1. Acceptance of Terms
By accessing or using Payburse ("the Service"), you agree to be bound by these Terms of Service ("Terms"). If you do not agree to these Terms, you may not use the Service.
Payburse Financial Services Limited ("Payburse", "we", "us", or "our") is a licensed financial services provider registered in Nigeria.
2. Our Services
Payburse provides the following services:
- Escrow Services: We hold funds securely until transaction conditions are met.
- Online Store Platform: Tools to create and manage e-commerce storefronts.
- PayMe Links: Payment collection links for individuals and businesses.
- Payment Processing: Secure payment gateway services.
3. User Accounts
3.1 Registration
To use our services, you must create an account by providing accurate and complete information. You must be at least 18 years old to register.
3.2 Account Security
You are responsible for maintaining the confidentiality of your account credentials. You must notify us immediately of any unauthorized access to your account.
3.3 Verification
We may require you to verify your identity by providing government-issued identification, BVN, or other documents. Failure to complete verification may result in account limitations.
4. Escrow Transactions
4.1 How Escrow Works
When you create an escrow transaction:
- The buyer deposits funds with Payburse
- We verify the transaction and notify the seller
- The seller delivers the goods/services
- The buyer inspects and approves the delivery
- We release funds to the seller
4.2 Inspection Period
Buyers have a specified inspection period (typically 1-7 days) to verify the goods/services received. If no action is taken within this period, funds are automatically released to the seller.
4.3 Our Role
Payburse acts solely as a neutral third party holding funds. We are not responsible for the quality, safety, or legality of items exchanged.
5. Fees and Payments
Our fees are as follows:
- Escrow transactions: 1.5% (minimum ₦100)
- Store orders: 2% (minimum ₦50)
- PayMe links: 1%
- Bank transfer payouts: ₦50
Fees are subject to change with 30 days' notice. Current fees are always available at payburse.com/pricing.
6. Dispute Resolution
6.1 Filing a Dispute
If you have an issue with a transaction, you may file a dispute within the inspection period. Both parties will be asked to provide evidence.
6.2 Our Decision
Payburse will review all evidence and make a final decision on fund disbursement. Our decision is binding and final.
6.3 Arbitration
Any disputes arising from these Terms shall be resolved through binding arbitration in Lagos, Nigeria, under Nigerian law.
7. Prohibited Activities
You may not use Payburse for:
- Illegal goods or services
- Fraudulent transactions
- Money laundering or terrorist financing
- Gambling or betting (unless licensed)
- Adult content or services
- Pyramid schemes or multi-level marketing
8. Account Termination
We may suspend or terminate your account if you violate these Terms, engage in fraudulent activity, or for any reason at our discretion. You may close your account at any time from your dashboard.
9. Limitation of Liability
Payburse is not liable for:
- Losses due to user error or negligence
- Quality or legality of goods/services exchanged
- Actions of third-party payment processors
- Service interruptions or technical issues
Our total liability to you shall not exceed the fees paid by you in the 12 months preceding the claim.
10. Contact Us
If you have questions about these Terms, please contact us:
- Email: legal@payburse.com
- Phone: +234 801 234 5678
- Address: 15 Admiralty Way, Lekki Phase 1, Lagos, Nigeria