1. Purpose of Smart Escrow

Smart Escrow helps reduce the risk involved in paying another person or business before an agreed product, service or transaction has been completed.

It is intended to create greater confidence between buyers, sellers, service providers and other users who may not already know or trust one another.

2. What Smart Escrow Is

Smart Escrow is a transaction-protection feature available through 360 for eligible transactions.

Instead of the recipient receiving funds immediately, the transaction amount remains held until the required release conditions are met.

3. How Smart Escrow Works

4. Eligible Transactions

Smart Escrow may be available for transactions such as:

• Person-to-person transactions;
• Products sold through 360;
• Service transactions;
• Freelance and professional work;
• Jobs, gigs and contract work;
• Digital services and eligible digital products;
• Home and lifestyle services; and
• Other transactions supported by 360.

Availability may depend on transaction type, payment method, location, regulatory requirements or other platform conditions.

5. Smart Escrow Fees

Unless a different fee is clearly displayed for a particular transaction, the standard 360 Smart Escrow fee is:

Applicable fees should be shown before you confirm the relevant transaction.

Where a transaction also attracts a marketplace commission, that commission is separate from the Smart Escrow fee.

6. Funding an Escrow Transaction

The buyer or sender initiates payment using a supported payment method.

An escrow transaction should not be treated as funded until 360 or the relevant payment provider confirms that the required payment has been successfully received.

Sellers and service providers should not rely solely on screenshots, messages or payment claims from another user as proof that escrow has been funded.

Users should rely on the transaction status shown within 360.

7. Release of Funds

Funds may be released when the buyer, sender or other authorised party confirms that the agreed transaction has been satisfactorily completed.

Funds may also be released where:

• The transaction conditions provide for release;
• A dispute has been resolved in favour of release;
• The parties mutually agree to release;
• A valid automated release condition is satisfied; or
• Release is otherwise required under applicable law.

Once funds have been validly released and settlement has been completed, reversal may not always be possible.

8. What Counts as Transaction Completion

Completion depends on the transaction agreed between the users.

Examples may include:

• Delivery of an agreed physical product;
• Completion of an agreed service;
• Completion of a freelance or contract milestone;
• Delivery of agreed digital work;
• Successful completion of an agreed task; or
• Another clearly agreed outcome.

Users should make the scope, price, expected result and important conditions clear before funding an escrow transaction.

9. Cancellation

A transaction may be cancelled before completion where cancellation is permitted by the applicable transaction status and circumstances.

If work, delivery or performance has already begun, cancellation does not automatically mean that the full transaction amount must be refunded.

Users should communicate through 360 where possible so that there is a record of agreed changes or cancellations.

10. Refunds

Where a refund is approved before funds have been released, the eligible amount may be returned to the buyer or sender through the available payment or settlement process.

Refund eligibility may depend on:

• The transaction status;
• Whether any part of the transaction was completed;
• The evidence provided by the parties;
• Applicable payment-provider rules;
• Any non-refundable costs already incurred; and
• Applicable law.

Payment-processing charges or other third-party charges may not always be refundable where they have already been incurred.

11. Disputes

If either party believes that the agreed transaction has not been properly completed, they should raise a dispute before voluntarily approving release of the escrowed funds.

While an eligible dispute is under review, funds may remain held pending further information or a resolution.

Depending on the available evidence and transaction circumstances, resolution may include:

• Release of funds to the seller or provider;
• Full refund to the buyer or sender;
• Partial release and partial refund;
• Continuation of the hold while additional information is obtained; or
• Another resolution permitted by applicable rules or law.

12. Evidence in a Dispute

Users may be asked to provide information reasonably relevant to the dispute.

Evidence may include:

• 360 chat messages;
• Transaction descriptions;
• Receipts or invoices;
• Photos or videos;
• Delivery or tracking evidence;
• Proof of completed work;
• Agreed specifications or milestones;
• Communication between the parties;
• Transaction timestamps; or
• Other relevant documentation.

Users must provide truthful information. Fabricated, altered or misleading evidence may result in account restrictions and other action.

13. If One Party Stops Responding

Users are expected to respond reasonably to requests for information relating to an escrow transaction or dispute.

If a party fails to respond within the period communicated through the transaction or dispute process, 360 may proceed using the information and evidence reasonably available.

Non-response does not automatically guarantee that the other party will receive the funds, but it may affect the ability of the non-responsive party to support their position.

14. Fraud and Suspicious Activity

360 may delay, restrict or prevent release of funds where there is a reasonable concern involving:

• Fraud;
• Account compromise;
• Identity misuse;
• Stolen payment credentials;
• Money laundering or other unlawful activity;
• Manipulation of the escrow system;
• A prohibited transaction; or
• A legal or regulatory requirement.

Additional verification may be requested before the transaction can continue.

15. Chargebacks and Payment Reversals

A chargeback or payment reversal initiated through a bank, card network or payment provider is governed in part by the rules of the relevant financial or payment institution.

Where an external chargeback affects an escrow transaction, 360 may place related funds, settlements or accounts on hold while the matter is investigated.

Abuse of chargebacks or knowingly submitting false payment claims may result in account restrictions or termination.

16. Escrow and Marketplace Transactions

Transactions involving products or services offered through the 360 marketplace may attract a platform commission based on the relevant category.

Where Smart Escrow also applies, the marketplace commission and escrow fee are separate charges.

The marketplace commission is generally associated with the seller or service provider's transaction, while applicable escrow and payment-processing charges may be presented separately during payment.

The exact charges applicable to a transaction should be displayed before confirmation.

17. Person-to-Person Escrow

Person-to-person transactions may use Smart Escrow even where no marketplace product or service listing is involved.

For standard person-to-person escrow, the 360 escrow fee is:

• 1% of the transaction amount;
• Minimum ₦100;
• Maximum ₦5,000; and
• Applicable payment-processing charges are separate.

The sender or buyer is generally responsible for the Smart Escrow fee for this type of transaction unless the transaction flow expressly states otherwise.

The escrow fee is the 360 transaction-protection fee for standard person-to-person escrow. A separate marketplace commission is not added merely because Smart Escrow is being used between two individuals.

18. Limits of Smart Escrow Protection

Smart Escrow protects the handling and release of eligible transaction funds according to this Policy.

It does not guarantee:

• The personal safety of users;
• The honesty or future behaviour of another user;
• That every transaction will be dispute-free;
• The quality of every product or service;
• Compensation for personal injury;
• Insurance against property damage or theft;
• Recovery of funds already validly released in every circumstance; or
• Protection for transactions completed outside the supported escrow process.

Users should not send money directly outside the supported transaction flow and then assume that 360 Smart Escrow protection applies.

19. Payment and Financial-Service Partners

360 may rely on third-party payment and financial-service providers to collect, hold, transfer, refund or settle funds.

Those providers may apply their own processing rules, verification requirements, transaction limits and regulatory controls.

Processing or settlement times may therefore depend partly on the relevant payment provider, financial institution or banking network.

20. Changes to this Escrow Policy

360 may update this Policy as Smart Escrow develops, payment arrangements change or legal and regulatory requirements change.

The latest version will be published on this page with an updated date.

Where a material change affects how existing users transact, 360 may provide additional notice through the website, application, email or another appropriate communication method.