OLX launches escrow payments to prevent rip-off sales

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Online classified portal, OLX has announced a partnership with E-Escrow that will see OLX users able to securely transact online and receive purchased goods via delivery.

The process is facilitated by E-Escrow who facilitates the payment and delivery of an item. A buyer will log into OLX and choose to buy an item through the service.

After agreeing to a few terms and conditions the buyer then makes a payment to E-Escrow who will then hold the funds until a release order is sent by the buyer.

Once payment has been received by E-Escrow a notification is sent to the seller and courier is dispatched to collect the item.

When the buyer has received the product and they are happy with it they simply log on to their E-Escrow account and release the funds to the seller. However, if the buyer is not happy with the item they are able to return the item to the seller for which OLX will pay up to R80 per delivery.

Other costs include a courier fee which ranges from R75 for smaller items to R238 for larger items. The buyer also pays a fee which is calculated at 2.5% of the purchase price though this is capped at R100 per item.

Country Manager for OLX, Stephen Ballot, said in a statement to the press, “Traditionally online classifieds have been a means of trading goods in or around your neighbourhood. Now, with added technology such as this payment and delivery platform, location is no longer a barrier. It has made buying and selling that much easier for consumers across the country.”

Brendyn Lotz

Brendyn Lotz

Brendyn Lotz writes news, reviews, and opinion pieces for Hypertext. His interests include SMEs, innovation on the African continent, cybersecurity, blockchain, games, geek culture and YouTube.