Online transactions continue to gain traction in our world today, and this can be attributed to the widespread adoption of digitization in business, as consumers can make digital payments for products and services anywhere and anytime.
This has become a norm for businesses of every size (from micro to medium-scale enterprises) seeking to broaden their customer acquisition coverage and, in turn, retention. It is due to the understanding that consumers prefer to complete the transaction with a business that offers a flexible payment option available for online transactions.
Today, businesses are growing across different online platforms – websites and social media platforms like Facebook, Instagram, Twitter, LinkedIn, etc. Businesses leverage these channels to attract online users seeking products and services, growing to become an online marketplace for consumers to make online transactions and complete their purchases.
But as businesses have used these different online channels to bolster the adoption of online transactions, it has also become a hotbed of fraud for some entities pretending to be legit businesses. This has led to many unsuspecting consumers losing funds to these malicious entities, as they make online payments for products without the business delivering them.
The growing spate of funds lost to fraudulent businesses has made many people lose trust in online transactions to purchase products. But, businesses are not only culpable as some dubious buyers seek to purportedly buy and get a product delivered to them without the will to pay. This is common with pay-on-delivery (PoD) business offerings.
However, Peppa is keen on revamping this unwholesome perspective of people by providing an escrow service platform designed to foster the security of online transactions. It is a trusted and reliable escrow service company in Nigeria that serves as the neutral third party between businesses (merchants) and buyers (consumers).
Peppa is one of the top escrow companies in Nigeria that offers online and offline buyer and seller protection for its users. This means that its platform is polarized at only ensuring buyers’ satisfaction, but the growth of businesses is also paramount through a secure payment system.
How Peppa Escrow Service Works
Peppa provides an escrow account into which the buyer will pay for a purchased product, and the funds remain in the account until the product is delivered to the buyer. The funds in Peppa’s escrow account will be released to the merchant upon the buyer’s approval.
So, this becomes a mutual commitment between the two parties, as the buyer cannot receive the product if payment has not been made into the escrow account, and the merchant will not receive the funds if the product has not been delivered satisfactorily.
Benefits Of Using Peppa Escrow Service
1. Safe And Secure Online Transaction
Merchants and buyers are safe with the Peppa escrow service, as it eliminates the risk of possible scams. It effectively ensures commitment to the purchase terms, which involves the buyer paying for a product and the merchant delivering it without delay or defect. Therefore, there is no fear of loss for either of the parties.
2. Low Escrow Fee
Peppa provides a relatively low escrow service fee in Nigeria, which is a small percentage of the funds in the escrow account. The buyer or merchant can pay this fee, which is a noble agreement between the two parties – with Peppa working as a neutral entity in this regard.
3. Simple And Convenient
Peppa is easy to use as it is available on the website and for download on the Google Play Store and Apple Store. So, it has a clean interface that is beginner-friendly with no ambiguities. You can use the Peppa escrow service anytime and from anywhere with the confidence of protecting your funds and products.
Frequently Asked Questions (FAQs)
Can I Use Escrow In Nigeria?
Yes, you can use escrow in Nigeria with Peppa. As a merchant or buyer, you can access an escrow service by creating an account and integrating with the service for all your online transactions.
For instance, you can use the Peppa escrow immediately after creating a Peppa account. Buyers and merchants can send and receive funds from the escrow account, which will be provided on the platform.
Who Owns Escrow Funds?
The buyer owns the funds in an escrow account in an online transaction. This is because the escrow service platform only has the funds in trust. However, the ownership of the funds is transferred to the merchant upon fulfilling the transaction obligation, which is the satisfactory delivery of products to the buyer.
What Are The Types Of Escrow?
There are different types of escrow, including basic, impound, and third-party escrow. However, the type of escrow that involves merchants and buyers is the third-party escrow, which Peppa provides its users. Here, Peppa acts as a neutral third-party platform that fosters commitment of funds and satisfaction of products between the two parties.
How Do I Open An Escrow Account With My Bank?
You can open an escrow account with your bank by requesting it at your preferred bank. This is always finalized by signing an escrow account agreement. However, you can alternatively create an escrow account with Peppa, which has an escrow license in Nigeria. It is simple and safe to use this platform.
Conclusion
We can not overemphasize the need for a safe and secure online transaction to improve people’s confidence in online business and shopping. This is why escrow service is becoming an innovative tool to check and eliminate potential scams online.
Peppa is a leading escrow service company in Nigeria with the capacity and capability to ensure the safety of online transactions when buyers make payments or the merchant delivers products.
To get started, you can download the Peppa app on the Google Play Store or the Apple Store
Visit here to create an account on Peppa – https://peppa.io/ or send us an email – bankole@peppa.io
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Introducing Peppa’s Escrow Service Platform For Secure Online Transactions
