By holding funds on behalf of buyers and sellers and disbursing them following a successful transaction, LipaSafe is a new online payments service that aims to reduce online fraud.
The escrow service aims to guarantee buyers that they get goods or services paid for, or their money back while sellers receive 100% of their due payment, without ever having to chase after the buyer to make payment after a successful delivery
Developed by Cybatar Innovations Limited; a Kenyan registered Company that offers IT solutions Kenvis Kirocho, Lawrence Keru, Kenneth Nderitu, Phiwa Nkambule, Phiwa Nkambule and Nahashon Minjire, Lipasafe was founded as result of problems encountered by its founders and the public, majorly loss of money in fraudulent transactions for goods or services.
“Most traders are genuine people who want to do business, make their money and go on with their lives. The same principle applies to buyers, most of them just want to buy goods or get quality services. However, sometimes transactions are not always smooth because some traders fail to meet part of their bargain based on a number of scenarios,” said Kirocho, firm’s CEO.
Kirocho added that sometimes fraud happens when the buyer receives goods that are damaged or not as advertised by seller yet they have paid for the goods or services. The seller may fail to deliver goods/services to the buyer or the sellers may deliver low quality goods/services contrary to their agreement.
On the other side, a buyer may, for unknown reasons refuse to make payments to the seller, even after delivery of goods or services leading to loss of money, non –delivery of goods or delivery of low quality goods or services.
“Lipasafe gives you the opportunity to get a refund for services or goods not delivered as per agreement. Lipasafe will not only offer secure online transactions but also offer security to offline transactions,” he added.
The firm is now targeting service providers like Architects, Quantity Surveyors, Engineers, Academic writers, Artists, Music performers, IT experts, Web designers or anybody who is in the business of providing services as its initial customers.
Some times when engaged by a client, service providers are scared of starting a task without some form of an advance payment, other times clients are fearful if they make advance payments, they might not get services they have paid for. Lipasafe will hold those funds on behalf of buyers and sellers and disburse them after a successful transaction.
The platform is both a wallet and an escrow platform. Users can:Upload funds to their wallet via M-Pesa. Funds are withdrawn to ones M-Pesa account. Then upload documents/agreements/terms and conditions related to this trade and then raise a dispute in case they are not able to agree on the quality of services/goods delivered.