Ecommerce services in the country are growing as more people start appreciating the gains made from using online marketplaces to buy goods and services. However, the platforms have also been marked by user complaints that range from the dissatisfaction of purchased products to delayed delivery.
In some instances, eCommerce has been improved by escrow payment services, where a trusted third-party holds funds on behalf of the buyer and the seller to ensure that the funds are only disbursed when specific conditions are met.
In principle, escrow can be defined as a legal agreement that is mainly centered on protecting the interests of the transacting parties. Escrow continues to gain popularity for additional merits such as transparency, trust, as well as safe and secure payments.
These are services that Verinet Escrow App promises to deliver for the Kenyan market. The product, which comes in the form of an Android or iOS app is based on the principles of escrow where certain conditions have to be met before funds are released to the seller.
Verinet will allow a customer to describe the specs, among other details of the product before shipment. Once delivered, the buyer will inspect the product and raise a dispute if the product or service does not match the described specifications. The dispute is then investigated by the escrow team after both parties upload their evidence.
“As soon as the buyer initiates a dispute from within the App, a link will be provided, allowing the buyer to upload any other supporting evidence to the claim. The Seller will have a chance to respond to the claim. The Arbitration Team at Verinet Escrow will rely on the evidence presented on the platform to make the final determination,” reads a statement from Verinet.
At the moment, users can only load their Verinet wallets via M-PESA, although there are plans to include other payment systems in the coming days.