Vendor Terms and Conditions:
These Terms of service defines how a vendor uses the platform VaultPay.NG to transact. A VENDOR is strictly bound by these terms and conditions.
1. Transaction Requirement: Each vendor is required to conduct a minimum of one transaction daily or 28 transactions within a calendar month.
2. Image Maintenance: Vendors must refrain from engaging in any transactions or actions that may tarnish the reputation or image of VaultPay.NG. This includes but is not limited to fraudulent activities, deceptive practices, or illegal transactions.
3. Registration and Account Upgrade: Vendors must complete the registration process on vaultpay.ng and upgrade their account to the vendor status in order to conduct transactions through the platform.
4. Account Verification: Vendors are mandated to verify their accounts by providing either their Bank Verification Number (BVN) or National Identification Number (NIN) to ensure authenticity and compliance with regulatory requirements.
5. Compliance with Regulations: Vendors must adhere to all relevant laws, regulations, and guidelines governing the provision of Value Added Services (VAS) and electronic payment services in Nigeria. This includes but is not limited to compliance with anti-money laundering (AML) and know your customer (KYC) regulations.
6. Transaction Fees: Vendors are responsible for any transaction fees or charges associated with using the VaultPay.NG platform. These fees will be clearly communicated and deducted from the vendor’s account balance.
7. Customer Service Standards: Vendors are expected to maintain high standards of customer service when interacting with users of the VaultPay.NG platform. This includes providing accurate information, resolving customer inquiries and complaints promptly, and treating customers with respect and professionalism.
8. Data Security: Vendors must take appropriate measures to safeguard the confidentiality and security of customer data and transaction information. This includes implementing strong password policies, using secure communication channels, and complying with data protection regulations.
9. Termination of Agreement: VaultPay.NG reserves the right to terminate the vendor agreement at any time if the vendor fails to comply with these terms and conditions or engages in activities that are detrimental to the platform’s reputation or operations.
10. Modification of Terms: VaultPay.NG reserves the right to modify or update these terms and conditions at any time. Vendors will be notified of any changes, and continued use of the platform after the effective date of the modifications constitutes acceptance of the revised terms.
By signing up as a vendor on VaultPay.NG and conducting transactions through the platform, you acknowledge that you have read, understood, and agree to abide by these terms and conditions. Failure to comply with these terms may result in the suspension or termination of your vendor account.
Last updated, 23rd March, 2024.
