An online escrow service, AtaraPay is set to redefine cash on delivery service to promote trust, and transparency.
In a statement, Executive Director, TrustPay Technologies Limited, Yemi Adebiyi, said the emergence of eCommerce in Nigeria has changed the way Nigerians buy and sell goods.
He said though bias and skepticism against online shopping persist, over time more consumers had begun to embrace online shopping and getting them delivered at their doorstep. He said: “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 escrow service by African startups, such as AtaraPay, Paylock, and Truzo, would address the “issue of Trust” between buyers and sellers. He said: “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 while eliminating fraud in the process.
“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. 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.”