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Online products buying has been on the increase, E- commerce has been doing well and has continued to advance among Nigerians but the only and major constraints have been the fact that customer or buyer do not make use of the online payment platform, they prefer to pay on delivery but it has not stop business, though only that when a delivery time and venue is set, the buyers are nowhere to be found to retrieve. They go AWOL and delivery personnel is forced to return the goods back to the factory, time and resources are wasted. Sellers are forced to think that the only reason which it keeps happening this way is because the buyers have nothing to lose out of the transaction so they are never committed to a successful trade.
This problem of constant disappointment will be put down with the introduction of lockMyCash.
LockMyCash is a third party that participates in the business deals; it is an online escrow service that protects the interest of both the seller and the buyer, thereby minimizing the risk of fraud during the online transactions. It ensures full satisfaction of both parties in the transaction.
Users create transaction either as a buyer or a seller and fill up necessary information and data as regarding the transaction, names, phone numbers and item description is entered and charges for LockMyCash is shared amidst them equally, the rate of charges by LockMyCash varies from #200 to #5000 depending on the goods.
When payment is made by a customer on the online platform, the product seller is notified and makes the delivery of the product within the stipulated time agreed on, when the buyer receives the item, they inspect it within the time lag and make their remarks on the satisfaction level. If they are satisfied, the buyer gets paid and the transaction is completed but if not the goods are returned and money is refunded to the buyer.
LockMyCash is the middle man and they charge transactions relatively since they bearer of the cost is decide by the users, hopefully, this new development should help improve the trust issues between the seller and customers on online shops and progress Ecommerce ultimately.