For the benefit of anyone who may be in need of a trusted independent company that can receive payment from a buyer and release such payment to the seller when the buyer successfully receives specific goods, products or services, we’ll be using this post to look into some frequently asked questions about escrow payment system and highlight Nigeria’s number one escrow service provider.
So, let’s get down to business.
What is Escrow?
Escrow is a term used to describe a kind of buyer-protection or seller-protection service offered by EscrowLock.com, in EscrowLock receives payment from the buyer and only releases it to the seller when the seller has delivered agreed product or service to the buyer.
So, if the seller fails to deliver the product or service to the buyer, EscrowLock returns the received payment to the seller.
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 transaction 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.
The major reason why online escrow services came into existence is to allay fears between buyer and seller over how genuine a transaction is.
For the buyer; escrow service helps ensure that the seller will be able to deliver goods or services without scamming him after payment.
While on the side of the seller; escrow service helps ensure that the seller will get paid once the products or services have been delivered.
What is Escrow Payment?
Escrow payment is a form of middleman payment that involves the use of escrow companies like EscrowLock (scrowlock.com), in which EscrowLock accepts payment from the buyer and only release it to the seller when certain pre-agreed conditions have been met (like when the seller successfully delivers the goods/services).
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 includes the terms the buyer and the seller have to agree on regarding the product or service to be transacted. Some of these terms include but are not limited to:
- Specifications of the products or services – the size, color of the product etc or in terms of service delivery (like creating website) things like the design, features, etc.
- Return policy and warranty (if any)
- Courier services, the transport company to use if they are considering to waybill the product(s).
- The date or estimated duration that the product is to arrive or the services to be delivered.
- Tracking systems – to monitor the movement of the product.
These descriptions (agreement) are what an escrow provider such as EscrowLock will refer to in order to make informed decision when it is time to release the transaction payment to the seller.
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, and only 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.
What Escrow platforms, Agents, Service Providers or Companies are in Nigeria?
EscrowLock.com is the legitimate escrow service company, agency, platform or service provider in Nigeria. EscrowLock works exclusively with leading deposit money banks in Nigeria and is currently the only escrow service provider that has the required regulatory license from the government.