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Legal Document

Buselor Merchant Terms of Service

Document Type
Merchant Agreement
Effective Date
August 18, 2026
Jurisdiction
Federal Republic of Nigeria

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.
bolt 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.
lock 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.
error 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.

Contact Us

If you have any questions about these Terms, please contact our legal team at [email protected].

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