What Is Escrow?

Escrow is a financial arrangement in which two parties agrees that a third party or a middle man (who is neither the buyer nor the seller) to temporarily hold money, paperwork, or other assets for a transaction on their behalf before the transaction is been finalized or attained.

That third party, known as an escrow provider, makes the transaction safer by protecting the assets of the buyer and seller until both parties have met their obligations for the agreement.

Methods of Payment on Lettads

When you decide to get any item on lettads or request for any services you need, It is important you agree with a  payment method, which are:

1. Direct Payment
2. Escrow Services

DIRECT PAYMENT

This is a scenario whereby due to reasons best known to a customer, he or she decides to make payment directly in person or through transfer to business owners. If such is the case the company (Lettads) is not responsible or involved in anyway for their transactions.

ESCROW SERVICES

This is a scienario whereby a customer decides to make their payments via escrow on lettads by paying directly to the company with account name of  “Lettads & Associate Enterprise”  in other to serve as a middle man between their transactions, if you select this method of payment, we ensure that you get exactly what you order for and you are satisfied with it and if you’re not we deduct our service charge 9.6% of total money paid into the company and refund you back your money, customers will have to pay, to waybill these items back to seller, after which your money is refunded. 

Procedures

Get registered to enable this service, registeration is free, click here to register.

Escrow Billing

Lettads Escrow Services is mainly meant for people buying or requesting a service on lettads.

This method of payment is voluntary, in cases where this is used there is a service charge for each payment made.

When a customer buys or requests for services from lettads and decides to pay via escrow, we deduct ( 5/100 * Total Amount + 200 ) as service charge, this is capped at N50,000 meaning you wont be charged more than N50,000.

For services requested and paid via escrow on lettads the total amount will be paid to our escrow account at once while 50% will be paid to the service provider to start the work, when the services are completed with no complaints from the customer then the balance will be paid the service provider after our service charge is removed.

If the service provider did not meet-up with the quality of work done agreed by the client then corrections must be made before the service provider can recieve is balance from us.

You need to fill all info about yourself on your “profile settings” page correctly and also get all information about the transactions or deal from seller or service provider before filling the form on transaction page.