If you're a frequent peer-to-peer trader, you will agree with me that overpayment is a common mistake in the business. In this article, I will be showing you different ways you can quickly handle overpayment.
This is what you should do if you're a buyer who mistakenly overpaid the peer-to-peer merchant.
1. Immediately after you notice you have overpaid a merchant, don't panic; simply locate the merchant ads, place the exact excess amount, and mark Paid immediately. Example: If you overpaid a merchant in excess of N70,000, proceed to open a buy order worth N70,000 and mark it paid.
2. Alternatively, you can contact the merchant and inform them of the overpayment. Use the messaging system provided by the P2P platform, if applicable. Remember, evidence of your overpayment is crucial here.
3. As a last resort, report fraud. If you believe the overpayment was part of a scam, report it to the P2P platform and relevant authorities. Include all evidence and details of the transaction.
What you must do if you receive an overpayment:
1. Avoid Spending the Extra Funds: The most crucial step is to refrain from spending or withdrawing the extra funds immediately. It's important to keep the overpaid amount intact.
2. Platform Communication: Initiate communication with the counterparty for clarification and on how you can offer refunds.
3. Offer a Refund: If it's confirmed that the overpayment was a mistake, offer to refund the excess amount. Use the same payment method originally used to return the funds.
4. Don't refund to a different account but rather the exact account that made the initial transaction; otherwise, report it to a law enforcement agency. Scammers often use this method to implicate ordinary traders.
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