Lamido Philippines introduces Lamido Safepay payment solution

Thursday 16 October 2014 11:40 CET | News

Online marketplace Lamido has launched a new payment option dubbed Lamido Safepay.

The Lamido Safepay is an escrow service that enables Lamido to act as a third-party between the seller and the buyer. This generally works by withholding the money deposited by the buyer, which will only be released once the delivery of the purchased item has been fulfilled.

With this escrow service in place, it is more likely that fraudulent purchases are limited and invalid orders are also minimized. Deposits are directly made to official bank accounts of Lamido, whereas payments are released on a weekly basis based on the shipped items by the sellers. Any merchant can choose Lamido Safepay as a payment option to their items, which allows customers to pay directly to Lamido’s bank account to ensure transactions.

In an infographic released by Realex regarding online payment trends for Q2 2014, it was noted that a 39% increase was established compared to Q2 2013. The busiest hours for transactions were still between the hours of 12pm to 6pm GMT, with Friday as the busiest day of the week.

Lamido Philippines is a buy and sell platform that provides merchants and consumers an online marketplace where they can conduct transactions.

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Keywords: Lamido Philippines, Lamido Safepay, payment solution, third party, online transactions, online payments
Categories: Payments & Commerce
Countries: World
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Payments & Commerce

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