1. Introduction

escrownig.com is committed to facilitating safe transactions between parties by acting as a neutral third party in which funds are securely held until the agreed-upon conditions of a transaction are met. This Standard Payment Policy details how users deposit funds, how those funds are managed, the applicable fees, and how disputes or cancellations are resolved. Our practices align with regulatory requirements in Nigeria and with best practices observed within the escrow industry .

2. Definitions and Scope

For clarity throughout this policy, the following definitions apply:

· Escrow Payment: A payment deposited by a buyer into an independent account managed by Escrownig.com until the seller fulfills agreed contractual conditions.

· Escrow Account: A segregated account in which funds are securely held during the transaction process and cannot be accessed by either party without proper authorization.

· User: Any individual or entity using our online escrow service.

· Fees: Charges incurred for using our escrow service, which may include processing, administrative, and transaction-related fees.

· Payment Dispute: Any disagreement arising from the handling, release, or refund of funds within an escrow transaction.

This policy applies to all transactions conducted via escrownig.com and is integral to our Terms of Service and Payment Terms.

3. Acceptable Payment Methods

To ensure safe and convenient transactions, escrownig.com accepts payments through approved financial channels. These include:

· Bank Transfers: Direct deposits from Nigerian banks using secure channels.

· Debit/Credit Cards: Payments processed via secure, PCI-DSS-compliant gateways.

· Mobile Money Platforms: Where applicable, users can deposit funds through regulated mobile payment systems.

All payment methods conform to Nigerian financial regulations and best practices to prevent fraud and money laundering .

4. Payment Process Flow

4.1 Payment Initiation

· User Deposit: Upon entering into an escrow transaction, the buyer initiates a payment by depositing the agreed funds into the designated escrow account.

· Verification: The deposit is verified through an electronic confirmation process. A secure reference number is issued to the buyer to track the deposit.

· Notification: Both buyer and seller receive notifications confirming payment receipt and that funds are held securely.

4.2 Hold Period and Escrow Management

· Segregated Account: Funds are kept in a segregated escrow account that is separate from operational accounts to minimize risk.

· Monitoring: Our internal systems continuously monitor the funds using encryption and access control measures, ensuring compliance with industry security standards.

This structured process prevents premature fund release and assures both parties that the funds are secure until contractual conditions are met .

5. Release of Payments

5.1 Payment Release Conditions

· Fulfillment Confirmation: Funds are released only when the buyer confirms that all conditions stipulated in the escrow agreement have been met. In cases where goods or services are delivered, the buyer must verify receipt and satisfaction.

· Seller Notification: Upon buyer confirmation, a final notification is sent to the seller, and the funds are transferred (after deducting any applicable fees) to the seller’s designated bank account.

5.2 Automated and Manual Verification

· Automated Checks: Our system performs automated verifications to ensure the authenticity of release requests.

· Manual Oversight: In disputes or edge cases, our compliance team reviews transactions before authorizing final funds release.

This dual-layered approach ensures fairness and security throughout the payment release phase .

6. Fees, Charges, and Deductions

· Fee Structure: escrownig.com applies a transparent fee structure, which may consist of service fees, processing fees, and any additional administrative charges. The fee schedule is clearly communicated at the initiation of each transaction.

· Fee Deduction: Fees are deducted automatically from the escrowed funds prior to disbursement to the seller. A detailed breakdown of fees is available within the user’s transaction history.

· Non-Refundable Nature: Once charged, fees are generally non-refundable, except in scenarios where a transaction is cancelled due to a verified error on our part.

This fee structure is designed to cover operational costs while ensuring the continued availability of high-security standards for each transaction.

7. Refunds and Cancellations

7.1 Refund Policy Terms

· In Case of Transaction Failure: If the seller fails to deliver the agreed goods or services, the buyer can initiate a refund request. In such cases, once the dispute resolution mechanism is completed in favor of the buyer, funds are returned.

· Partial Refunds: Should only part of the transaction be disputed or if any services contemplated in the agreement are partially provided, partial refunds may be executed according to the terms agreed upon by both parties.

7.2 Cancellation Process

· Cancellation Request: Either party may request transaction cancellation if preliminary conditions are not met, or in the event of mutual agreement.

· Refund Processing: Cancellation requests are reviewed by our dispute resolution team. Upon an approved cancellation, the buyer is refunded the escrowed funds minus any non-recoverable processing fees.

· Timeframes: Refunds are processed within a specified timeframe from the cancellation approval date, ensuring prompt resolution for the buyer.

Our refund and cancellation procedures are designed to protect user funds while maintaining high levels of security and accountability.

8. Security of Payments

· Encryption and Compliance: All payment data transmitted via escrownig.com is encrypted using industry-standard protocols. We adhere to PCI-DSS and NDPR requirements to safeguard personal and financial information.

· Access Controls: Only authorized personnel may access transaction data and funds, which are protected by multi-factor authentication and regular security audits.

· Fraud Monitoring: Continuous transaction monitoring systems actively detect and prevent fraudulent activities, ensuring that every payment remains secure from deposit to disbursement .

9. Payment Disputes and Resolution Procedures

· Initiation of Dispute: If either party raises a dispute regarding a transaction, a formal complaint is submitted via our dedicated dispute resolution portal.

· Mediation and Arbitration: Initially, our internal team will attempt to mediate the dispute. If unresolved within a predefined period, the issue may proceed to binding arbitration in accordance with Nigerian laws.

· Resolution and Documentation: All payment disputes are thoroughly documented and resolved in accordance with internal protocols and legal obligations. The resolution outcome, whether funds are refunded or released, is then communicated to both parties.

This structured dispute resolution process helps maintain trust and ensures that any disagreements related to payments are resolved in an equitable manner .

10. Compliance and Regulatory Adherence

escrownig.com complies fully with applicable Nigerian financial regulations, AML laws, and data protection guidelines as mandated by regulatory bodies such as the Central Bank of Nigeria. Our payment process is designed to meet both local and international compliance standards, assuring users that their financial transactions are handled with the utmost care and legal observance.

11. Policy Updates and Amendments

· Ongoing Review: This Standard Payment Policy will be periodically reviewed and updated to reflect changes in operational procedures, regulatory requirements, or industry best practices.

· Notification: Updates will be communicated to all users through our website and via registered email addresses, ensuring full transparency regarding any modifications.

12. Contact Information for Payment Inquiries

For any queries or concerns regarding payments, refunds, or disputes, please contact:

· Payment Support: support@escrownig.com

Our dedicated team is available during business hours to resolve your inquiries efficiently.

13. Conclusion

At escrownig.com, our Standard Payment Policy is designed to uphold the highest standards of security, fairness, and transparency in every transaction. By clearly outlining the procedures for fund deposits, payment releases, fee deductions, and dispute resolutions, we provide both buyers and sellers with a robust framework that builds trust and facilitates secure commerce in Nigeria. We invite you to review any related guidelines on our website to further understand how escrownig.com safeguards your financial interactions.

For additional information, you may wish to explore our FAQs on safe transactions, detailed guides on the escrow process, or regulatory updates on escrow services in Nigeria.

By implementing these detailed procedures and guidelines, escrownig.com ensures that every payment follows a secure and compliant path—from initial deposit to final release—empowering users to transact with confidence.