An escrow with Traded Online Marketplace (TOM*) is a financial arrangement where Traded.Com.NG holds funds on behalf of two parties involved in a transaction, until both the Advertiser and Customer fulfill their obligations to each other.
Traded.Com.NG Escrow acts as a neutral intermediary to ensure security and trust in transactions or other high-value deals within Traded.Com.NG.
How It Works?
strong>Seller How to Enscrow: Select Escrow condition, when posting a new advert:
The seller select escrow and may add more terms and conditions, in the post short description.
Notifications: The buyer read the terms and chat with the seller.
Buyer Open An Encrow
After negotiating with the seller the buyer comes here to funds (open) an escrow in Traded.Com.NG, and send the receipt of Payment and a screenshot of advertised Item Escrowed to Traded.Com.NG on whatsapp, the Buyer Adds 5% to the Amount to cover processing fees for the transaction.
Confirmation and Seller Obligation: The seller ships the item to the buyer.
Verification: The buyer informs Traded.Com.NG that all conditions advertised are met.
Release of Funds: Once conditions are fulfilled, Traded.Com.NG release escrow fund to the seller, less 5% for taxes.
Refund of funds: If the deal fails, Traded.Com.NG will refund the money to the buyer, less 5% for taxes.
Benefits of Escrow on Traded.Com.NG Online Market(TOM-TOM)
– Reduces risk of non-delivery or non-payment.
– Builds trust between unfamiliar parties.
– Builds trust between parties, that are far away from each other.
– Ensures compliance with legal or contractual obligations.
– Minimizes fraud risk by ensuring funds are held securely and disbursed to seller only when item comply with its description.
Key Features of Traded.Com Escrow
Traded.Com.NG Online Marketplace (TOM-TOM*) , is the funds custodian: Traded.Com.NG holds money or assets until the transaction terms are fulfilled. For example a person pays an advance for a flat screen television hes saw on Traded.Com.NG, The amount paid by him goes to TOM escrow account and would be transferred to the seller only when the business is fully completed.
Purpose: Traded.Com.NG Escrow Ensures that neither party can access the funds, protecting all parties involved. it holds the buyer’s payment until the seller transfers the item purchased.
Conditions for Release: Funds Escrow On TOM are released to the Sellers only when predefined conditions, supply, contract terms, inspections, or requirements are met.
Seller How To Allow Enscrow
strong>Seller How to Enscrow: Select Escrow condition, when posting a new advert:
Buyer How To Escrow on Traded.Com.NG
After discussing with the Customer Click On [Escrow this] button, Add the amount to be escrow and proceed to make payment, Add the Title of the Advert in your order additional notes, traded.com.ng will keep the communication channels open until the escrow obligation is completed by the seller.