Fees and Charges on EscrowLock - Trusted Middleman for secure buyer-seller payments
EscrowLock is set up with “service” as its cardinal objective, not profit.
To help cover cost of administration, including network infrastructure, employee salaries and overheads, EscrowLock charges a small fee of 3 per cent of total transaction value (for Naira payments).
It is important to note that starting a transaction on EscrowLock is completely free of charge.
You shouldn’t have to pay any fees when nothing has been done.
That way, even if you start a transaction and decide to change your mind later about it, you don’t lose any money.
The 3 percent fee (for Naira transactions) only applies when there is an actual payment, which necessitates the need to assign an expert staff member to oversee the transaction.
Understanding EscrowLock Fees and Charges
As an illustration, if you use EscrowLock to purchase an item worth N50,000, you will only be charged a service fee of N1,500, representing 3 percent of N50,000.
So, instead of risking all the N50,000 when you send your payment directly to a seller without (using EscrowLock), you can easily use EscrowLock for a small fee of N1,500 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 to pay for a transaction worth N10,000, the escrow service fee will be N500 instead of N300 (i.e. 3 percent of the N10,000 transaction value).
Also, beyond a certain amount, the service fee decreases.
The best way to determine how much you will be charged for a particular transaction is to use the Fee Calculator below.