360 Escrow is a simple and intuitive Escrow Platform in Nigeria that allows online Buyers and Sellers to transact safely without any complication.
The 360 escrow platform was created to bridge the gap between unknown online buyers and sellers trying to transact safely without being defrauded of their asset or money
Sometimes when buying or selling online, you seem not to know the intention of the other party at the other end of the PC and as such, the need for an escrow during your transaction with them
How does 360 Escrow work?
Here’s how the 360 Escrow Platform works:
- You and the Buyer will first agree to terms of using 360 escrow and the worth of the product or service
- The buyer will log in to his 360 escrow account and make payment through the escrow service using Paystack or PayPal
- Then, the seller will deliver the goods or service to the Buyer once the seller confirm escrowed payment
- The buyer will confirm your goods or service to be what he wanted and in good shape.
- Lastly, 360 will release payment to the Seller and both parties are safe and happy.
360 Escrow Fees
Fees don’t apply to 360 Escrow transactions, they only apply to the deposits and withdrawals you make on 360 Escrow.
The following are the fees that apply to the deposits and withdrawals made through PayPal, Paystack, and Banks:
360 Escrow Fees on Deposits
1. Paystack: $1 + 1% of the amount to be deposited.
2. PayPal: $0.511 + 2.52% of the amount to be deposited.
360 Escrow Fees on Withdrawals
- Paystack: $1 + 1% of the amount to be withdrawn.
- PayPal: $1 + 1% of the amount to be withdrawn.
- Bank: $1 + 1% of the amount to be withdrawn.
How to Use 360 Escrow
To use the 360 Escrow, you’ll have to sign up for an account here.
Then, you’ll be required to confirm your account with a confirmation link that’ll be sent to the email you provided while registering.
If you’re a buyer that wants to pay for a product or service, you’ll be required to fund your account.
How to Fund a 360 Escrow Account
To buy a product or service from a seller, you’ll be required to fund your account.
Here’s how you can fund your 360 Escrow Account to be able to pay for products and services:
1. First, sign in to your account
2. Then, click on the deposit tab on your Dashboard Tab and select “Deposit Money”.
3. Then, choose the payment method you want to use.
4. After that, input the amount you want to deposit.
5. After that, click on “Preview”.
6. You’ll get a “Deposit Preview” showing the details of the deposit. Click “Pay Now” on this Deposit Preview.
After you must have processed the payment and it has been confirmed, the amount you deposited will reflect on your dashboard.
Now, you can make Escrow payments to the seller you want to buy a product(s) or service(s) from using one of the Best Escrow Services in Nigeria.
How to Pay for Products and Services with 360 Escrow
The following steps will be taking you through how you can pay for products and services with the 360 Escrow platform:
1. First, sign in to your 360 Escrow account
2. To start an Escrow transaction, you need to click “Manage Escrow” on your Dashboard. Then select “Create New Escrow”.
3. Then, add the Username of the person you want to buy a product(s) or service(s) from.
NOTE: If the username if Incorrect or the User does not exist, you will get the notification below
4. After that, enter the “Escrow Amount”, “Escrow Title”, and “Escrow Description”. Then, click Submit.
5. You’ll get a pop-up on your screen notifying you that you’ve successfully created an Escrow Transaction.
Now, the amount you inputted in the “Escrow Amount” field will be deducted from the balance on your dashboard.
The seller will also get a notification from his/her end that an Escrow transaction has been initiated.
How to Release Payments to a Seller’s Account
After you must have gotten the product(s) or service(s) from the seller, what’s next is to “Release Payment” to his/her account.
Here’s how you can release payments to a seller’s account:
1. First, sign in to your 360 Escrow account.
2 Go to “Manage Escrow” on your dashboard, then select “My Escrow List”.
3. Then, click “View Transaction”.
4. After that, click “Release Payment”.
5. You’ll get a pop-up asking you to confirm that you really want to release the payment. If you are, then click “yes”.
6. After you’ve clicked yes, you’ll get another pop-up notification informing you that you’ve successfully released the payment.
How to Withdraw Funds on 360 Escrow
Apart from being able to deposit money into your 360 Escrow account, you can also withdraw money from the account via PayPal, Paystack, and Bank.
To withdraw money from your 360 Escrow account, you need to follow these steps:
1. First, sign in to your 360 Escrow Account
2. On your dashboard, click on “Withdraw” then click “Withdraw Money”.
3. After that, click on your preferred withdrawal method. You should keep in mind that the available withdrawal methods are PayPal, Paystack, and Bank.
4. Then, input the amount you want to withdraw.
5. After that, click on “Preview”.
6. Then, you’ll be directed to the “Withdraw Preview” page to input your details and confirm the withdrawal.
7. Now, input the required “Send Payment Details” and click “Submit Withdraw” after you’ve confirmed your details.
8. You’ll receive a “Success Notification” informing you that you’ve successfully submitted your withdrawal request and that you should wait for confirmation.
NOTE: You can check your withdrawal status by clicking ” Withdraw” on your Dashboard the clicking on “Withdraw History”. Here you’ll see a list of all the withdrawals you’ve processed and their status.
We have taken you through the steps and actions required to use the 360 Escrow platform successfully and we hope you can now initiate an escrow transaction whenever you want to do any business online with a stranger
Most times even a known person can frustrate you if you do not use an escrow for your transaction, so to stay safe, make escrowing your transaction a habit and that will save you from so many dramas
Resources / References
- What is Escrow – Wikipedia https://en.wikipedia.org/wiki/Escrow
- Escrow Definition – Investopedia https://www.investopedia.com/terms/e/escrow.asp
- Escrow, What is it? – The Balance – https://www.thebalance.com/what-is-escrow-315826
- Escrow: What is it and how it works – Rocket Mortgage https://www.rocketmortgage.com/learn/what-is-escrow