Fees and Charges on EscrowLock
Trusted Intermediary Company To Secure Transaction 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 3.25 percent of total transaction value (for Naira payments).
In fact, if the transaction volume is large, this fee reduces to 1.25 percent.
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 3.25 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 N1,625, representing 3.25 percent of N50,000.
So, instead of risking and losing the whole N50,000 to a fraudulent seller, you only pay a small fee of N1,625 and get back the rest.
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 N325 (i.e. 3.25 percent of the N10,000 transaction value).
Also, as the transaction amount increases into large sums, the service fee gradually drops to as little as 1.25 percent.
The best way to determine how much you will be charged for a particular transaction is to use the Fee Calculator below.