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PayDav Review: Nigerian Online Escrow System

After the acquisition of African fintech startup company, paystack by stripe, there has being a lot of new startup in the technology space and today, I shall be offering you an honest review of the first of it’s kind.

Paydav is a complete escrow system that allows people to deal online with their both eyes closed without the fear of losing their money to scammers.

What Is An Escrow

An escrow is a middleman that holds the money of the buyer until the seller completes the transaction. So in the cases of fraud, the money can be refunded, however, if the transaction is successful, the escrow then sends the money to the seller.

Paydav as an Escrow: How Does It Work

PayDav is built to function automatically 24/7. So to carry out a transaction using paydav, all you need to do is, visit their official website and create an account for free.

Both the buyer and seller need to have a paydav account.

After which, the buyer is to fund his paydav account. As at today, paydav only has two account funding method which are:

  • Use of your Debit or Credit Card [paystack]
  • Bank Transfer {via an agent]

I have tested both method and I would advice you to go through the bank transfer method because of the fee charged while using paystack.

When funding your account using bank transfer, You are only charged #100 for deposits under #10,000 and #200 for deposits #25,000.

After funding you account, you then create a paydav escrow transaction with the seller using his username.

Immediately after you do that, your paydav account is being debited but the sellers account is not yet credited.

So after you receive your goods and services, you can then confirm the transaction and money will be placed in the sellers paydav account, ready for withdrawal. However, if there arises any dispute, a human admin will come in and settle it based on the evidences available

The seller can then withdraw the money into his local bank account.

Advantages Of Using Paydav

  • With the way the system is build, it is impossible for you to lose your money or product
  • It is cheap and more effective when compared with a human escrow
  • Do business with your both eyes closed
  • fast funding and withdrawal
  • 24/7 customer support
  • It’s free to get started

Disadvantages Of Using Paydav

There is certainly no alternative currently, so I couldn’t really find any disadvantage of using the platform.

How To Get Started

To get started with paydav, visit their official website @ paydav.com and register for free.

Kratus
the authorKratus
A digital marketer, copywriter and Entrepreneur. Love to share my experience on www.consultpaul.com

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