Payment Policy

Effective Date: October 28, 2023

This Payment Policy outlines the terms and conditions governing payment for services provided by Padlock.ng ("Padlock.ng Escrow," "we," "us," or "our"). By using our services, you agree to adhere to the following payment guidelines.

1. Payment for Escrow Services

1.1 Fees: Padlock.ng Escrow may charge fees for the use of its escrow services. These fees will be clearly communicated to both Buyers and Sellers involved in a transaction.

1.2 Payment Methods: Buyers are responsible for funding the escrow account with the agreed-upon amount using the payment methods accepted by Padlock.ng Escrow. These payment methods will be outlined in your transaction details.

1.3 Payment Verification: Payments made to Padlock.ng Escrow are subject to verification and validation to ensure accuracy and security.

2. Fee Structure

2.1 Transaction Fees: Transaction fees are applicable to all transactions facilitated by Padlock.ng. The amount of the fee will depend on the size and type of the transaction and will be communicated to the parties involved.

2.2 Currency Conversion Fees: In case a transaction involves currency conversion, additional fees may apply for the conversion of funds. These fees will be disclosed during the transaction setup.

3. Disbursements and Refunds

3.1 Disbursement of Funds: Funds held in escrow will be disbursed to the Seller when the Buyer confirms satisfaction with the received goods or services, and all transaction terms are met.

3.2 Refunds: In the event of a transaction cancellation, where both parties agree to reverse the transaction, refunds will be issued to the Buyer, minus any applicable fees.

4. Payment Disputes

4.1 Dispute Resolution: If a dispute arises regarding fees, disbursements, or any payment-related matters, we encourage parties involved in the transaction to work together to reach a resolution. If an agreement cannot be reached, Padlock.ng Escrow will mediate and make a final determination.

5. Late or Insufficient Payments

5.1 Late Payments: Buyers must ensure that sufficient funds are available in the escrow account to cover the transaction. Late payments may result in transaction delays or cancellations.

5.2 Insufficient Funds: If a payment fails due to insufficient funds or other reasons, the transaction may be put on hold until the issue is resolved.

6. Payment Security

Padlock.ng Escrow is committed to maintaining the security of your payment information. We employ robust security measures to protect your financial data and transactions.

7. Changes to Payment Policy

We reserve the right to modify this Payment Policy at any time. Changes will be communicated on our website and may affect ongoing and future transactions.

8. Contact Us

If you have any questions or concerns about this Payment Policy, please contact us at support@Padlock.ng.

By using Padlock.ng, you agree to abide by the terms and conditions outlined in this Payment Policy. Please review and understand this policy before engaging in any transactions on our platform.