ELEXBIG ESCROW POLICY 

Last Updated: June 2026

1. Purpose 

The purpose of this Escrow & Buyer Protection Policy is to provide a secure transaction environment for buyers and vendors using ELEXBIG.

To eliminate fraud, reduce marketplace risk, and build trust in online electronics transactions, ELEXBIG operates a secure escrow-based payment system that temporarily holds customer funds until order completion requirements have been satisfied.

This Policy governs the collection, holding, release, suspension, refund, recovery, and management of funds processed through the ELEXBIG Marketplace.

2. How the ELEXBIG Escrow System Works 

Every transaction completed on ELEXBIG passes through a secure payment processing system.

Funds paid by buyers are not transferred directly to vendors upon purchase.

Instead:

• The buyer completes payment at checkout.
• Funds are securely held by ELEXBIG and/or its authorized payment partners.
• The vendor receives order notification and proceeds with fulfillment.
• The buyer receives and verifies the product.
• Funds are released only after the buyer protection period has expired and all transaction conditions have been satisfied.

This system protects both buyers and legitimate vendors from fraud, disputes, and payment abuse.

3. Payment Collection 

Upon successful checkout:

• Customer payment is collected and secured in escrow.
• The vendor receives order details and fulfillment instructions.
• Order processing begins according to ELEXBIG Marketplace rules.

Funds remain in escrow until all settlement conditions have been met.

4. Delivery Confirmation & Buyer Protection Window 

Once an order is officially marked as Delivered, a 48-hour Buyer Protection Window begins.

During this period, buyers are encouraged to inspect, test, and verify the purchased product.

Buyers should confirm:

• Physical condition of the product.
• Screen quality and functionality.
• Battery performance and charging capability.
• Storage capacity and specifications.
• IMEI, serial numbers, or device authenticity where applicable.
• Compliance with the product listing description.

The buyer may:

• Report defects.
• Request support.
• Open a dispute.
• Initiate an approved return request.

5. Vendor Pending Balance 

After successful delivery:

• The transaction amount is credited to the vendor's dashboard as Pending Balance.
• Funds remain locked during the 48-hour Buyer Protection Window.
• Vendors cannot withdraw or transfer funds during this period.

This temporary hold protects buyers while preserving vendor payment eligibility.

6. Automatic Acceptance & Fund Release 

If no dispute, complaint, refund request, or investigation is initiated within the 48-hour Buyer Protection Window:

• The order is automatically deemed accepted by the buyer.
• Escrow protection concludes.
• Funds automatically move from the vendor's Pending Balance to the vendor's Withdrawable Balance.

The vendor may then request withdrawal according to the applicable payout schedule.

7. Conditions for Release of Funds 

Escrow funds may be released when:

• Delivery has been successfully confirmed.
• The 48-hour Buyer Protection Window has expired.
• No active dispute, refund, or return request exists.
• No fraud investigation is ongoing.
• No compliance review or regulatory hold applies.

ELEXBIG reserves the right to delay or suspend releases where necessary to protect users and the platform.

8. Vendor Payouts 

Once funds become available in the vendor's Withdrawable Balance:

• Vendors may submit withdrawal requests through their dashboard.
• Withdrawals are processed to the vendor's registered Nigerian bank account.
• Processing times may vary depending on banking systems, payment providers, risk reviews, or compliance checks.

ELEXBIG may establish minimum withdrawal thresholds and payout schedules.

9. Disputes and Escrow Freezes 

If a buyer believes a product is:

• Defective,
• Counterfeit,
• Misrepresented,
• Damaged,
• Incorrect,
• Incomplete,

the buyer must submit a dispute within the 48-hour Buyer Protection Window.

Upon dispute submission:

• The escrow release process immediately pauses.
• Funds remain locked.
• Vendors cannot withdraw the disputed amount.
• The 48-hour countdown is suspended until resolution.

ELEXBIG may request supporting evidence, including:

• Photos,
• Videos,
• Delivery records,
• Product specifications,
• Communication records,
• Technical verification documents.

10. Investigation Process 

ELEXBIG's Compliance Team will review all submitted evidence.

Investigations generally conclude within 3–5 business days, although complex cases may require additional time.

Resolution decisions may include:

• Full refund to the buyer.
• Partial refund.
• Return and replacement.
• Release of funds to the vendor.
• Marketplace sanctions against either party.

All decisions made by ELEXBIG regarding marketplace disputes are final unless otherwise required by law.

11. Returns and Refunds 

Where a return or refund request is approved:

• Escrow funds may be partially or fully refunded.
• Vendor payouts may be adjusted.
• Previously released funds may be recovered from future settlements where permitted.

Refund methods may vary depending on payment provider capabilities and regulatory requirements.

12. Order Cancellations 

Before Shipment

If an order is cancelled before shipment:

• The order is voided.
• Escrow funds are refunded to the buyer.
• No vendor settlement occurs.

After Shipment

If cancellation is requested after shipment:

• ELEXBIG will review the circumstances.
• Fund allocation will be determined based on delivery status, shipping records, and marketplace policies.

13. Fraud Prevention Measures 

To maintain marketplace integrity, ELEXBIG may place temporary holds on funds where there is suspicion of:

• Fraudulent activity.
• Counterfeit products.
• Identity fraud.
• Payment irregularities.
• Chargeback abuse.
• Policy violations.
• Suspicious account behavior.

Funds may remain restricted until investigations are completed.

14. Chargebacks 

If a payment chargeback is initiated:

• ELEXBIG may suspend vendor payouts.
• Funds may be withheld or reversed.
• Vendors must cooperate fully with investigations.
• ELEXBIG may recover losses from future earnings, reserves, or other available balances where permitted.

15. Vendor Responsibilities 

Vendors must:

• Deliver products accurately and on time.
• Ensure products match listing descriptions.
• Sell authentic and legally permitted goods.
• Respond promptly to disputes and support requests.
• Comply with all ELEXBIG policies and applicable laws.

Repeated violations may result in:

• Settlement delays,
• Account restrictions,
• Permanent suspension,
• Removal from the platform.

16. Buyer Responsibilities 

Buyers must:

• Provide accurate delivery information.
• Inspect products within the 48-hour Buyer Protection Window.
• Submit honest claims supported by evidence.
• Avoid abuse of refund, return, or dispute systems.

Fraudulent claims may result in account restrictions or permanent suspension.

17. Settlement Suspension 

ELEXBIG may suspend or delay settlements where:

• Disputes remain unresolved.
• Fraud investigations are ongoing.
• Policy violations occur.
• Regulatory obligations require review.
• Risk management procedures necessitate additional verification.

18. Regulatory Compliance 

ELEXBIG may comply with applicable laws, regulations, court orders, or governmental requests requiring:

• Fund freezes,
• Transaction reviews,
• Information disclosure,
• Account restrictions,
• Regulatory reporting.

19. Limitation of Liability 

ELEXBIG is not a bank, deposit-taking institution, or licensed financial institution.

The escrow system is provided solely as a transaction facilitation and buyer protection mechanism within the marketplace.

To the fullest extent permitted by law, ELEXBIG shall not be liable for indirect, incidental, special, consequential, or punitive damages arising from escrow processing, transaction delays, disputes, or payment holds.

20. Contact Information 

ELEXBIG Escrow Support

Email: escrow@elexbig.com

Website: www.elexbig.com

Business Hours:

Monday – Friday  
8:00 AM – 6:00 PM (WAT)

21. Acceptance of Policy

By creating an account, purchasing products, selling products, or otherwise using the ELEXBIG Marketplace, users acknowledge and agree to this Escrow & Buyer Protection Policy.

Continued use of ELEXBIG constitutes acceptance of any future updates, amendments, or revisions to this Policy.