Nigerian fintech startup AtaraPay has launched its escrow service in a bid to provide a trusted and reliable service that removes monetary bottlenecks and resolves issues during transactions.
AtaraPay is a web and mobile tool that can be used by both sellers and buyers for protection during any online or offline commercial transaction through funds held in escrow by a trusted third-party.
Built with the online entrepreneur in mind, the platform aims to help social media sellers, and has also developed a robust and detailed documentation portal on its plugins to assist payment integrators to deploy escrow service on e-commerce portals. AtaraPay has partnered Consolidated Hallmark Insurance to guarantee all funds.
Founder Yemi Adebiyi said the platform addressed 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,” he said.
“For AtaraPay, it goes beyond just solving the trust issue that hinders e-commerce. 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.”