ESCROW PAYMENT SERVICE
Security is of great importance to us at African Things. We strive to ensure that both buyers and suppliers are feeling safe and secured when dealing with a new business partner. African Things uses an escrow payment method to ensure that transactions are done safely and securely.
Escrow allows buyers to make payments to an account that will be locked until the product has been delivered and verified by the buyer. Once the buyer receives the product and confirms the order delivery, the payment is then transferred to the seller.
The Escrow account acts as a vault which keeps payments for a time period. Once the buyer receives the order, finds it satisfactory, and approves it, the amount is then transferred to the supplier.
Transactions are secured by storing payments in a Providus bank escrow account. The payments are only released when all of the terms of an agreement are met, as overseen by the escrow company.
How does Escrow Work?
African Things eCommerce website distinguishes itself by reducing the risks of fraud by serving as a trustworthy third-party entity that collects, withholds, and only releases funds when both sellers and customers are satisfied.
- Customers and Seller must agree to the terms and conditions – After registering on African Things website, all parties can message each other on our message centre and agree to the terms of the transaction. The Seller sends the buyer a quote and Escrow account details for payment.
- Buyer pays into an Escrow account– The Buyer sends payment by an approved payment method to the Escrow Account. African Things then verifies the payment, and the seller is notified that funds have been secured “in Escrow”.
- Seller ships the buyer’s order– Once payment is verified; the seller is authorized to send the order and submit tracking information. African Things, in turn, verifies that the customer has received their order.
- Buyer accepts order – The Buyer has a set number of days to inspect their order after it arrives, and they can accept or reject it.
- Funds released to the seller – African Things, after confirmation from the buyer, releases funds to the seller from the Escrow Account.
The Escrow service is provided by Vesicash. Vesicash is Africa’s top digital escrow service provider for secure E-commerce transactions like peer-peer and online marketplaces. Vesicash Innovative Technologies is registered in alignment with the Company and Allied Matters Act with CAC Registration Number RC1535307.
Below are features and services the Escrow service supports:
- Providus bank backing,
- Insurance and accreditations
- Payment methods support different currencies
More Advantages of the Escrow Payment Services:
- Ensures the security of purchase payments made by buyers.
- Refund options if buyers are unsatisfied with their purchase.
- Sellers can ship products to their buyers without the hassle of verifying payment themselves.
- The possibility of fraud and scams are drastically reduced during the process.
- Most importantly, transparency is created between both parties.
The transaction is completed – safely and securely!