EscrowLock is an escrow service platform that serves as a trusted middleman for payments between buyers and sellers in order to protect each of them against any fraudulent practice by the other.
We provide escrow payment services that effectively solves trust issues in business situations where a buyer does not trust the seller to deliver specific product or service after receiving payment, or where the seller does not trust that the buyer will send across payment after receiving goods and services.
Most use cases of our company’s escrow service platform follow the model below;
- The buyer and seller negotiate and reach an agreement concerning the product or service to be purchased, and then one party starts the transaction on EscrowLock’s online escrow service platform at https://www.escrowlock.com/start/.
- The buyer shows seriousness and commitment to the transaction by sending the payment to EscrowLock’s escrow account.
- EscrowLock safely locks the funds and communicates the seller about receipt of the payment from the buyer so that the seller can go ahead to ship the goods or offer the service to the buyer. The seller ships the goods or offers the service to the buyer.
- The buyer receives the product/service in good condition and informs EscrowLock of the receipt.
- EscrowLock releases the locked payment to the seller and every one is happy.
EscrowLock’s escrow platform, however, can be used for a variety of other types of legitimate transactions that may not necessarily involve buying and selling of goods or services.
For example, two friends who decide to go on a bet can use EscrowLock to secure the bet funds and have it released to the winner that emerges.
EscrowLock’s main operational focus is the African continent, including Nigeria, Ethiopia, Kenya and Ghana where it aims to reduce fraud and scams associated with online transactions in order to boost e-commerce among individuals and small businesses.
This will lead to economic development that will consequently help to fight poverty, create employment and contribute to the achievement of other Sustainable Development Goals (SDGs).
As Nigeria’s most trusted escrow service provider, our mission is to help reduce scams and fraudulent transactions that adversely affect individuals and businesses engaged in e-commerce.
A world of safe transactions