Frequently Asked Questions

What is Slash Marketplace?

SLASH is a decentralized marketplace that connects retailers to verified wholesalers and enables them to transact independently while slash serve as the escrow to protect the transaction

What is the process of an escrow transaction on Slash?

• The retailer places an order from either the supplier's store or from the Slash Marketplace.
• Slash initiates a conversation chat between the retailer and supplier.
• We have integrated a chatbot into our chat page to simplify the process of performing actions for both retailer and supplier.
• From the conversation, the supplier can create an invoice, accept payment using Slash Escrow, and upload shipping details.
• Retailer can make payments to Slash Escrow, track their orders, and release funds after delivery.

Who can use Slash Escrow Service?

Slash is ideal for self-employed entrepreneurs, freelancers, family businesses, small-scale manufacturers, online retailers, dropshippers, etc.

Does Slash also help me connect to new buyers and sellers?

Yes, the Slash marketplace facilitates the exchange of goods and services between buyers and sellers throughout Nigeria. We encourage sellers to list their products on the Slash marketplace for free. Each item or service on the Slash marketplace is associated with a unique link. With a single click, the buyer will be able to initiate an escrow transaction.

Does Slash also do delivery service?

At the moment, our delivery service covers Abuja only. However, we have partnered with reputable delivery companies with hubs across Nigeria. We recommend sellers deliver items through Slash Delivery or our logistic partners listed below. You can visit their website to check the hub closest to you.

GIG Logistics Company
GUO Logistics Company
Ekeson Logistics Company

What is covered under the escrow transaction agreement?

• Buyer and seller details
• Specifics of the product/service
• The total price, including the delivery and escrow fees.
• Terms of transaction (this includes the delivery date, inspection period, refund and return policy).
• Both the buyer and the seller must accept the agreement before transaction processing.

Can i make a change to an agreement?

No, you can't make changes once an agreement has been accepted by both buyer and seller.

What payment methods are supported on Slash?

e-wallet, local bank transfer, and credit/debit card.

How long does it take for a buyer to make payment?

The buyer is expected to make payment within 24 hours after the agreement has been accepted by both parties. Failure to complete payment within 24 hours, transaction being automatically cancelled.

What currencies are supported?

At the moment, Slash supports Naira only.

Can I cancel a payment that has been made?

Once payment has been made to the escrow, it cannot be canceled, except in the case of a delayed or canceled shipment. If the seller is unable to ship on time, then they can request an extension from the buyer. However, if the buyer does not agree with the extension, the buyer can reach out to Slash to request cancellation. In such cases, the buyer's money will be refunded to their bank account.

When is the fund released to the seller?

When delivery is completed and no dispute has been raised within the inspection period, The transaction will be marked "completed" and the funds will be released to the seller.

How long will the seller receive the funds in their bank account?

After the transaction has been completed, the seller will receive the funds in their local bank account within 24 hours.

How does Slash verify that the seller has delivered the item?

Slash verifies the tracking number or air waybill number with the carrier's tracking system. We recommend delivery through Slash Delivery or any of our logistic partners.

What happens if the seller delivers an item and the buyer does not confirm delivery?

If the buyer does not act within 24 hours after the seller marks an order as delivered, Slash will verify the proof of delivery and the transaction will be automatically marked as delivered.

What is the fee for the escrow service and who pays the fee?

The escrow fee is between 2% and 4% of the transaction value, depending on the seller's subscription plan. For more information, please see our pricing table here.

Is my money safe with Slash?

A separate escrow account is created for every transaction, and the funds are always held in a licensed bank in Nigeria. Your funds are segregated, separate from our accounts, which we use to run our business. So no matter what happens to Slash, your money will be safe.

What happens if there is a delay in delivery beyond the agreed date in the escrow agreement?

A delivery date is agreed upon by the buyer and the seller during the escrow agreement. In the event of delays, the seller has to request additional time to complete the delivery. If the buyer agrees, a new delivery date is set. If the buyer doesn't agree to the delay, the money is refunded to the buyer.

What happens if the money is released to the seller but the buyer has not received the goods/service

This will never happen. Slash will verify the seller's proof of delivery, and the buyer must also confirm receipt of the item prior to payment being released.

How does Slash resolve disputes?

In the event of a dispute between a buyer and a seller on the decentralized marketplace, both parties are encouraged to resolve the issue amongst themselves within seven days. If the dispute remains unresolved after seven days, the marketplace arbitrator will step in and provide a judgement.

If either party is not satisfied with the marketplace arbitrator's decision, they may escalate the matter to the Lagos state arbitrator court where the dispute will be further resolved.

It is important to note that all parties must comply with the rulings made by the arbitrator(s), whether it be on the marketplace or at the Lagos state arbitrator court. We encourage all buyers and sellers to work together in good faith to resolve any disputes that may arise in the course of their transactions.

How secure is Slash?

All our systems are host on Cloudfare, and all data we handle is encrypted using cutting-edge technologies, protected by, and processed in accordance with PCI Security Standards Council (PCI DSS) and ISO27001 standards. What does this entail? This ensures that unauthorised third parties cannot trace, intercept, or use your information.

Is there any fee for dispute resolution?

Ascertain that you contact the seller to resolve the dispute. If you and the seller are unable to reach an agreement, SLASH can assist with arbitration; we charge a fee of between 2% and 5%.