Frequently Asked Questions
1 What is Escrow?
An escrow transaction is one where a trusted third party serves as an intermediary and holds funds securely until the terms of the transaction are met and both transacting parties are satisfied. The funds are then released to the service/goods provider.
Escrow transactions are needed when the transacting parties do not know or trust each other.
2 Why use Escrow?
Vesicash escrow is needed to provide payment security for the transacting parties to ensure that disputes are resolved amicably and promptly, and that both parties are protected at all stages of a transaction.
3 What is Vesicash?
Vesicash is an Instant digital escrow system that ensures payment security between parties involved in a transaction.
4 When can I use Vesicash?
Vesicash is designed to give peace of mind whenever you are in doubt or are dealing with a someone you don’t know because we ensure the validation of the transaction and both parties needs to agree before the release of the payments. by ensuring that both parties are satisfied before the release of payment.
5 What are types of transaction that can be carried out with Vesicash?
One-off transaction - This can be used when the payment is set to be released once after the completion of the transaction. For example, selling of a car, domain transfer, and general merchandise.
Milestone transaction - This can be used when you break down a transaction into stages called milestones, and each milestone has its attached payment. Once each milestone is completed and the inspection is done, the payment is released to the recipient based on each milestone. For example, Software Development, Graphic designing, Property development, etc.
6 What is an agreement in a transaction?
An agreement are is the set of conditions stipulated during the creation of a transaction that must be met before the funds are released. For example, inspection period. In other words, the funds held in Vesicash are not released to Party A until Party A fulfils their end of the transaction and Party B acknowledges receipt and is satisfied.
A transaction can be created either by the provider of a service/goods or by the recipient of said goods/services. Once the transaction is created, it is sent to the receiving party for review, after which payment can be made.
8 Who pays for the transaction?
When creating a transaction, the option to select who will make the payment for the transaction is available. Either the recipient of the transaction or the sender may be selected as the payer.
9Who is a buyer and seller?
A buyer is the recipient of a goods and service that is offered by a counterparty in this case referred to as the seller. A buyer is the person that pays for a transaction. The payment is securely held in Vesicash during the transaction period.
A seller is the person selling goods or offering service to another party and required the payment to be held in Vesicash pending the time the delivery or completion of the service is done. A seller is the person that receives payment after the transaction is marked completed and payment is authorized by the buyer.
10 What is the Vesicash process?
Vesicash reduces the risk of fraud by acting as a trusted third-party that collects, holds and disburses funds only when both Buyers and Sellers are satisfied.
- Buyer and Seller agree to terms - Either the Buyer or Seller initiates a transaction by creating an transaction which contains the details of the transaction and the counterparty review and agrees.
- Buyer pre-authorises payment - The Buyer ‘s funds are held in trust by Vesicash and the Seller is notified that funds have been secured from the buyer and held in Vesicash.
- Seller delivers services/merchandise - The Seller delivers services/merchandise, based on the transaction agreement within the stipulated time.
- Buyer accepts delivery - Once delivery is made, a 24 hour inspection window is opened or as may be agreed by both parties during the creation of the transaction During this period the buyer has the option to accept or open a dispute.
- Funds are released to the Seller - Vesicash releases funds to the Seller and funds are made available for withdrawal.
11 What if there is a dispute?
Once delivery is confirmed by the seller, the status of the transaction is updated and inspection window is opened. During the inspection period, the buyer has the option to accept or open a dispute. When a dispute is opened, the service provider/seller is notified and a resolution is expected between buyer and seller within 72 hours. If there is a failure to resolve this dispute within 72 hours, the case is escalated to the Vesicash arbitration system for fair and prompt resolution.
12 What are our charges?
|Transaction Range (₦)||Fee|
|Below ₦200,000||2.5% + ₦100|
|₦200,000 - ₦500,000||2% + ₦100|
|₦500,000 and above||1.5% + ₦100|