(Q)How does Escrow work?
(A) The buyer or the seller in any auction may commence an escrow transaction. The process can be broken down into 6 basic steps: a. The buyer or seller initiates an escrow transaction. This person needs to set out the terms of the escrow b. An email is sent to the other party, notifying them that a new escrow transaction has been opened. That party then needs to accept the terms of the escrow online. c. Buyer sends payment for the item(s), including any applicable fees (e.g. shipping, insurance) to Firstnaija Escrow Services, where the funds are held in a non-interest yielding account. d. Once funds have cleared (cheque payments MUST clear and funds available in escrow account), seller is notified that payment has been deposited with Firstnaija Escrow Services, and advised to ship item to buyer. Seller also needs to send shipping details, including shipper and tracking number. These details are posted on Firstnaija.com, and can be viewed by both seller and buyer. This way, all parties involved know when the item is signed for. e. Buyer has 3 days from when they sign for item, within which to accept or reject the item online. If they do not accept or return the item online within 3 days, they are deemed to have accepted the item. f. If buyer accepts item, the funds are released to the seller, and the transaction is closed. If buyer does not accept or reject the item within the 3 day inspection period, he is deemed to have accepted the item, and funds are released to the seller.
(Q) What if buyer rejects item?
(A) If buyer rejects the item, he will need to ship item back to the seller in the condition he received it, and is responsible for shipping fees. The process is a bit like the above process in reverse. As soon as he ships the item back, he will need to log in and supply the shipping details. Seller has 3 days upon receipt of item to accept it. If he accepts it, transaction is closed. If he does not accept or reject the returned item online within 3 days, he is deemed to have accepted it and transaction is closed. If he rejects the returned item for any reason, the Firstnaija Escrow Services Dispute Resolution protocols will be activated.
(Q) As a Seller, how do I get paid?
(A) Firstnaija releases funds to sellers directly into their bank accounts. Sellers who choose to use the escrow service must supply their bank account details. By supplying your bank account details, you authorise Firstnaija Escrow Services to pay any due payments into that account (see Terms and Conditions). Firstnaija WILL NOT post cheques out to traders. This is to protect all traders.
(Q) How can I keep track of the escrow process?
(A) Buyers and sellers alike can monitor their escrow transactions once they are logged in to their Firstnaija.com accounts. Just click on the My Escrows link in your Members Area.
(Q) Why offer an Escrow Service on Firstnaija.com?
(A) We take security very seriously at Firstnaija.com, and will do everything to ensure that buyers and sellers can operate in a fraud-free environment. We believe that the escrow solution is the best way to ensure that sellers receive payment for items sold, and that buyers receive and accept items they have purchased before money is released to the seller. Using the escrow process ensures that buyers and sellers can continue to trade without fear of losing their money or goods.
Though the escrow service is not mandatory, we seriously recommend that traders use it for their transactions. Traders can choose to select the escrow service, or the more traditional method of dealing directly with the buyer or seller. Again, we must emphasise that we highly recommend using the escrow service. One more thing - it is a FREE service too!
(Q) What does the escrow service cost?
(A) The escrow services provided by Firstnaija Escrow Services is offered free of charge. However, Firstnaija Escrow Services reserve the right to charge fees for using this service, provided we give members adequate notice.
