Payments, Settlement Wallet & Financial Services

12.1 Payment Processing

BuySell enables Buyers to make payments through approved payment channels integrated into the Platform.

Payments may be made using:

●        Debit Cards

●        Credit Cards

●        Bank Transfers

●        Digital Wallets

●        Buy Now, Pay Later (BNPL)

●        Other payment methods approved by BuySell.

All payments are processed through licensed payment service providers and financial institutions.

BuySell does not store complete payment card information.

12.2 Payment Authorization

By submitting payment information, you authorize BuySell and its authorized payment partners to:

●        verify payment information;

●        debit your selected payment method;

●        perform fraud prevention checks;

●        confirm payment status;

●        reverse payments where legally required;

●        process refunds in accordance with these Terms.

Payments may be delayed or declined where fraud prevention measures require additional verification.

12.3 Currency

Unless otherwise stated, all payments on BuySell shall be made in Nigerian Naira (₦).

Where additional currencies become available, exchange rates shall be determined by the applicable payment provider or financial institution.

 

12.4 Transaction Confirmation

A transaction is considered successful only after:

●        payment has been successfully authorized;

●        BuySell receives payment confirmation from the payment provider; and

●        the order status is updated on the Platform.

Receiving an order reference number alone does not constitute confirmation of successful payment.

 

12.5 Settlement Wallet

Each approved Seller shall be assigned a Settlement Wallet.

The Settlement Wallet records amounts payable to the Seller after:

●        successful payment;

●        confirmed delivery;

●        deduction of applicable fees;

●        refund adjustments;

●        chargebacks;

●        taxes where applicable;

●        other lawful deductions.

The Settlement Wallet is a ledger maintained by BuySell and does not constitute a bank account.

Funds reflected in the Settlement Wallet remain subject to applicable verification, reconciliation, and settlement procedures.

 

12.6 Settlement Schedule

Settlement shall be processed according to the schedule communicated by BuySell.

Settlement frequency may vary depending on:

●        Seller category;

●        transaction volume;

●        payment method;

●        financing arrangement;

●        fraud risk profile;

●        regulatory requirements.

BuySell reserves the right to modify settlement schedules upon reasonable notice.

 

12.7 Settlement Holds

To protect Buyers, Sellers, Lenders, and the Platform, BuySell may temporarily hold part or all of a Seller's settlement where reasonably necessary.

Settlement holds may occur where:

●        fraud is suspected;

●        a Buyer dispute is pending;

●        delivery has not been confirmed;

●        chargebacks have been initiated;

●        identity verification is incomplete;

●        regulatory requests have been received;

●        unusual transaction patterns are detected;

●        financial risk requires additional review.

BuySell will use commercially reasonable efforts to complete such reviews promptly.

 

12.8 Reserve Funds

BuySell may establish a rolling reserve or security reserve for selected Sellers based on risk assessment.

Reserve funds may be used to cover:

●        refunds;

●        chargebacks;

●        customer compensation;

●        regulatory obligations;

●        fraud losses;

●        unpaid fees.

Reserve requirements shall be communicated through the Seller Dashboard or separate commercial agreements.

 

12.9 Chargebacks

Where a payment is reversed by a payment provider or issuing bank, BuySell reserves the right to:

●        recover the disputed amount;

●        deduct the amount from future settlements;

●        temporarily suspend payouts;

●        request additional documentation;

●        suspend the Seller account pending investigation.

Sellers agree to cooperate fully in responding to chargeback investigations.

 

12.10 Right of Set-Off

BuySell may deduct any amounts owed by a Seller from available settlement balances.

These deductions may include:

●        platform fees;

●        advertising fees;

●        subscription fees;

●        logistics charges;

●        refunds;

●        chargebacks;

●        taxes;

●        regulatory penalties;

●        compensation payable to affected Buyers;

●        any other amounts lawfully owed to BuySell.

Where outstanding obligations exceed available settlement balances, the Seller remains liable for the outstanding amount.

 

12.11 Refund Adjustments

Where a refund is approved after settlement has been processed, BuySell may:

●        deduct the refund amount from future settlements;

●        debit the Seller's Settlement Wallet;

●        request reimbursement from the Seller.

Failure to reimburse BuySell may result in suspension of Seller services.

12.12 Financial Compliance

All users agree to comply with applicable financial regulations, including those relating to:

●        anti-money laundering;

●        counter-terrorism financing;

●        sanctions compliance;

●        fraud prevention;

●        tax obligations;

●        consumer protection.

BuySell may report suspicious activities to the appropriate regulatory or law enforcement authorities where required by law.

12.13 Taxes

Each Seller remains solely responsible for determining, collecting, reporting, and remitting all taxes applicable to their business operations unless otherwise required by law.

Where BuySell is legally required to collect or withhold taxes, such amounts may be deducted before settlement.

12.14 Payment Errors

Where a payment or settlement error occurs, BuySell reserves the right to:

●        correct the error;

●        reverse incorrect credits;

●        recover overpayments;

●        delay settlement while investigations are completed.

Users agree to cooperate in resolving payment discrepancies.

12.15 Financial Records

BuySell maintains electronic transaction records for operational, regulatory, and audit purposes.

Electronic records maintained by BuySell, including payment confirmations, settlement records, transaction logs, delivery confirmations, and system logs, shall serve as evidence of transactions unless proven otherwise.

12.16 No Interest

Unless expressly agreed in writing, funds held in a Settlement Wallet or any temporary reserve shall not accrue interest payable to the Seller.

12.17 Suspension of Financial Services

BuySell may suspend payment, settlement, or withdrawal services where necessary to:

●        comply with legal obligations;

●        investigate fraud;

●        manage financial risk;

●        protect the Platform;

●        comply with regulatory directives;

●        enforce these Terms.

Such suspension shall not constitute a breach of these Terms.