As the Nigerian e-commerce ecosystem keep on gaining traction, one of the growing concerns that still impedes progress in the system is trust when it comes to paying and delivering goods and services.

Of lately, an option to pay only on delivery has been rocking the Nigerian e-commerce ecosystem because buyers feel more comfortable throwing open their wallet only when the goods they ordered for are delivered right to their door step and then inspected properly to confirm it’s what they ordered for before paying. While most merchants (especially the upcoming ones) sees this option as a way of making turn over and faster sales, it in most cases lands them in fraud or financial troubles.

Imagine living in PortHarcourt and placing an order for a product from a merchant that’s based in Lagos without any form of monetary commitment and then the merchant risks her product and bears all the burden of shipping and delivering to your address on the said day and you were not available for pick up! Or worst case scenario, the merchant takes your order and ships it out and then all of a sudden something happens and you boom cancel the order or change your mind all because no commit was made from your end. Who do you think bears the loss? Of course the seller. This commitment bridge between the buyer and the seller is what LockMyCash tends to solve!

As it claims on its official website, LockMyCash provides an online escrow service that protects buyers and sellers from fraud during transactions by acting as a trusted third party that collects and holds payments from a buyer and release this payment to the seller when the buyer is satisfied or based on agreements.

Breaking this down for you, as a buyer, when you make payment for goods online, LockMyCash receives payment from you, and then notifies the seller that you have paid and asks seller to deliver the item(s) so you can inspect them (based on agreement), if the item(s) delivered by the seller is exactly what you paid for and you’re satisfied LockMyCash will then go ahead and pay the seller, but if you’re not satisfied with the item(s) LockMyCash will refund your money!

Now like I earlier mentioned above, buyers alone won’t be getting the fair treatment, LockMyCash also carters for the sellers! As a seller, when a buyer makes payment of goods to LockMyCash, they will we notify you and ask you to deliver the item(s), again the buyer inspects the item(s), if he is satisfied, LockMyCash will pay you for your goods and if buyer is not, he returns the item(s) and LockMyCash refunds the buyer.

Source: http://www.techsabi.com/lockmycash/
Cc Lalasticlala

OP, What's the website url?

Oops! I didn't write the article, just shared it. You can google it

Ok