It’s 2021. You always need to be a hundred percent sure of how secure your money is wherever you put it. This article gives you a breakdown of how we protect your money on Scrader and why this system is a very efficient way of rebuilding some of the long-lost trust between online vendors and shoppers in Nigeria.
Currently, you can purchase items and receive payments for items purchased on Scrader only with escrows. You’re probably wondering what escrow is. We promise it’s not that complicated and we’re here to break it down for you.
In simple terms, an escrow is an arrangement between 2 primary parties that gives room for a 3rd-party to hold on to money and pay out if and only when certain conditions are met. In this case, you are the primary party, Scrader is the 3rd party and the only condition is this: what you see and pay for is what you must receive.
Adopting this system on Scrader has helped us build trust between online shoppers and vendors, leading to hundreds of satisfied shoppers and vendors since our launch in February. Yet again, you’re probably wondering how? It goes two ways and we’ll briefly explain this to you from the shoppers’ and vendors’ perspectives respectively.
For shoppers, when you make a purchase from any vendor on Scrader, your money is not sent to the vendors directly. Instead, it is sent to a restricted escrow bank account. After which, we communicate to the vendor that your payment has been received. Your funds remain in this account until you receive the item(s) you paid for. This is called a buyer protection. It helps to make sure that you get value for your money and it takes away every chance of you getting defrauded. If at any point something goes wrong, the customer support team will have a quick investigation and process a return or refund, if necessary.
For vendors, when an order is made from your store, the payment reflects in the “available balance” section of your dashboard. However, your money will be paid out to your bank account when the items have been dispatched and received by the shopper. This helps to ensure that:
- All items advertised for sale on Scrader must be the SAME as received by the shopper.
- In cases where refunds are absolutely necessary, vendors do not have to experience the inconvenience of processing a refund with personal funds.
Funds are paid out to the bank account provided by the vendor within 24 hours after