Buyer/Seller/Broker Protection Policy
Effective Date: 2023-10-30
At Padlock.ng, we are committed to providing a secure and reliable escrow service for Buyers, Sellers, and Brokers. Our Protection Policy outlines the principles and practices that ensure the safety and security of all parties involved in transactions on our platform. Please carefully review this policy to understand your rights and responsibilities.
1. Protection for Buyers
1.1 Transaction Verification: We verify and validate the authenticity of Sellers and the details of the items being transacted. This includes ensuring that the product or service description matches the actual offering.
1.2 Secure Fund Handling: Funds held in escrow are protected from unauthorized access and disbursement. Buyers can be confident that their payment is secure until the transaction is completed.
1.3 Dispute Resolution: In the event of a dispute, our team assists Buyers in reaching a resolution. We aim to ensure that Buyers receive the product or service as described, or a refund in cases of non-compliance.
2. Protection for Sellers
2.1 Payment Assurance: Sellers can trust that once the Buyer's payment is secured in escrow, the funds will be available for disbursement upon successful completion of the transaction.
2.2 Transaction Verification: We validate Buyer identities and funds to reduce the risk of fraudulent transactions. This verification process provides a level of assurance to Sellers.
2.3 Dispute Resolution: In cases of disputes, Sellers are provided with a fair platform for resolution. Our goal is to ensure that Sellers are paid for their services or products fairly and promptly.
3. Protection for Brokers
3.1 Secure Handling: Brokers' fees and commissions are held securely in escrow until the transaction is finalized. This provides a transparent and protected payment process.
3.2 Dispute Resolution: We offer assistance to Brokers in resolving disputes related to their commissions or fees, ensuring that they are compensated fairly.
4. Security Measures
4.1 Data Protection: We employ advanced data protection measures to safeguard personal and financial information. Your sensitive data is kept confidential and secure.
4.2 Fraud Prevention: We actively monitor for fraudulent activities and take necessary steps to prevent and mitigate fraud on our platform.
5. Compliance and Legal Protection
5.1 Legal Framework: We adhere to all applicable laws and regulations governing escrow services, providing a legal and compliant platform for transactions.
5.2 Legal Dispute Resolution: In cases involving legal disputes, we cooperate with law enforcement and provide the necessary information to assist in investigations.
6. Education and Support
6.1 User Education: We offer resources and guidance to help users understand and navigate the escrow process effectively.
6.2 Dedicated Support: Our support team is available to assist with any inquiries, concerns, or issues throughout the transaction process.
7. Accountability
Non-compliance with this Protection Policy may result in account suspension, termination, or legal action, as deemed appropriate by the management.
By using Padlock.ng's escrow services, you acknowledge that you have read and agree to the terms of this Protection Policy. It is essential for all parties to adhere to these guidelines to ensure a secure and efficient transaction experience.
If you have any questions or require further clarification about this policy, please contact our support team.