LockMyCash: The new service that makes online transactions safer

LockMyCash: The new service that makes online transactions safer

Just as the name implies, LockMyCash is an online escrow service that protects buyers and sellers from fraud during transactions. The unprecedented growth of e-commerce in Nigeria and Africa at large has taken the whole continent by storm and with every new transaction, there is a need to make online transactions a lot more safer

Just as the name implies, LockMyCash is an online escrow service that protects buyers and sellers from fraud during transactions.

The unprecedented growth of e-commerce in Nigeria and Africa at large has taken the whole continent by storm and with every new transaction, there is a need to make online transactions a lot more safer and limit the risk(s) involved both on the part of the buyer and the seller to the barest minimum.

In most cases, because of the option of pay on delivery and because there is no commitment whatsoever on the part of the buyer, the merchant bares the brunt when customers suddenly cancel their orders or put up all sorts of behaviour when the product is delivered to them. The general opinion is that customers behave this way because they have nothing at stake, hence, the reason they don’t feel obliged to commit to their orders and agreements. This is a problem LockMyCash hopes to solve.

LockMyCash will act as a third party that holds payments from a buyer and doesn’t release it to the seller until the buyer is satisfied with the purchase. Essentially, it prevents a case where any of the parties feels dissatisfied or cheated at the end of a transaction.

How it works:

Users create transactions – either as a buyer or seller – and fill in the necessary information regarding that transaction. This includes the name and description of the item, phone number and email address of the other party involved, cost of transaction, transaction and inspection period, and who pays the fee charged by LockMyCash (minimum of N200 and maximum of N5000, depending on the value of the transaction and it can be split 50/50 between buyer and seller).

When a customer makes a payment, the merchant is notified and is expected to deliver within the agreed time. After the buyer receives the item, they are expected to inspect it within the  agreed period also and they state if they are pleased or not. If they are, they buyer gets paid. If they aren’t, they’re to return the item and get a refund.

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