EscrowLock Escrow Fees/Charges
EscrowLock has been set up with “service” as its cardinal objective, not profit.
However, to help cover cost of administration, including employee salaries and overheads,
EscrowLock charges a small escrow fee of 3 per cent of transaction value (Naira payments). Nothing more.
Included already in this fee is the charge by payment gateway processors, which may sometimes be as high as 2 percent (or even 4 percent for USD payments), thereby effectively leaving EscrowLock with only one percent for use.
As an illustration, if you intend to purchase an item that is worth N50,000 through EscrowLock safe escrow service, you will only be charged 3 percent of that N50,000 transaction value which amounts to N1,500 only.
So, instead of risking a whooping N50,000 when you purchase directly without using EscrowLock, you can simply use EscrowLock for a small N1,500 escrow fee and have peace of mind knowing that the whole money is be secure.
A minimum service fee cap of N500 applies, however.
This is a fee below which the service fee cannot go even though the transaction value may be small. For example, using EscrowLock escrow service to pay for a transaction worth N10,000, the escrow service fee will be N500 instead of N300 that is the 3 percent of the N10,000 transaction value.
Feel free to use the fee calculator tool below to determine how much you will be charged for a particular transaction value.