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The future of online payments in Tanzania: Why Escrow is the key to trust

Most Tanzanians can now access the benefits of the escrow service, thanks to ApolloPay and similar services. The escrow system has substantially reduced the risk of loss when transacting money online.

 

If you sell products or services online in Tanzania or plan to do so, make the escrow system your top payment solution.  Learn everything about escrow to understand how it can protect you from potential online scams that target gullible merchants. 

 

This article provides this crucial learning opportunity. Keep reading it to know why the escrow system is the future of safe internet transactions in Tanzania.

 

Escrow System – An Overview

What is an escrow? An escrow is an account that holds onto something valuable for two parties and releases it only when they fulfil the stipulated trading conditions. This valuable thing can be money or a crucial document like a deed.

 

Think of it as an item that can prevent or facilitate an online transaction. Without it, an online transaction cannot start or end. The holder of the valuable item is the escrow agent.

 

How an Escrow System Functions

Any reputable escrow service in Tanzania works like this:

- Two parties come together to transact under stipulated terms and conditions. Let’s call them buyer and seller.
- The buyer and seller decide on the best escrow agent in Tanzania. Then, each opens an online account with the Tanzanian escrow website.
- Both parties may divide the escrow money equally and send it to the agent. The buyer may also pay the fees.
- The buyer adds the funds or crucial documents to an escrow account.
- On the other end, the seller organizes the shipment of the products.
- Upon the delivery of the products, the buyer inspects them. If the products are fine, they accept them.
- This triggers the escrow agent to release the funds or documents to the seller.


Note: If the buyer feels unhappy with the whole merchandise or part of it, they can reject it before the money goes to the seller. Once the seller inspects and verifies the returned goods, the escrow agent will return the funds to the buyer.

 

Why Should You Use an Escrow in Tanzania?

An escrow system can be so beneficial when buying or selling things online. It prevents you from sending the money before receiving your product. Once you deposit the money in the escrow account and pay the fees, the agent will hold it until the transaction ends.

 

If a disagreement arises between you and the seller, the agent will apply its dispute resolution protocol to resolve the matter. An escrow protects your funds from a potential fraudster posing as an online seller.

 

 Also, it gives you adequate time to inspect and verify that the products you got are indeed what you ordered. As a seller, an escrow will protect you from buyers who plan to get a product without paying for it.

 

Furthermore, an escrow agency will constantly update you about the merchandise and deposited funds. An escrow provides more peace of mind than most third-party online money transfer options.

 

Conclusion

Are you in Tanzania and hoping to do international trade without the risk of money loss? Your answer is the escrow system. If the escrow agent is reputable, you can expect your funds to stay safe until you finish a transaction.

 

An escrow is what Tanzanians should look forward to if they plan to trade safely across borders. It is safe, affordable, and convenient. So, you have no reason to keep risking your funds when dealing with potential customers.

 

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