Boost Users’ Confidence in C2C Marketplace with Escrow Payment

Boost users’ confidence in C2C marketplace with Escrow Payment

Fraud cases between sellers and buyers are still active today especially when many of them are inexperienced and new to e-commerce.

According to a report, at least 40 percent of commercial crime cases are reported involving common cybercrimes such as the Macau Scam, African Scam and E-Financial Fraud that happens in online shopping. Federal Commercial Crime Investigations Department (CCID) director Commissioner Datuk Seri Amar Singh said in 2016, 12,766 out of 32,871 cases (39 per cent) involved cybercrimes, increases to 13,714 out of 30,612 cases (44.7 per cent) last year. This case is still wide spreading despite various actions have been taken by authorities.

In order to protect this challenging segment, MOLPay has taken an action to tackle the cases by providing MOLPay Escrow Payment service for sellers, buyers and also developers who prioritize the safety of their operations.

What is Escrow Payment?

Escrow Payment is the financial solution where a third-party holds and regulates payment of the funds required for two parties involved in a given transaction.

It helps making the transactions more secure by keeping the payment in a secure escrow account which is only released when all of the terms of an agreement are met as overseen by the third-party. MOLPay acts as a trusted third-party.

How does Escrow Payment work?

Escrow payment is advantageous for those marketplaces with a transaction in large amount of volume.

Outlining the procedure of escrow payment requires an increased number commitments before a payment is given to the accounts of the involved parties; marketplace, seller and buyer. Usually, the buyers may need a confirmation of the quality of the work done before making a full payment.

Merchants are also in the same shoes. They wouldn't like to extend their works with no assurance that they will get the payment. To satisfy both parties, escrow payment works in connecting and convincing the parties more effectively throughout the process.

 

Why MOLPay Escrow Payment becomes a necessity nowadays?

1. Remove the worries

We know uncertainty doesn't feel good and this feeling always exists when a customer buys or sells to another customer.

As a developer, you need to find something that can make your sellers and buyers feel safe while doing the business. To ensure each merchandise or payment are protected, implementing a secure third-party solution such as MOLPay Escrow Payment is highly encouraged. This will help you to reduce the time you spend on handling customer’s reports on scam, fraud or transaction failure between both parties.

2. Buyers' benefit

Once the buyer pays for the product, the seller can proceed to send the item.

If there is any disputes occur during the process, for example, the seller fails to deliver the item, no settlement will be made. Buyer can raise a dispute and get refunded if the dispute cannot be resolved.

3. Sellers’ benefit

Sellers will only have to proceed to send the product when a payment is made.

Any payments that are processed through the system are trusted and this helps seller to reduce the time taken to manually verify the payment proofs from the buyers.

4. Simplify the operation

To simplify the marketplace operation, you can use MOLPay Mass Payment to help with sellers’ fund disbursement and buyers’ refund.

By cutting off some operations and complains lodged, you can pay more attention to take your business to a greater height.

 

When the buyer and seller are unprotected, there comes a huge opportunity for the involved parties to blame one another.

To not let this happen, use MOLPay Escrow Payment to ensure all the seller’s and buyer’s instructions are handled accurately and safely by a trusted third party.