Are you searching for one of the most trustworthy escrow service providers in Nigeria to make safe and secure transactions with strangers? If you are, then you are in the perfect place to get to know the most trustworthy escrow service platforms in Nigeria and what they do.
Escrow service providers are platforms that offer Escrow services.
An escrow service is a financial agreement in which a third party oversees payments between two transacting parties. The third party only releases the funds involved when all of the terms of the contract are met.
Understanding the concept of escrow can help you reduce your risk and move forward more comfortably.
Whether you’re dealing with a real estate transaction or an online sale, it’s worth learning the various escrow service providers in Nigeria and how they work.
First, we’ll be taking a look at what Escrow means.
What Is Escrow?
Escrow is a financial arrangement in which two parties use a third party (who is neither the seller nor the buyer) to temporarily hold money, paperwork, or other assets for a transaction on their behalf before the conditions for the agreement have been met.
That third party, usually known as an escrow provider, helps make the transaction safer by holding the assets of the buyer and seller until both parties have met the conditions of the agreement.
Ideally, the escrow provider is a neutral third party who isn’t concerned with whether the buyer or seller ends the agreement with an advantage over the other party.
Escrow Service Providers in Nigeria
This section of the post will be taking you through the various escrow service providers in Nigeria, who they are, and what they do.
1. 360 Escrow
Buying things online these days is becoming very risky as you do not know if the seller is actually genuine and trustworthy or not.
These sellers will tell you to trust them and send your hard-earned money to them or maybe your hard earn online Business, AdSense account, PayPal funds, or whatever might be in your possession.
Do not be a victim to such a request without using an escrow service to protect your interest as anything can happen.
It is simple to use, fast and reliable.
Using a licensed escrow service to buy and sell merchandise, services and more is the most convenient and secure way to complete transactions online.
The 360 escrow process acts as your personal tool to ensure a safe, secure, and intuitive sale at the buyers’ and sellers’ ends.
You should also keep in mind that 360 Escrow is one of the best Escrow Service Providers in Nigeria.
How it Works
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.
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.
Click here to know
- The 360 Escrow Fees,
- How to fund your 360 account,
- The procedures to pay for products and services with 360 Escrow,
- The process of releasing payments to a seller’s account, and
- How to withdraw funds on 360 Escrow.
Payscrow is another one of the top escrow service providers in Nigeria you can use for your payments.
They are an independent escrow service provider working with CBN licensed Deposit Money Banks and payment processors to make sure both buyers and sellers are content with their transactions.
This platform can be used for various trades from cars, to e-commerce payments, household items, and other related transactions.
The buyer or seller can absorb their escrow fees, or even split between both parties.
Vesicash is another one of the top escrow service providers in Nigeria.
Their mission is to eliminate not just peer-to-peer fraud, but all types of payment fraud.
The aim of this to allow everyone, everywhere to transact with total confidence.
They believe all parties involved in a transaction deserve to be included in the payment process from the beginning to the end of the transaction process.
Vesicash feels they have a duty to ensure that this right is exercised and online payment is improved to the optimal best.
Middletrust is another one of the top escrow service providers in Nigeria of payment for virtually everything.
They uniquely make use of technology to economically power millions of people around the world to carry out their daily transactions safely and securely.
Middletrust acts as a trusted middleman in numerous transactions.
Their application offers a platform that allows involved parties to create and accept transaction contracts.
This, in turn, allows them to ensure that all parties involved conform to the contractual agreements set by both parties. Thus, making room for an itch-free transaction.
Tradenaira offers one of the fastest, cost-efficient, most-advanced, and transparent peer-to-peer matching engines for corporate and mid-high value currency transactions.
Their platforms are designed to handle high volumes of transactions 24/7 around the clock.
Their clients depend on them to support their business and personal investment, commerce, and remittance transactions.
They aim to bring positive changes to restrictive, redundant, and outdated banking models.
They plan on doing this by using technology to enable real-market participants to dictate their own terms and pricing.
LockMyCash is an online escrow system that safeguards buyers and sellers from frauds and scams during online transactions.
It protects them by acting as a trusted third-party that collects and holds payments from a buyer. Then, releases this payment to the seller when the buyer is satisfied with the product or service.
It might also be released based on agreements.
Secapay is another one of the top online escrow platforms that makes payment easy and secure for you.
Their platform is designed for top security and flexibility to allow you to carry out transactions with ease.
They are also dedicated to delivering top-notch services affordable.
Now, you can buy and sell to or from anyone without stress.
There you have it, 7 Top Escrow Service Providers in Nigeria.
Now, you can make transactions without having fears that you’ll lose your hard-earned money in the process.
Do check out the websites of these escrow service providers to know more about them and how they work.
But based on trials and reviews, 360 Escrow is the best and most user-friendly escrow platform in Nigeria.