Our ESCROW Service
This is an optional service but we highly recommend you use it for more guaranteed safety of your money and products because there will be NO case report that the seller scammed you or that the buyer did not pay you after receiving the product or item.
Please note that AFIAGI will not be held resposible if you fall victim of scam as a result of failing to use our ESCROW service option while doing any business transaction within our platform.
If in any case you do not want to use our ESCROW service option for your business transactions within our platform, we highly advise you trade with caution. Click here to learn more about Safety Tips and Anti-Scam Guide.
An escrow simply means a contractual arrangement in which a third party (here referred to as AFIAGI) receives and disburses money or property for the primary transacting parties (here referred to as the buyer and the seller), with the disbursement dependent on conditions agreed to by the transacting parties.
Here are more clear explanation for better understanding.
In this our optional but highly recommended service, a particular buyer and seller decides to use our ESCROW service for there business transaction after concluding on the total cost, then the buyer transfers the agreed total cost to our assigned company's bank account from any where in the world and then notify the seller that the money is now in our custody for the agreed business transaction. We will contact the seller or the seller can call our office during office hour to confirm if truely the buyer sent us the money. If the confirmation was positive, the seller will then ship the product or item to the buyer's destination. The buyer is allowed 2 days to confirm the successful receiving of the product or item and also that it was as decribed by the seller on our platform before we can now deduct our service charge and send the remaining money to the seller's bank account during our office working hour.
Total Cost: This may include item cost amount + shipping fee.
In a situation whereby the transaction was not successful, we will contact the two involved parties (the buyer and the seller) via phone call or email to ascertain the actual cause of the problem and try as much as possible to resolve it amicably.
HOW IT WORKS
Kindly follow the simple steps below to understand how it works:
Step 1. A buyer searched for a desired item or product he/she wants to buy and clicked on it to open.
Step 2. The buyer will see the contact details of the seller beside the ads and then contact him/her via phone, email or our instant message chat option.
Step 3. The both parties will discuss via any of there desired contact channels to decide whether they want to use our ESCROW service or whether they want to meet in a safe public place for the business transaction.
Step 4. If they both finally decides to use our ESCROW service, then the buyer will now have to send us a mail at email@example.com with the below required details:
- 1. Clear information about that particular business (Example: the product, item or service you are buying).
- 2. URL Link to that particular posted product or item on our plaftom.
- 3. Your full name and direct phone number as the buyer.
- 4. The full name and direct phone number of the seller.
- 5. The final total cost agreed by both parties (This may include item cost amount + shipping fee).
Step 5. We will review the submitted request and if all the required information are complete in the mail, we will then send an e-invoice containing our company's bank account details to the buyer for payment deposit.
Step 6. After we must have confirmed the payment deposit by the buyer, we will contact the seller via phone call or email to notify him/her about the money in our custody and also inform him/her to ship the product to the buyer.
Step 7. The buyer is allowed 2 days to confirm the successful receiving of the product and also that it was as decribed by the seller on our platform.
Step 8. We will then deduct our ESCROW service charge and disburse/transfer the remaining money to the seller's bank account and the buisness is sealed.
Assuming a product or service costs $90 and its shipping/delivery fee costs $10,
Therefore, the Total Cost will be $90 + $10 = $100
Our Escrow service charge = 4% (the buyer pays 2% and the seller pays 2%. Total = 4%).
For the Buyer ===> SInce 2% of $100 = $2, therefore, the buyer will have to include/add $2 in the total cost ($100 + $2 = $102) before sending the payment to us.
For the Seller ===> SInce 2% of $100 = $2, therefore, we will deduct $2 from the total cost ($100 - $2 = $98) before releasing/sending the remaining balance ($98) to the seller's bank account.
Having considered the necessity of smooth flow of business within our platform and the maximum satisfaction of our users globally, we were able to slash the cost of our ESCROW service charge to 2% each for the agreed total cost by both the buyer and seller.
The buyer will pay 2% and the seller will also pay 2% making it total of 4% for the agreed total cost by both parties.
==> The buyer will include his/her 2% fee when transfering the total cost to our company's bank account.
==> The seller's 2% fee will be deducted before transfering the money to his/her bank account.
The core benefit of this exclusive service are listed below:
- 1. This provides more security and maximum safety of your money and product because there will be no case report that the seller scammed you or that the buyer did not pay you after receiving the product or item.
- 2. This will boost trust and and honesty when doing any business with someone within our platform.
- 3. This will also boost the smooth flow and stress free business experience within our platform.
- 4. Genuine sellers and buyers will happily and comfortably do business transactions with relaxed mind within our platform.