This Platform ("Paylony") Terms of Service (the “Agreement”) represents the binding terms of the Paylony service provided by Lony Tech Solutions Limited (TechPlus, “we”, “us” or “our” including its parents, subsidiaries, or other affiliated companies). The contents of this Agreement are binding and are not subject to any varying terms or conditions, unless as provided by TechPlus subsequently, upon notice to the User.
In this Agreement, “the User” or “you” refers to the party that accepts this Agreement.
By using this website (www.paylony.com),any of our websites and/or services, you agree to these Terms of Use. The website Privacy Policy and Dispute Resolution (where applicable) are incorporated by reference into these Terms of Use.
By signing up for an account on this website (www.paylony.com), any of our websites and/or services, you are deemed a merchant and agree to these Merchant Terms of Service (the “Agreement”). If you disagree with any part of this Agreement, do not Sign up on Paylony.
About Paylony
Paylony by Lony Tech Solutions Limited is a multi-channel web and mobile acquiring payment solution that makes it simple and easy for merchants to accept online and offline payments from their users or customers (the “Service”). Merchants can receive payments from their customers via bank transfers, USSD, Quick Response (QR) or at agent locations. These funds will be settled into the Merchant’s account at an agreed time, less an agreed transaction fee.
We are an independent contractor for all purposes, providing this website and our services on an independent service provider basis. We do not endorse, have control or assume the liability or legality for the products or services that are paid for with our Service. We do not guarantee any user’s identity and cannot ensure that a buyer or seller will complete a transaction.
Registration
To use Paylony, you have to create a Paylony account by registering. To register, you will provide us with certain information such as your email, first name, last name, business name and phone number and we may seek to verify your information, (by ourselves or through third parties), after which we will approve your account unless deemed risky or we deem otherwise in our sole discretion. By registering on Paylony, you give us permission to do all these.
Change of Information
In the event that you change any information provided to us at registration including your business name, address, financial institution, mode of payments or the products and services that you offer, or where a corporate restructuring occurs you agree to notify us within 14 days of such change. We may be unable to respond to you if you contact us from an address, telephone number or email account that is not registered with us.
License
We hereby grant you a revocable, non-exclusive, non-transferable licence to use Paylony’s APIs, developer’s toolkit, and other software applications (the “Software”) in accordance with the documentation accompanying the Software. This licence grant includes all updates, upgrades, new versions and replacement software for your use in connection with Paylony’s services. If you do not comply with the documentation and any other requirements provided by Paylony, then you will be liable for all resulting damages suffered by you, Paylony and third parties. Unless otherwise provided by applicable law, you agree not to alter, reproduce, adapt, distribute, display, publish, reverse engineer, translate, disassemble, decompile or otherwise attempt to create any source code that is derived from the Software. Upon expiration or termination of this Agreement, you will immediately cease all use of any Software.
Intellectual Property
We do not grant any right or licence to any Paylony intellectual property rights by implication, estoppel or otherwise other than those expressly mentioned in this Agreement.
Each party shall retain all intellectual property rights including all ownership rights, title, and interest in and to its own products and services, subject only to the rights and licences specifically granted herein.
Publicity
You hereby grant Paylony permissions to use your name and logo in our marketing materials including, but not limited to use on our website, in customer listings, in interviews and in press releases. Such Publicity does not imply an endorsement for your products and services.
Know Your Customer
You agree that, you are solely responsible for verifying the identities of your customers, ensuring that they are authorised to carry out the transactions on your platform and at physical retail locations, and determining their eligibility to purchase your products and services.
You are also required to maintain information and proof of service or product delivery to your customer. Where a dispute occurs needing resolution, you may be required to provide Paylony with these.
Customer Payments
We do not guarantee or assume any liability for transactions authorised and completed that are later reversed or charged back (see Chargebacks below). You are solely responsible for all reversed or charged back transactions, regardless of the reason for, or timing of, the reversal or chargeback. Paylony may add or remove one or more payment types or networks at any time. If we do so we will use reasonable efforts to give you prior notice of the removal.
Our Fees & Pricing Schedule
You agree to pay us for the services we render as a payment solution provider through our gateway for your goods and services. Our Fees will be calculated as demonstrated on the Pricing page on the website. The Fees on our Pricing page is integral to and forms part of this Agreement.
We reserve the right to revise our Fees. In the event that we revise our fees we will notify you within 5 days of such change.
Settlement
Subject to the terms of this Agreement, Paylony will send to your Available Wallet Balance all amounts settled and due to you from your transactions, minus our fees as stated in the Fee Schedule, any Reversals, Invalidated Payments, Chargebacks, Refunds or other amounts that you owe to Paylony under this Agreement (“Settlement”). If the Available Wallet Balance is not sufficient to cover the amounts due, you agree that we may debit your Bank Account for the applicable amounts, and/or set-off the applicable amounts against future Payouts. Upon our request, you agree to provide us with all necessary bank account and related information and grant us permission to debit amounts due from your Bank Account.
After Settlement of funds is initiated to your Available Wallet Balance, we will update information on your Paylony Dashboard to reflect settlement. Information regarding your transactions that are processed and settled using Paylony (“Transaction History”) will be available to you when you login to your Paylony Dashboard. While we will provide Transaction History in your Paylony Dashboard, you are solely responsible for compiling and retaining permanent records of all transactions and other data associated with your Paylony account as may be required for your business. Paylony is not responsible for maintaining Transaction History or other records in a manner consistent with your record retention obligations.
Settlement Schedule
Your Settlement Schedule, which is the time it takes us to initiate a transfer of your Pending Balance into your Available Wallet Balance settled funds from transactions processed through us is on your Paylony Dashboard. We reserve the right to change your Settlement Schedule, suspend settlements to your Available Wallet Balance or initiate a Reversal should we deem it necessary due to pending disputes, excessive or anticipated excessive Chargebacks or Refunds, or other suspicious activity associated with your use of Paylony, or if required by law or court order.
Transaction Limits
TechPlus reserves the right to impose transaction limits for transactions that passed through Paylony for any reason upon notice to the User.
Notification of Errors
You agree to notify us immediately any error is detected while reconciling transactions that have occurred using Paylony. We will investigate and rectify the errors where verified. In the event that we notice any errors, we will also investigate and rectify such errors.
Where we owe you money as a result of such errors, we will refund the amounts owed to you by a credit transfer to your Available Wallet Balance.
If a transaction is erroneously processed through your platform, report to us immediately. We will investigate any such reports and attempt to rectify the errors by crediting or debiting your Wallet Balance as appropriate.
Failure to notify us within 45 (forty-five) days of the occurrence of an error will be deemed a waiver of your rights to amounts that are owed to you due to an error.
Reserves
In our sole discretion, we may place a Reserve on a portion of your Settlement by holding for a certain period such portion where we believe there is a high level of risk associated with your business. If we take such steps, we will provide you with the terms of the Reserve which may include the percentage of your Settlement to be held back, period of time and any other such restrictions that Paylony may deem necessary. Where such terms are changed, we will notify you. You agree that you will remain liable for all obligations related to your transactions even after the release of any Reserve. In addition, we may require you to keep your Bank Account available for any open settlements, Chargebacks and other adjustments.
To secure your performance of this Agreement, you grant Paylony a legal claim to the funds held in the Reserve as a lien or security interest for amounts payable by you.
Refunds
You agree that you are solely responsible for accepting and processing returns of your products and services. We are under no obligation to process returns of your products and services, or to respond to your customers’ inquiries about returns of your products and services. You agree to submit all Refunds for returns of your products and services that were paid for through Paylony to your customers in accordance with this Agreement and relevant Bank Rules.
Termination
You may terminate this Agreement by closing your Paylony Account.
We may suspend your Paylony Account and your access to Paylony services and any funds, or terminate this Agreement, if;
- you do not comply with any of the provisions of this Agreement;
- we are required to do so by a Law;
- we are directed by a financial institution; or
- where a suspicious or fraudulent transaction occurs.
Indemnity
You agree to defend, indemnify, and hold Paylony, its officers, directors, employees, agents, licensors, and suppliers, harmless from and against any claims, actions or demands, liabilities and settlements including without limitation, reasonable legal and accounting fees, resulting from, or alleged to result from, your violation of these Agreement.
Age Restriction
Our website and the Service are not directed to persons below 18 years of age. We will not knowingly transact or provide the Service to persons below 18 years of age.
Updates, Modifications & Amendments
We may need to update, modify or amend our Merchant Terms of Service as our technology evolves. We reserve the right to make changes to this Merchant Terms of Service at any time by giving notice to users on this page.
We advise that you check this page often, referring to the date of the last modification on the page If you have any objection to any of the changes to this Merchant Terms of Service, you must cease using our website and/or services immediately.
Applicable Law
These Terms of Use shall be interpreted and governed by the laws currently in force in the Federal Republic of Nigeria.
Legal Disputes
We shall make an effort to settle all disputes amicably. Any dispute arising out of this Agreement which cannot be settled, by mutual agreement/negotiation within 1 (one) month shall be referred to arbitration by a single arbitrator at the Lagos Multi-Door Courthouse (“LMDC”) and governed by the Arbitration and Conciliation Act, Cap A10, Laws of the Federal Republic of Nigeria. The arbitrator shall be appointed by both of us (we and you), where both of us are unable to agree on the choice of an arbitrator, the choice of arbitration shall be referred to the LMDC. The findings of the arbitrator and subsequent award shall be binding on both of us. Each of us shall bear our respective costs in connection with the Arbitration. Venue for the arbitration shall be Lagos, Nigeria.
Miscellaneous
You agree that all agreements, notices, disclosures and other communications that we provide to you electronically satisfy any legal requirement that such communications be in writing. Assigning or sub-contracting any of your rights or obligations under these Terms of Use to any third party is prohibited. We reserve the right to transfer, assign or sub-contract the benefit of the whole or part of any rights or obligations under these Terms of Use to any third party.