How Kusnap Is Promoting Safe E-commerce Transactions In Nigeria With Escrow Services
The e-commerce industry in Nigeria continues to grow with the entry of small and medium-scale enterprises leveraging the potential of the digital space to gain more customers and convert sales. This is owed to the convenience and cost-effectiveness that e-commerce offers merchants and buyers, as products or services can be accessed within a snap of fingers from anywhere you are and at any time.
Payment is one of the major features that online buyers look out for when purchasing products or services on any e-commerce platform. This is with the consciousness of completing purchases at a platform that best meets their payment preference. While some buyers have been able to make payments seamlessly, others have had the experience of making payments on an e-commerce platform and not getting the product or service they paid for as and when due. Some buyers may not even get what they paid for – losing their money to fraudulent merchants. This has made many people lose trust and confidence in shopping on e-commerce platforms.
However, Kusnap is building buyers’ trust in online shopping by integrating the escrow service into its platform. This is to mitigate fraudulent transactions that could put users’ funds at risk of loss.
What is Kusnap?
Kusnap is a peer-to-peer (P2P) online marketplace that connects merchants with buyers. It enables merchants to sell various products, including groceries, home appliances, electronics, phones and laptops, baby products, beauty, fashion, vehicles, etc. Also, many services and plots of land for sale are available on the platform.
Therefore, Kusnap provides a robust platform for merchants and buyers to sell and buy almost everything. As such, it is the “Amazon store in Nigeria.” While you can buy or sell on Kusnap, you can also use the escrow service on the platform to protect your transactions.
How Escrow Service On Kusnap Works
The Kusnap escrow service is a neutral third party between merchants and buyers on the platform. This is enabled during payment such that the buyer pays into an escrow account when they want to complete their purchase with a merchant on the platform. The escrow account is a digital wallet created by Kusnap and not by the merchant. The fund will then be locked in the escrow account until the merchant delivers the purchased product or service to the buyer.
After the product or service is delivered, the buyer will prompt the Kusnap escrow account to release the funds to the merchant. This means that the merchant cannot receive payment for the product or service they sold until it is delivered satisfactorily.
Benefits Of Kusnap Escrow Service
1. Promotes Buyer’s Protection
Kusnap is upholding the cliché “customer is king” by ensuring that their satisfaction and safety are paramount. This is why the escrow service would boost buyers’ protection so that they are protected from losing funds to fraudulent merchants or delayed delivery in the hands of unserious merchants. This will eliminate a bad “what I ordered vs. what I got” scenario, as buyers can be sure of getting the exact product or service they ordered at a given time without delay.
2. Boosts Merchant’s Reputation
Buyers are not the only entity that would benefit from the Kusnap escrow service; the merchants will also. This is with the understanding that buyers tend to buy from merchants that would guarantee their payment safety. So, using the escrow service would give the merchant a positive outlook that will convince buyers navigating their storefront to make purchases.
Conclusion
Kusnap continues to chart a new course in the Nigerian e-commerce industry, introducing escrow service into its platform. This is to mitigate the event of losing money to fraudulent merchants while promoting safe e-commerce transactions. Therefore, you can now use Kusnap without the fear of being a victim of scams or fraud.
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