Frequently Asked Questions (FAQ)
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).
Nothing more.
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.
Got a Question?
FAQ
Starting a transaction on EscrowLock is free. You don’t pay us to initiate a transaction. That way, you don’t have to pay anything until you have actually conducted a transactions, and you can change your mind without having to pay any fees.
The service fee on our platform can always be seen on the Fees page on this website. It is usually not more than 3 percent for regular Naira transactions.
You need an active email address to enable you receive updates and alerts regarding the transactions. This applies to all parties, irrespective of whether you are a seller or buyer.
It is important to keep such email address secured, but even more important to never share any email received from us with a third party.
This is because some of our emails contain unique security tokens, so anyone who accesses them can breach your
Keep records.
It is vital to keep a lot of records, whether in form texts, audio, pictures and even videos.
Do this every step of the way until the transaction is concluded.
If you are shipping or way-billing an item to a buyer, make a video of it at the park and keep the record.
If you are picking up an item from the seller, make a video of the collection process and save somewhere.
Keep records of audio calls, chats, and all.
Such records will help inform our decisions in case there’s any dispute.