Insurance Plc enhances its escrow service in a way that can be trusted and reliable enough to take away the monetary bottlenecks and resolve every crisis during transactions.
The executive director of TrustPay Technologies Limited Yemi Adebiyi said the relationship with Consolidated Hallmark Insurance Plc is a safe way to strike an equilibrium between customer and merchant credibility whilst eliminating fraud in the process.
He said that the introduction of escrow service by African startups such as AtaraPay, Paylock and Truzo have come in handy in addressing the “issue of trust” between buyers and sellers in a way that promotes transparency and protects the interest of both parties.
“As an escrow service, AtaraPay protects the interest of both buyers and sellers by acting as a trusted third-party responsible for the collection of funds and only disburses funds when both parties are satisfied with the transaction. Their unique value proposition is that they limit the uncertainty of online sales and the risk of fraud,” he said.
“For AtaraPay, it goes beyond just solving the trust issue that hinders e-commerce. It hopes to serve as a commitment bridge between buyers and merchants with the aim of bringing about the end of the Cash on Delivery era.”
He pointed out that for merchants, the AtaraPay escrow payment service can enhance consumer confidence in a new company that does not yet have strong brand recognition, because they have total discretionary power to decide if the service offered or product delivered is satisfactory or not.
With the advent of growing internet businesses and tech entrepreneurs in Nigeria, many talented youths are being shortchanged due to inability for online buyers to trust the service they have to render. Examples include students, small business owners, freelancers and software developers that make money from selling online via social media or personal websites. For these crops of online savvy merchants, offering credible service isn’t their problem; finding a credible buyer online is.
In order to help build and maintain trust, AtaraPay was established as an online payment trust service in Nigeria. AtaraPay is a web and mobile tool used by seller and buyer for protection during any online or offline commercial transaction through funds held in escrow by a trusted third-party.
AtaraPay was built with the online entrepreneur in mind. It is very useful for social media sellers on Facebook or Instagram and other service providers operating offline or online. Such businesses include car sales, real estate deals, money exchange, service providers involved in freelancing and the gig economy in general.
For the software developer community, we have a robust and detailed documentation portal on our plugins to assist payment integrators to deploy escrow service on eCommerce portals using Magento 2, WooCommerce and Shopify frameworks. https://plugins.atarapay.com.
In the absence of a website, AtaraPay also offers a Person to Person (P2P) escrow service. To create a P2P transaction, sign up as a seller or buyer at https://app.atarapay.com.
Adebiyi went further to say: “On the one hand, buyers are very comfortable that a third party is involved in ensuring accountability, but on the other hand the seller enjoys increased patronage.
“AtaraPay represents the buyer’s and seller’s trust in e-commerce and guarantees their transactions, this prevents transactional fraud. By standing as the middleman between both parties, AtaraPay ensures, customers and Merchants are accountable to one another, significantly lowering the risk of being defrauded.
“In addition, AtaraPay in partnership with e-commerce delivery companies, also guarantees peace of mind for the merchant during the delivery process. Using AtaraPay escrow payment, the seller does not need to get involved with the complexity involved in coordinating the delivery company and the buyer any longer.
“Through automation and integration, the delivery company receives pickup notification when a purchase is made online and seller is notified when delivery is complete. Thereby providing a seamless delivery experience during the escrow process.”
He concluded by saying that AtaraPay is a strong advocate for a better online shopping experience for buyers and sellers in equal measure. It does this by promoting trust which encourages payment before delivery. With a total customer experience package which includes multiple payment methods and dispute resolution mechanism, AtaraPay helps sellers get more buyers who are confident of quality service.