Why Most Trades On Social Media Go Wrong
Social media is a big medium through which traders now promote their services and products. And the society is embracing this medium in which they order what they need online instead of going to the local stores because of its convenience. While this is a good development for some buyers and sellers, people still get defrauded daily because there isn’t a third party to ensure if the money is intact or the product bought is feasible or in perfect condition. Trades go wrong on Social Media because buyers and sellers are left with “blind faith, hope and trust” that the other transacting party involved would keep to their agreement.
While positivity is a good feat for/as humans, we also have to be realistic enough to know ordering goods online from unestablished vendors goes 50–50. Social media vendors operate on the “payment before delivery” policy since they don’t trust the buyers enough to pay after or during delivery. Hence, the policy. Now, there’s no 100% guarantee that the product would be delivered to you after payment, it may be a sham after all. Neither is there a surety the product is durable or new or in perfect working condition. “What you see isn’t always what you get”.
Some of these social media vendors also have the “no return or exchange” policy. So what do you do when you realize you’ve been defrauded (either by receiving something different from what you ordered or by not receiving the product at all) knowing you’re just “one ‘click-block’ away” and there’s no way your money can be recovered? Don’t get this twisted but there are some legit vendors on social media with actual customer’s review and “the others” with enticing arranged reviews. But after having a firsthand scam experience, how do you trust other vendors?
This doesn’t concern online vendors and buyers alone. Let’s examine the cases of freelancers both online and offline. A freelancer is contacted to develop a website, since freelancers have the “pay in advance” policy, the patronizer pays. The freelancer develops the website and delivers the work before the deadline expecting to be paid off the balance immediately, but he’s being postponed which goes in three ways;
1. Might end up being paid in full
2. Might end up being shortchanged
3. In a case where he’s familiar with the person, might end up not getting paid at all.
A lot of people can relate to this and how can situations like this stop?
This is where escrow comes in, a neutral middleman that receives the money/property needed to complete the transaction and disburses it to the seller after the transaction is closed, thereby protecting both parties from being defrauded or shortchanged.
Want to find out more about Escrow and how it can help your business grow astronomically? click Me.
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