What You Should Know About Staying Safe In A Two-Way Transaction
1 in 10 persons has either had experiences of being shortchanged or defrauded either via online or local transactions. Vulcanpost reports that a survey conducted by Paypal in 2018 found out that 58% of freelancers in four Southeast Asian markets (Singapore, Philippines, Indonesia, and Vietnam) have at one time or the other been shortchanged or totally defrauded.
Everybody sees that Instagram sponsored post of a commodity that is quite affordable from an online vendor and being money-conscious, we’d prefer ordering at our convenience instead of going to the local store and get that same product which are sometimes grossly overpriced. But because we work too hard for our money, the questions start kicking in;
1. What if this vendor is a scammer?
2. What if after payment I don’t get the product?
3. What if the price is too good to be true? (you know what they say, “if it’s too good to be true then it probably is”)
Suddenly our detective side quickly kicks in and we activate the Sherlock Holmes in us (of course nobody wants to be catfished); we start digging deeper wanting to see reviews, confirming from any source if it’s a sham or it’s real so we can make the big decision and take the risk.
What about the roadside carpenter trying to make a living? A customer comes in to patronize him, giving him orders to make a couple of furniture, after negotiating the total price and coming to an agreement, the customer pays in advance promising to pay the balance immediately he delivers the work. The carpenter finishes and delivers the work, but the said customer promises to balance him up at a later date. And that’s how the bit by bit payment begins at continuously postponed dates.
What about the tailor you patronize by giving the material, taking measurements and paying in full just so she could get your dress ready for an event on time. Giving a deadline followed with your full payment, you expect your dress to be ready without excuses, but instead of getting your dress by the deadline, you get unending excuses and promises that are not so assuring. (You know how the story ends) In the end, you get a mediocre result late hour and can’t adjust anything so you’re stuck with either using it that way or wearing something entirely unplanned.
Everybody has experienced such situations or something similar and relatable and to avoid any more situations like this, escrow services are needed to ensure the other party (either buyer or seller) keep to their agreement and meet the deadline too, so make use of a trusted Escrow service provider, that way you can avoid being scammed in whatever form.
You can read up on what Escrow is all about here.
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