a method of securing the parties involved in any transaction, so as long as the two parties are willing to go through with escrow, their transaction can be secured with it.
For example, two parties might wish to bet over something, they could employ the use of escrow services by coming to agreement which will be overseen by EscrowLock. They can both commit the money or stakes to be won and when the bet is concluded, EscrowLock releases the payment to the winner.