AtaraPay redefines e-commerce space through escrow
AtaraPay, an online escrow service has reiterated its commitment toward redefining and enhancing cash on delivery service in Nigeria in a way that promotes trust, transparency and protects the interest of both parties.
The Executive Director of TrustPay Technologies Limited, Yemi Adebiyi made this known in a statement made available to The Nation on Monday in Lagos, where he said that the emergence of eCommerce in Nigeria has changed the way Nigerians buy and sell goods.
Although bias and skepticism against online shopping persist, over time more consumers have begun to embrace the concept of purchasing items online and getting them delivered at their doorstep. The advent of the COVID-19 pandemic, has also made it imperative for sellers to diversify their sales channel to include an online, omni channel strategy.
He said that however, over time, increased cases of internet fraud, frequent Internet payment transaction failures only served to worsen the perception of customers paying online without physically inspecting the goods.
Adebiyi noted that as a workaround, cash on delivery options quickly became a popular choice with customers who preferred to double-check items in hand before paying in cash. This served as an approach to address the trust deficit and guarantee Quality Assurance.
He said that the introduction of escrow service by African startups such as AtaraPay, Paylock, Truzo have come in handy in addressing the “issue of Trust” between buyers and sellers in a way that promotes transparency and protects the interest of both parties.
“As an escrow service, AtaraPay protects the interest of both buyers and sellers by acting as a trusted third-party responsible for the collection of funds and only disburses funds when both parties are satisfied with the transaction. Their unique value proposition is that they limit the uncertainty of online sales and the risk of fraud”.
“For AtaraPay, it goes beyond just solving the trust issue that hinders eCommerce. It hopes to serve as a commitment bridge between buyers and merchants with the aim of bringing about the end of the Cash on Delivery era”.
Adebiyi explained that AtaraPay’s business relationship with Consolidated Hallmark Insurance Plc enables it to provide a service that can be trusted and reliable enough to take away the monetary bottlenecks and resolve every crisis during transactions. This is a safe way to strike an equilibrium between customer and merchant credibility whilst eliminating fraud in the process”.
Read Also: E-commerce to alleviate COVID-19 pains
“AtaraPay Boosts Customer Confidence. For merchants, AtaraPay escrow payment service can enhance consumer confidence in a new company that does not yet have strong brand recognition, because they have total discretionary power to decide if the service offered or product delivered is satisfactory or not”.
“AtaraPay in partnership with delivery partners, guarantees peace of mind for the merchant during the delivery process. Using AtaraPay escrow payment, the seller does not need to get involved with the complexity around coordinating the delivery partner and the buyer any longer”, he said.
He added that through automation and integration, the delivery partner receives pickup notification when a purchase is made online and seller is notified when delivery is complete. Thereby providing a seamless delivery experience during the escrow process
“AtaraPay is a strong advocate for a better online shopping experience for buyers and sellers in equal measure. It does this by promoting trust which encourages payment before delivery. With a total customer experience package which includes multiple payment methods and dispute resolution mechanism, AtaraPay helps sellers get more buyers who are confident of quality service”, he said.