Gaining customer trust is a key challenge especially when the product delivery is crucial be it of well-known or less popular brand. So, how to mitigate such kind of transactions? Here, NIFT ePay has Escrow services in place which aims to enable a safe, secured and credible platform for guaranteed and complete transaction.
Escrow Service is offered by third-party (NIFT ePay) – it is independent of any relationship with either buyer or seller in any digital commerce transaction. In other words, NIFT ePay will provide service as an “Escrow Agent”.
NIFT ePay is responsible for maintaining trust accounts – all successful digital commerce transactions can be done through its platform. It is different than regular settlement process in which payments are made to buyers through digital channels irrespective of the fact whether the ordered item or service was received by the buyer or not in accordance with the agreed transaction’s terms and conditions.
With the help of Escrow service, protection mechanism is embedded for buyers and sellers for a specific period of time. The specified protection period can be in terms of days from the transaction date – it can be extended by seller or buyer in case of any acceptable cause of delay. Both parties have to agree on Extended Time of Arrival (ETA) – otherwise, a buyer can claim a refund for the transaction.
Moreover, funds are only released for routine clearing after receipt confirmation and delivery by the buyer and seller respectively within the applicable protection period. This procedure enhances the credibility of the seller and buyer and it ensures that fraud will be avoided to a certain extent. Also, the trust between the parties is enhanced for future transactions.
Buyers are given refunds in case of a dispute. The dispute settlement is done after thorough investigation to ensure that any unfair decision is avoided. Also, Escrow offers a clear timeline to sellers on realization of payments which are made through digital channels.
Under Escrow service, a registration process for a buyer against CNIC is in place to keep track of buyer’s history and also document it. A buyer is allowed to pay through NIFT ePay through bank details which are associated with registered CNIC on Escrow.
Escrow service offers a range of benefits to all the parties involved especially to the buyers and sellers.