Everything You Need To Know About Escrow Service
The Escrow Service is a fraud prevention service run by our dedicated Escrow Admin to prevent fraud and protect all members of News9naija from getting scammed by either trying to buy or sell their advert credits.
How Does it Work?
The Escrow service is a tripartite system of bringing in a third party to a transaction between two persons.
This is how it works from the chart posted. After the sseller and his prospective buyer has reached an agreement of exchange rates,
=>Seller sends credit to the Escrow Admin
=>Buyer sends money to the escrow admin
=>Escrow confirms that he has recieved both credits and money from the two.
=>Escrow admin sends credits to the buyer
=>Escrow admin sends money to the seller
=>If dispute arises:
E.G1: If the buyer defaults or cancels the transaction, the ascrow admin refunds credits to the seller.
E.G2: If the seller defaults or cancel the transaction, the escrow admin will refund the buy and close the transaction.
NB: Escrow service costs a flat fee of ₦200 for the seller and ₦200 worth of credit for the buy. Credits are deducted automatically for a very transaction that takes place on the Advert credit wallet.