By creating a store, listing products, or generating payment links on Buselor, you agree to be bound by
this Agreement. If you do not agree to these terms, you may not create a store or use our settlement
infrastructure.
Introduction
This Merchant Terms of Service ("Agreement") is a legally binding contract between BUSSELORX LTD
("Buselor", "We", "Us", or "Our") and the individual or business entity registering as a merchant
("Merchant", "Seller", or "You"). By registering as a merchant on Buselor, you agree to operate within
the settlement infrastructure and abide by all terms outlined herein.
The Settlement Infrastructure Philosophy
Core
Status
Buselor is not a traditional
online classified directory, nor is it a simple payment gateway. Buselor operates as a
Settlement Infrastructure
Platform.
The
Settlement ID
Every order, payment, delivery
routing, commission split, and customer dispute is unified under a single, globally unique
Settlement ID (e.g., BST-YYYYMMDD-XXXXXX).
This ID serves as the single source of truth for financial and physical fulfillment.
Transaction Rails & Mandatory Escrow Consent
By creating a store, you explicitly grant Buselor the
authority to act as your sole settlement arbiter and hold transaction funds in escrow via our banking
partner, VFD Microfinance Bank Limited.
verified_user
Rail One: Buselor Protected (Registered Users)
- Mechanics: When an onboarded
Buselor member purchases your product, Buselor verifies their wallet balance.
- The Split: Upon successful order
initiation, funds are automatically split via our banking partner: 10% of the product amount is
transferred to your Seller Main Wallet in a Locked Status, while 90% remains secured in the Buyer's
Commitment Wallet.
- Unlock: You cannot spend,
transfer, or withdraw the 10% locked funds until successful doorstep delivery is completed
and validated.
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Rail Two: Buselor Express (Guest Checkout Links)
- Mechanics: When you generate and
share a Buselor payment link to a non-registered customer, the customer checks out as a
guest.
- The Split: 100% of the product purchase price is
funneled directly into your Seller
Pending Payout Wallet.
- Status Definition: "Pending"
means the money safely exists within the banking infrastructure but is completely frozen. You cannot
withdraw, spend, or programmatically move these funds until delivery is finalized.
Fulfillment & Automated Shipping Lifecycle
Dispatch
Locking
Once you mark an order as
"Ready" and our integrated logistics partners (Kwik, Fez, or other designated fleets) pick up
the package, the status changes to In Transit.
No
Seller/Buyer Cancellation
Immediately upon changing to
In Transit, the option to cancel the order is permanently disabled for both you and
the buyer. The transaction can now only terminate via successful delivery or an official dispute
escalation.
Successful Settlement & Revenue Deductions
Release of Funds
Payouts move from Locked/Pending to Available Main Balance immediately when:
- The buyer inspects the package at the point of delivery and provides their unique secure transaction
PIN to the rider.
- The integrated logistics API successfully transmits a "Delivered" webhook to Buselor's engine.
Buselor Fees & Commissions
You agree that Buselor will automatically deduct the following marketplace fees at the point of final
settlement:
- Transaction Commission: A flat fee of
3% of the product value, capped at a
maximum of ₦50,000 per transaction.
The Dispute Engine & Arbitration Rules
Dispute
Trigger
If a buyer refuses to provide
the secure transaction PIN to the rider at the point of delivery due to damaged, missing, or
incorrect items, the transaction instantly changes to Disputed Status.
Evidence
Collection
Buselor's Arbitration Team will
freeze the settlement lifecycle and independently collect evidence from three sources: the
Buyer, You (the Seller), and the Delivery Rider/Logistics Provider.
Seller
Fault Resolution
If Buselor determines that you
shipped a fraudulent, severely damaged, or incorrect item:
- 100% of the product purchase funds
will be reversed and refunded to the buyer.
- You will be charged a Logistics Penalty
Fee to cover the cost of the failed delivery.
Buyer
Fault Resolution
If the buyer acts maliciously,
rejects a perfectly matched item, or refuses to provide the PIN without valid cause, Buselor
will overrule the dispute, force final settlement, and release your 97% payout.
Banking Regulation, KYC & Anti-Fraud Compliance
VFD
Sub-Accounts
To execute your store payouts,
you accept the creation of virtual financial sub-accounts mapped to Buselor's master collection
engine at VFD Microfinance Bank.
Tiered
KYC Requirements
In compliance with the Central
Bank of Nigeria (CBN) and Economic and Financial Crimes Commission (EFCC) rules, your store's
withdrawal limits are bound by your identity verification level:
- Tier 1: Business Name & Phone
Number verification.
- Tier 2: Integration of Bank
Verification Number (BVN) or National Identification Number (NIN).
- Tier 3: Corporate CAC
documentation, physical address mapping, and valid government identity uploads.
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The Post-No-Debit (PND) Mandate
In strict alignment with
Buselor's banking SLA, Buselor and VFD Microfinance Bank reserve the absolute right to place an
immediate freeze (Post-No-Debit) on your seller account, pending payouts, and main wallet
if:
- Any identity verification deficiency or fraud pattern is flagged on your store.
- You are suspected of using our settlement links to facilitate unauthorized card testing,
chargeback scams, or financial crimes.
Prohibited Virtual Assets (Cryptocurrency Ban)
warning
Strict Restrictive Compliance
In accordance with prevailing
financial regulations, you are strictly
prohibited from utilizing your Buselor storefront, checkout links, or wallets to
buy, sell, barter, or facilitate transactions for cryptocurrencies, stablecoins, non-fungible
tokens (NFTs), or any digital virtual assets classified as securities under the Investment and
Securities Act.
Breach
Penalty
Any store found using Buselor
rails for hidden crypto settlements will be permanently terminated immediately without prior
notice, and all pending funds will be frozen for regulatory evaluation.
System Integration & API Compliance
Transaction
Status Query (TSQ) Rule
If you use the Buselor
Developer/Merchant APIs to track your store data, you agree to abide by our strict status
loops.
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Unverified Fulfillment Liability
You must never dispatch an item
or release goods based on a manual screenshot or a transaction status returning a PENDING response. You must wait for your
system to complete a successful validation query. If you fulfill an order without an updated
SUCCESS status from our API, Buselor
bears zero liability for lost
inventory or payment reversals.
Data Protection & User Privacy
NDPA
2023 Compliance
When a buyer purchases from
your store, you will receive access to their delivery address, name, and contact details. You
are legally classified as a joint data
processor under the Nigeria Data Protection Act 2023.
privacy_tip
Data Harvesting Ban
You are strictly prohibited from harvesting,
downloading, or selling buyer contact details for unsolicited marketing campaigns outside of
executing the direct Buselor transaction. Any verified breach will result in immediate store
suspension and exposure to federal data privacy lawsuits.
Indemnification
You agree to fully indemnify Buselor against any financial losses, regulatory sanctions from the CBN, or
legal lawsuits resulting from:
- Fraudulent inventory listed under your storefront.
- Violation of any applicable laws or regulations.
- Any claims arising from your use of the Services.
Termination
Buselor reserves the right to suspend or terminate your merchant account at any time, with or without
cause, including but not limited to:
- Violation of any provision of this Agreement.
- Fraudulent or illegal activity associated with your account.
- Failure to comply with KYC or regulatory requirements.
- Any activity that may harm Buselor's reputation or operations.
Upon termination, any pending settlements will be held for a period of up to 180 days to cover potential
chargebacks, disputes, or regulatory obligations.
Governing Law and Dispute Resolution
These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of
Nigeria, without regard to its conflict of law provisions. Any disputes arising out of these Terms shall
be subject to the exclusive jurisdiction of the courts located in Lagos, Nigeria.
Changes to Terms
Buselor reserves the right to update or modify these Terms at any time. We will notify you of material
changes via email or through the platform. Your continued use of the Services after such changes
constitutes your acceptance of the updated Terms.
If you have any questions about these Terms, please contact our legal team at support@buselor.com.